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Battle lines have been drawn over David Zaslav’s Warner Bros. Discovery, and both Netflix and Paramount think they have the winning formula. Will the Ellisons get to $34 a share? Can Netflix counter? Is Larry really “backstopping” all the equity? Or is the game already rigged?
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As the worlds of Hollywood, media, and politics all await word on whether the Ellison family will succeed in its attempt to claw Warner Bros. Discovery from Netflix, many complicated questions remain. To attempt to answer them, I asked Puck’s corporate finance expert, Bill Cohan, a former M&A banker and the author of Dry Powder, to open a Google Doc with me and go back and forth…
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