David Ellison Isn’t Giving Up — Paramount Adds $650M Per Quarter to Warner Bros Hostile Bid

You’ve got to hand it to Paramount/Skydance CEO David Ellison: he refuses to take no for an answer. The man is relentless—accustomed to getting what he wants—so Warner Bros.’ repeated rejections, eight and counting, must sting.

Yes, just when it looked like Netflix had Warner Bros. in the bag—pending, of course, a thorough DOJ inspection—Ellison has just sweetened his hostile bid for Warner Bros. Discovery with new financial guarantees, pressing shareholders to reject the Netflix deal.

Paramount is now saying it will add an incremental 25 cents per share in cash to WBD holders for every quarter the acquisition doesn’t close after Dec. 31, 2026—that’s roughly $650M per quarter in total value. It also pledged to cover the $2.8 billion termination fee owed to Netflix if WBD shareholders accept Paramount’s $30-per-share all-cash offer in full.

Despite eight prior rejections, Ellison framed the enhanced proposal as proof of Paramount’s “unwavering commitment” to delivering superior and more certain value than Netflix’s $27.75-per-share deal for Warner Bros.’ studios and HBO Max.

Paramount also says it’s making progress on regulatory approvals, having complied with the DOJ’s Second Request and secured foreign investment clearance in Germany. This comes nearly a month after Ellison sued Warner Bros. Discovery to force disclosure, followed by a tour of European lawmakers aimed at slowing or blocking approval of the Netflix transaction.

And look—I get why Warner Bros. Discovery remains wary of Paramount’s bid, even though it’s clearly higher than Netflix’s. The WBD board views the Netflix deal as more certain, less risky, and better aligned with its strategy: the execution risk is more minimal. The only real obstacle for them is the DOJ railroading the entire thing.

Paramount’s offer, while richer on paper, could leave WBD exposed if the deal collapses. That said, what Ellison is putting on the table now isn’t trivial—it’s a substantial amount of money, much of it in cash. At some point, WBD has to weigh how much value it’s leaving behind and ask whether the risk of saying no to Ellison is worth walking away from all that extra cash.

What’s Your Most Anticipated Movie of the Fall 2026 Season?

I’ve narrowed down the hundreds upon hundreds of films that will screen this fall to 34 titles—vote for your most anticipated.

‘Supergirl’ AI Backlash Grows After Warner Bros. Removes Viral Video

An officially released Warner Bros. featurette showing director Craig Gillespie using generated AI during pre production has gone viral, and raised questions about the rest of the film.

Ramy Youssef Directing A24 Feature ‘Martha,’ With Josh Safdie Co-Writing — Shoots in October

I’m hearing that comedian Ramy Youssef is attached to direct his first feature for A24, with Josh Safdie coming aboard as co-writer on the screenplay.

‘Spider-Man: Brand New Day’ Hits $700M+ Domestic in Record Time, Closing in on $2B Worldwide

Spider-Man: Brand New Day continues to explode at the box office, having now reached $705M domestically and about $1.8 billion worldwide after only two weekends.

Drew Starkey Teases Role in Luca Guadagnino’s ‘American Psycho,’ Which Reportedly Has No Killings Until the Climax

There’s been a lot of smoke around Luca Guadagnino’s “American Psycho,” but not much actual fire. Drew Starkey has now added a little more to it.

August 19, 2019

3-Hour ‘Midsommar' Director's Cut Screened in NYC

This year’s 12th edition of the Scary Movies festival at Film at Lincoln Center premiered Ari Aster’s extended version of “Midsommar” this past Saturday.

‘The Odyssey’ Review: Christopher Nolan’s Epic Is a Flawed but Astonishing Spectacle — Rave Reviews Confirm Best Picture Frontrunner

There is something undeniably powerful about a film that swings this hard, that embraces myth, spectacle, and the strange dream logic of ancient storytelling.

Aaron Sorkin’s ‘The Social Reckoning’ Gets Reshoots, Won’t Premiere at Venice Film Festival

About a month ago, Variety published a piece saying that “The Social Reckoning” was being submitted to the Venice Film Festival. I can confirm now that will definitely not be happening.

Joel Coen’s ‘Jack of Spades’ Delayed to 2027

The film stars Josh O’Connor, Lesley Manville, Frances McDormand, and Damien Lewis, but no plot details have been revealed. All we know is that it’s a “gothic mystery” set in 1880s Scotland.

Christopher Nolan’s Place in Cinema History: Genius, Overrated, or Something In Between?

Nolan has changed what a modern blockbuster can be, and that alone is a significant legacy. The bigger question is whether he has truly transformed cinema itself, or simply reinvented the blockbuster.

Fritz Lang’s ‘M’ Tops the Best Films of the 1930s, According to 100+ Critics

We’ve gone through the decades. The ‘40s ‘50s, ‘60s, ‘70s, ‘80s, ‘90s, ‘2000s, and ‘2010s. — all revisited, argued over. Now, here are the results for the best films of the 1930s.

Critics Poll: ‘Citizen Kane' Named Best Film of the 1940s

The results are in, and according to critics, this decade filled with cinematic riches did not have a better film than Orson Welles’ “Citizen Kane.” Nobody should be surprised by this result. “Citizen Kane” changed cinema forever.

Critics Poll: ‘Vertigo’ Named Best Film of the 1950s, Over 120 Participants

It was a closer race than anticipated, but Alfred Hitchcock’s “Vertigo” has topped our best of the ’50s poll, besting Gene Kelly and Stanley Donen’s “Singin’ in the Rain” by just two votes.

Trending

Critics Polls