David Ellison Talks Warners Deal: “This Is Not About Consolidation, This Is About Reinventing the Business”
The mogul laid out his vision to Wall Street early Monday morning.
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Share on Facebook Share on X Google Preferred Share to Flipboard Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Send an Email Print the Article Post a Comment David Ellison wants to forge a modern media and entertainment empire, and Warner Bros. Discovery will become its centerpiece. The CEO of Paramount on Monday spoke for the first time about the $110 billion mega-deal, which will see the smaller company, backed by tens of billions from his father Larry Ellison and tens of billions in debt from a consortium of lenders, swallow the larger one. The result will be a behemoth, with two major film studios (Paramount and Warner Bros.) a jumble of TV studios, two major streaming services in HBO Max and Paramount+, and a stable of TV channels that will include CBS, TNT, CNN, MTV, Nickelodeon, HGTV and many more that will make it a formidable player in the declining but lucrative pay-TV business. It will be a major sports player, and will combine two TV news giants in CNN and CBS. Related Stories TV John Oliver Reacts to HBO's Possible New "Business Daddy" Paramount: "How the F*** Do I Get Out of This?" Movies Box Office: 'Scream 7' Scares Up Record $64M U.S. Opening, $97M Globally for a Victorious Paramount Ellison outlined the deal as being about the future of the entertainment business: “By uniting our iconic studios complimentary streaming platforms with a global footprint, our cable and linear networks, and our world-class IP, we have the opportunity to help shape the future and build a next generation media and entertainment company. This has been our goal since day one,” Ellison said Monday. “This is not about consolidation, it’s about reinventing the business. We want to expand our reach and enhance our ability to create the world’s most compelling stories and experiences. And we’re incredibly excited about this transaction, and it will accelerate that ambition.” Hollywood has been wary of the d...
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