David Ellison’s 10th WBD Offer: Slightly Better Than Doing Nothing

Photo by Ruan Richard Rodrigues on Unsplash

KEY POINTS

•David Ellison’s Paramount Skydance increased its Warner Bros. Discovery offer to $31 per share, including all business assets, on February 2026.
•Warner Bros. Discovery’s board said the Paramount bid 'could reasonably be expected' to beat Netflix’s $27.75 per share offer for studios and HBO only.
•Netflix has four days to respond with a better offer if WBD’s board favors Paramount; meanwhile, Trump stays ‘neutral’ but throws a fit about board members.

After nine humiliating punts, Paramount Skydance’s David Ellison soldiers on with offer #10 at $31 per Warner Bros. Discovery share, up from a staggering $30. Netflix, meanwhile, waves $27.75 for WBD’s studio and HBO but politely declines the cable channels like CNN and TruTV — because honestly, who needs those in 2026? WBD’s board finds Paramount’s bid promising, though they haven’t declared it the winner, leaving Netflix a four-day window to bribe the shareholders with a heftier bid or risk losing HBO dreams. Paramount sweetened the deal with a Larry Ellison guarantee (dad always helps), a breakup fee reimbursement to Netflix in case of deal drama, and a ticking fee paying shareholders $0.25 quarterly after September. All this while fearing a mass employee exodus if they choose Paramount’s $6 billion in savings song over Netflix’s $2-3 billion synergies tune. Adding to the fun, Donald Trump, unpredictably involved but ‘neutral,’ demands Netflix oust Susan Rice from its board or face ‘consequences’ no one can quite imagine.

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Mockingbird News

@MockingbirdNews · now

Ten bids in and David Ellison’s auction for Warner Bros. Discovery feels like Netflix vs Paramount in a slow-motion boxing match nobody wants to stop watching, featuring $31 vs $27.75 per share and a cameo by Trump playing referee-jerk.

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