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Netflix’s $83B Math & The Ellison Hostile Meter

A talmudic reading of the mishegas following the $83 billion Netflix-WBD deal: Zaz’s personal economics; the likelihood that this turns hostile; the unusual consortium of banks underwriting the deal; the value of the Gunnar stub; regulatory open questions; the $5.8 billion breakup fee; and more.

Larry Ellison, David Ellison
The market value of Paramount Skydance is $15 billion—down nearly 10 percent on Friday after the Netflix news—making the stretch to something like $115 billion for Warner Bros. Discovery seem rather large. It could still happen, though, if the Ellisons are really determined to win. Photo: Matthew Stockman/Getty Images
William D. Cohan
December 7, 2025

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The blockbuster announcement that Netflix had agreed to buy the studio and streaming assets of Warner Bros. Discovery for $83 billion, which leaked Thursday night, was presented with all the trappings of corporate finality by Friday morning. Both company boards had approved the deal. There was an impressive rollout of corporate press releases and a meeting between Wall Street analysts and Netflix executives. There was even a signed, fully negotiated merger agreement—somehow included in the Netflix 8K—that was filed Friday afternoon with the Securities and Exchange Commission.