News
Skydance's David Ellison offers $23.50/share for Warner Brothers Discovery, Zaslav holds out at $21
Oct 23, 2025
Key Points
- Skydance raises its third offer for Warner Brothers Discovery to $23.50 per share, but CEO David Zaslav again rejects the bid despite WBD trading at $21.34.
- Skydance is considering a hostile public offer, citing regulatory obstacles from Comcast that it argues prevent WBD from being sold to other bidders.
- David Ellison has signaled he won't exceed $25 per share, creating a valuation stalemate between his ambition to build a media conglomerate and Zaslav's price floor.
Summary
David Ellison's Skydance raised its offer for Warner Brothers Discovery to $23.50 per share, marking a third rejection from CEO David Zaslav, who is holding out as WBD trades at $21.34. Ellison, advised by his father Larry Ellison, has signaled reluctance to pay more than $25 per share, according to people inside Paramount and Skydance. Skydance is now weighing a hostile public offer, arguing that regulatory roadblocks tied to Comcast prevent WBD from being sold to other interested parties. The stalemate reflects the gap between Ellison's push to assemble a media conglomerate and Zaslav's valuation floor.