Paramount Skydance CEO Fights Netflix-Warner Bros. Deal

David Ellison extends deadline for $30-per-share all-cash offer as he hopes for regulatory intervention.

Jan. 28, 2026 at 9:23am

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Paramount Skydance CEO David Ellison has been trying for over five months to acquire Warner Bros. Discovery, but the WBD board has rejected his acquisition offers eight times. Ellison has now extended the deadline for his $30-per-share all-cash offer and is urging WBD shareholders to vote against the company's amended $83 billion deal with Netflix. Ellison is betting that regulators in the U.S. or Europe, or even President Trump, will block the Netflix-WBD merger or attach onerous conditions, which would clear the way for Paramount's rival offer.

Why it matters

The proposed Netflix-Warner Bros. merger would create a streaming giant with an estimated 43% share of the global subscription streaming market, raising antitrust concerns. Politicians on both sides of the aisle have expressed skepticism about the deal, and an upcoming Senate hearing will examine its competitive impact. Paramount's legal chief has compared Netflix to the 'new-age digital version' of Standard Oil, suggesting the merger could face significant regulatory hurdles.

The details

Paramount Skydance, led by CEO David Ellison, has made multiple attempts to acquire Warner Bros. Discovery, but the WBD board has rejected the offers. Ellison's latest move is to extend the deadline for his $30-per-share all-cash offer and urge WBD shareholders to vote against the company's amended $83 billion deal with Netflix. Ellison is hoping that regulators in the U.S. or Europe, or even President Trump, will block the Netflix-WBD merger or attach onerous conditions, which would clear the way for Paramount's rival offer.

  • Paramount Skydance extended the deadline for its $30-per-share offer to February 20, 2026.
  • A Senate antitrust hearing on the proposed Netflix-Warner Bros. merger is scheduled for February 3, 2026.

The players

David Ellison

CEO of Paramount Skydance, who is leading the effort to acquire Warner Bros. Discovery.

Larry Ellison

David Ellison's multibillionaire father and a financial backer of Paramount Skydance.

Netflix

The streaming giant that has proposed an $83 billion merger with Warner Bros. Discovery.

Warner Bros. Discovery

The media company that has rejected Paramount Skydance's acquisition offers and is committed to the Netflix merger.

Makan Delrahim

Paramount's chief legal officer, who previously headed the DOJ's antitrust division during the Trump administration.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.