Paramount's $110 billion Warner Bros. gamble

Today, let’s talk about the big Paramount-Warner Bros. Discovery merger. Right now, Paramount head David Ellison is very much acting like he’s over the finish line after outbidding Netflix, which walked away after what seemed like a done deal. Back in January, I asked Puck’s Julia Alexander to walk me through Netflix’s reasoning, and today I’m digging into Paramount’s with Rich Greenfield, a media and entertainment analyst and cofounder of research firm LightShed Partners. There’s a lot going on here, including the biggest question I’ve had throughout this entire saga: why would anyone want to buy Warner, which has basically killed every acquirer it’s had for the last quarter century? Links: David Ellison’s plan to compete with Netflix: Paramount+HBO | Rich Greenfield The worst acquisition in history, again | Prof G Media David Zaslav gets the last laugh | THR Warner Bros. Discovery agrees to Paramount merger | The Verge Tech, TV, Movies & News: Ellisons on brink of colossal empire | NYT Pete Hegseth says ‘the sooner David Ellison’ buys CNN, ‘the better’ | NYT Warner Bros CEO to pocket $887 million from Paramount deal | Reuters Subscribe to The Verge to access the ad-free version o…