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What Is Zaz TV Really Worth?

The battle for Warner Bros. Discovery is increasingly coming down to how Netflix and Paramount Skydance value the declining TV assets (and CNN) that David Zaslav is determined to separate from the Warners mothership. Versant, which just started trading on Nasdaq this week, may provide the answer.

David Zaslav
The PSKY team has little choice but to focus on the equity value of Global Networks—the remainco of TV assets (CNN, Food Network, TNT, etcetera) that David Zaslav has determined must be separated from the Warners mothership. Photo: Arturo Holmes/WireImage
William D. Cohan
January 7, 2026

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The latest news in the operatic battle for Warner Bros. Discovery broke just this morning: As expected, the WBD board of directors declined to endorse Paramount Skydance’s $30-a-share bid. In its filing with the S.E.C., WBD insisted that the “risk-adjusted value” of PSKY’s offer “is not superior” to the deal they’ve already signed with Netflix. So, unless the Ellisons decide to up the ante again, the PSKY crowd will have little choice but to either commit more money to the deal or take their case directly to WBD shareholders.