David Zaslav Is Out of the Paramount Business

Brian Welk

27 February 2024 at 2:00 pm·2-min read

Warner Bros. Discovery is no longer pursuing an acquisition of Paramount Global, CNBC reported on Tuesday. Meanwhile, Skydance is still performing its due diligence on a potential merger with Paramount — or perhaps an acquisition of its parent company.

WBD chief David Zaslav met with Paramount CEO Bob Bakish in December to discuss a potential merger. Those discussions heated up in January, but CNBC says those talks have cooled since.

More from IndieWire

When reached by IndieWire, Paramount and Warner Bros. Discovery each had no comment on this story.

Warner Bros. Discovery cannot be involved in any M&A activity until April 8, when the Reverse Morris Trust lock-up period from Discovery’s WarnerMedia deal with AT&T expires.

Paramount has set up a special committee with a financial adviser to sift through potential bids. It is likely the committee has already evaluated Byron Allen’s $30 billion bid; there is a contingent of analysts who believe Allen does not have sufficient funding.

Comcast is not interested in acquiring Paramount either, CNBC wrote, though the two companies continue to discuss bundling or even merging Peacock and Paramount+, as first reported by the Wall Street Journal. A new survey from Civic Science found that consumers would be excited by the idea of a combination of Peacock and Paramount+, but three-quarters of respondents said they’d be at least “somewhat” to “very concerned” about the combined cost.

The news of Zaslav pulling back comes as Paramount’s stock nears a 52-week low; the company is set to announce its earnings for the fourth quarter of 2023 on Wednesday, February 28. Warner Bros. Discovery’s own shares tumbled 10 percent last Friday after the company missed on earnings expectations from Wall Street, despite adding overall subscribers to Max and Discovery+.

Earlier this month, Paramount laid off 800 employees, a cost-cutting move made in the hopes of returning the company to earnings growth for 2024.

One of the more likely scenarios for Paramount is that Skydance’s David Ellison buys National Amusements, Inc., the movie-theater chain owned by Shari Redstone that holds 77 percent of Paramount Global’s voting shares. So Ellison would be buying control of Paramount Global rather than the assets itself. IndieWire reported Skydance and NAI were “kicking the tires” on such an acquisition back in December.

Should Paramount be bought out and Bakish fired, he’ll get a golden parachute worth $50 million.

Best of IndieWire

HuffPost UK
Trevor Phillips Destroys Nigel Farage With One Devastating Question
The Reform UK leader rejected the accusation that his party is a home for racists.
Manchester Evening News
Rylan Clark says 'this is what I look like' as he ditches black locks and makeup as fans react
The BBC Radio 2 star has shown fans what he really looks like as he prepared for a 'reset'
The Telegraph
‘I’m not going to buy electric again – it’s the worst car I’ve ever had’
Ray Bestwick bought an electric car last May in the hope of hassle-free motoring.
The Independent
‘Stanley Johnson caused our flight to be cancelled’ – claim from passengers on BA plane diverted to Heathrow
Exclusive: At one stage airport police were summoned to deal with an altercation, passengers say
Manchester Evening News
The nine Man United players leaving today as Erik ten Hag begins summer transfer plan
With the end of the club's financial year, there is the inevitable goodbyes as players see their contracts expire
Bournemouth Echo UK
UK to be hit by second heatwave in a matter of days from Mediterranean airstream
The UK is set for a second heatwave this summer as weather forecasters suggest Mediterranean airstream will bring hot weather.
OK! Magazine
Amanda Holden proudly poses with lookalike daughter Lexi, 18, as she finishes A-levels
Amanda Holden's lookalike daughter Lexi, 18, has finished her A-levels, with the Britain's Got Talent judge proudly gushing over her 'brilliant, funny, resilient and all grown up' child
Manchester Evening News
Footage shows out-of-control XL Bully being chased by armed cops before being shot dead following horror attack on woman
GMP said the dog had to be destroyed 'as the last possible option'
OK! Magazine
Carol McGiffin's blunt 4-word statement on friends Ruth and Eamonn split
Former Loose Woman Carol McGiffin has opened up with her true thoughts about Ruth Langsford and Eamonn Holmes' split - two people she is friends with and admits she 'loves' equally
The Telegraph
Old, rich and living on benefits: welcome to the state pension capital of Britain
East Preston feels an unlikely stronghold of benefits dependency. The genteel village on the West Sussex coast might be the closest thing that Britain has to a moneyed pensioner utopia.
CNN
Russia wants to confront NATO but dares not fight it on the battlefield – so it’s waging a hybrid war instead
When someone tried – and failed – to burn down a bus garage in Prague earlier this month, the unsuccessful arson attack didn’t draw much attention. Until, that is, Czech Prime Minister Petr Fiala revealed it was “very likely” that Moscow was behind it.
Manchester Evening News
'I gave up Diet Coke for a month and I couldn't believe how it transformed my life'
Paul Turner was stunned by the results
News Shopper
Busy London station CLOSED with major police presence and cordons in place
A busy central London train station has been closed, with a major police presence at the scene.
The Guardian
London Pride: Sadiq Khan leads 32,000 marchers through capital
Annual LBGTQ+ celebration takes place with march between Hyde Park and Trafalgar Square
The Independent
Led by Donkeys interrupt Nigel Farage speech by lowering huge Putin banner
Nigel Farage was initially unaware that the Russian president was on the poster, with the words ‘I heart Nigel’ written below
The Telegraph
Prince Harry award challenged by family of war hero
The decision to give the Duke of Sussex a sports award named after an American war hero killed in Afghanistan has been criticised by the soldier’s mother.
Hello!
Gary Lineker's pristine £4m London home where he welcomed two refugees
Inside Gary Lineker's house: The former Match of the Day star lives in Banes, London and shares his home with his four sons George, Harry, Tobias and Angus, as well as refugees.
The Telegraph
Donald Trump is going to turn Starmer’s Britain into an international laughing stock
Grandfather Robert Blackstock, a retired engineer from Nottinghamshire, became the “Brenda from Bristol” of this election campaign when he asked Rishi Sunak and Keir Starmer during Wednesday night’s TV debate: “Are you two really the best we’ve got to be the next prime minister of our great country?”
OK! Magazine
BBC Breakfast's Charlie Stayt forced to apologise live on air after broadcast blunder
BBC Breakfast face a huge broadcast blunder on Saturday morning's show and long-standing host Charlie Stayt was forced to apologise to viewers for the sound mishap
The Telegraph
Can Asda’s new ‘cut-throat’ owners succeed where the Issa brothers failed?
Customers arriving at Asda’s Bournemouth superstore this month would have been forgiven for immediately turning around and going home.

Latest stories