Exclusive | How Warner Bros. Discovery’s CEO decided to sell to Netflix — and why the media giant’s auction may not be over

In a surprising turn of events, the bidding war for Warner Bros Discovery (WBD) took an unexpected twist as Paramount Skydance and Netflix went head-to-head in a battle for the media giant.

Initially, Paramount Skydance offered $30 a share in an all-cash bid, while Netflix proposed to acquire WBD’s Warner Bros. studio and HBO Max streaming business for a deal totaling $30.75 per share.

After intense deliberation, WBD’s board and CEO David Zaslav decided to accept Netflix’s bid, much to the dismay of Paramount Skydance’s owners, David and Larry Ellison.

The Ellisons are now gearing up for a counterattack, believing they can sway WBD shareholders to their side in the ongoing battle for control of the company.

Despite the tensions, Zaslav remains open to another counterbid from the Ellisons, acknowledging the fierce competition that has characterized this high-stakes corporate showdown.

While Paramount Skydance questions the legitimacy of the bidding process, Zaslav is confident in Netflix’s offer, citing the company’s financial stability and substantial cash reserves.

As the saga unfolds, both parties are prepared for further negotiations and potential twists in the ongoing saga of the WBD takeover.

While uncertainties loom over the deal’s completion, one thing is certain – the battle for WBD is far from over.