'BEST AND FINAL'

Warner Bros. Turns Up Heat on Trump Pal in Paramount Takeover Bid

David Ellison has been given one last chance in a long-running takeover battle.

Paramount Skydance has been given another chance by Warner Bros. Discovery to present its “best and final” offer in a long-running hostile takeover battle. The company now has until February 23 to submit an improved bid. However, Warner Bros. chair Samuel DiPiazza Jr. and chief executive David Zaslav emphasized that reopening talks does not mean the board has determined “that your proposal is reasonably likely to result in a transaction that is superior to the Netflix merger.” The standoff to acquire Warner Bros. intensified in December, when Netflix announced it had secured the winning $72 billion bid. Paramount CEO David Ellison then advanced a hostile, all-cash offer to outbid the streaming giant. Warner Bros. executives have rejected Ellison’s proposal multiple times, arguing that the terms of the Netflix merger are superior—even though the Ellison bid offered $30 per share, a higher price than Netflix’s. The dispute has since escalated into legal action, with Ellison suing the media company over the decision. A senior Paramount representative allegedly indicated the company would raise its existing $30-a-share offer by $1 if talks were reopened, and the Warner Bros. board secured a waiver from Netflix to engage with a rival bidder, while allowing Netflix the right to improve its own bid if Ellison submits a higher offer.