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Tender Is the Fight

The Ellisons may have extended the deadline for WBD investors to tender their shares, but Paramount Skydance appears woefully behind the traditional Wall Street deadline. And their stub argument may simply not be as convincing as they had hoped.

David Ellison
The Ellisons have been notably reluctant to increase their bid since December. Perhaps this is because they’ve felt somewhat disrespected, or they genuinely believe they’re already paying top dollar—or, perhaps, it’s a subtle but public parenting lesson being bestowed by a ruthless quarter-trillionaire on his neophyte mogul son. Photo: Jeff Bottari/Zuffa LLC
William D. Cohan
January 28, 2026

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One of the most beautiful things about the battle for Warner Bros. Discovery is that it’s shaping up to be a rare example of democracy in action. At the end of the day, it doesn’t matter whether WBD and Netflix have a merger agreement, or whether WBD’s board of directors sticks with the streaming behemoth because it doesn’t think Paramount Skydance’s $30-a-share bid is “superior.” It doesn’t matter what David Zaslav or Ted Sarandos think. All that matters, at this point, is which deal the WBD shareholders decide, collectively, to support.