Traders are betting that what once looked like a potential bidding war for Warner Bros. is turning into a one horse race, with Netflix Inc. winning out over Paramount https://t.co/tutX1ygngw ...

As 202025 comes to a close, CNBC's Alex Sherman spoke with 16 top executives across media, sports, and entertainment, who made some pretty bold industry predictions for 2026. Joining us right now with some of those calls is Alex Sherman, CNBC's media and sports reporter. I always love when you do this.So, what would you say is the most provocative, outrageous, over-the-top thing that could actually come true. >> Yeah. So, look, these people that I speak to, these are top of the food chain executives.So, it' ...

Our next guest has been advising Warner Brothers Discovery in this contentious media deal. Roger Alman is the founder and senior chairman of Evercore and obviously a friend of the show too. And Roger, it's good to see you this morning. >> Thanks for having me. >> So talk us through this. We yesterday heard from Sam Dpiaza at the board of Warner Brothers about what he thought uh what the board went through when they were thinking about this. But as somebody who has seen a lot of different offers, what makes ...

In rejecting Paramount ’s hostile takeover bid, Warner Bros. Discovery questions the Ellison family trust and its commitment to a $77.9 billion deal https://t.co/jY6VPAOQJq ...

Group 1 - Warner Bros. has rejected Paramount's hostile takeover bid, raising questions about the Ellison family trust's commitment to the proposed $77.9 billion deal [1]

Core Viewpoint - The media giant Warner Bros. Discovery (WBD) is defending its decision to select Netflix over Paramount in a recent auction, amidst a hostile takeover attempt from Paramount valued at $108 billion, while Netflix's offer was $82.7 billion [1][4]. Group 1: Auction Process and Decisions - WBD's board urged shareholders to reject Paramount's hostile bid, providing context for choosing Netflix's offer, which they deemed superior [4][15]. - Paramount's bid included an all-cash offer of $30 per share, which WBD disputes as not superior to Netflix's offer [12][16]. - The auction process involved multiple bids from Paramount, with WBD asserting that Paramount's proposals were not adequately addressed during discussions [17][20]. Group 2: Legal and Communication Issues - A letter from Paramount's lawyers accused WBD of management conflicts and bias, which WBD countered by stating that the letter was a pressure tactic [3][5]. - WBD highlighted that the legal letter from Paramount's attorneys contained no actionable proposals and relied on inaccurate media reports [10][11]. - Communication between WBD and Paramount was characterized by a lack of constructive engagement, with WBD noting that Paramount's legal advisors acknowledged the December 3 letter was a mistake [6][7]. Group 3: Executive Compensation and Implications - WBD's CEO David Zaslav stands to gain significantly from the merger, with potential payouts exceeding $500 million if Paramount's offer succeeds [22][23]. - The compensation package for Zaslav includes a cash severance of $30 million, equity worth nearly $538 million, and additional benefits [23]. - The ongoing negotiations and potential merger agreements are expected to include details on executive payouts, which could impact shareholder perceptions [24].

Core Viewpoint - Paramount Skydance's bid to acquire Warner Bros. Discovery has faced a setback as WBD's board recommended shareholders reject Paramount's tender offer in favor of a sale to Netflix [1][2]. Group 1: WBD's Decision - WBD's board cited that Paramount's offer was less sound than Netflix's, particularly noting the lack of an equity backstop from the Ellison family for the $108 billion offer [2]. - WBD emphasized that Paramount's offer was non-binding, allowing Paramount to withdraw at any time, which raised concerns about its reliability [2][3]. - WBD dismissed Paramount's claims of lower regulatory risk, stating there was "no material difference in regulatory risk" between the two offers [3]. Group 2: Paramount's Response - In response to WBD's recommendation, Paramount urged shareholders to tender their shares at the offered price of $30 per share, asserting that its offer was fully financed and had a clearer path to completion [4]. - Despite WBD's stock trading below the $30 threshold, between $28 and $29, indicating potential shareholder interest in selling to Paramount, WBD's stock fell nearly 2% following the announcement [5]. Group 3: Future Implications - The merger between WBD and Netflix is not finalized, as WBD shareholders have until January 8 to tender their shares to Paramount, which could potentially block the Netflix deal if Paramount gains a majority [8].

Warner’s rejection of Paramount effectively gives the Ellisons a set of conditions to get to a deal. They could be expensive boxes to tick, writes Chris Hughes (via @opinion) https://t.co/hSBX2b4ZUS ...

Group 1 - Warner Bros. Discovery CEO David Zaslav could receive over $500 million in equity if a deal with Netflix is finalized [1] - Zaslav was offered a compensation package worth "several hundred million dollars" by Paramount's CEO David Ellison during discussions about a potential takeover [2] - The proposed compensation deal was presented shortly after an initial acquisition offer from Paramount, with Zaslav being offered co-CEO and co-chair roles in the combined company [3] Group 2 - Zaslav informed the Ellisons that discussing such arrangements was "inappropriate" at the time of the offer [2] - The second proposal from Paramount to acquire Warner Bros. Discovery was submitted on September 30 [3]

Core Viewpoint - Paramount has reaffirmed its $108 billion hostile takeover bid for Warner Bros. Discovery, which has urged its shareholders to reject the proposal in favor of Netflix's offer [1] Group 1: Paramount's Offer - Paramount's offer includes a $40.65 billion equity component and is priced at $30 per share for Warner Bros. Discovery [2] - Paramount argues that its offer provides superior value and certainty for WBD shareholders, claiming a clear path to regulatory closure [2] Group 2: Warner Bros. Discovery's Response - Warner Bros. Discovery's board, led by chair Samuel DiPiazza, has reviewed Paramount's offer and deemed it inferior to Netflix's proposal [2] - The board highlighted that Paramount's offer imposes significant risks and costs on WBD and lacks any commitment from the Ellison family [2] Group 3: Netflix's Position - Netflix has welcomed Warner Bros. Discovery's recommendation to its shareholders, asserting that its offer is superior on multiple fronts [3]