Warner chief seeks big role as sale looms

Zaslav eager to prove critics wrong and seal turnaround after three years of cuts, setbacks.

- BY MEG JAMES

KEVIN DIETSCH Getty Images WARNER BROS. DISCOVERY chief David Zaslav and Ivanka Trump attend a conference in Idaho in July.

Paramount Chairman David Ellison's latest offer to buy Warner Bros. Discovery contained a twist:

Should Paramount, backed by tech billionaire Larry Ellison, pull off the purchase, Warner Bros. Discovery Chief Executive David Zaslav could stay on to help lead the combined enterprise.

“They're sweetening the pot,” Paul Hardart, a professor at New York University’s Stern School of Business, said of the Ellison family. “It just shows all the little arrows in their quiver they’re using to try to push this deal.”

David Ellison’s unexpected olive branch to Zaslav was contained in an October letter to Warner Bros. Discovery’s board that offered $58 billion in cash and stock for the entire company. The move underscores the family’s determination to win the entertainment company that includes HBO, CNN and Warner Bros. film and television studios — and an obstacle in their path.

After hustling for decades to get to the big stage, Zaslav, 65, isn’t ready to relinquish the reins. He’s eager to prove critics wrong and complete a turnaround after three painful years of setbacks and cost cuts to reduce the company's mountain of debt.

Warner Bros. Discovery board members, including Zaslav, have unanimously voted to reject Paramount's three bids, viewing them as too low and not in the best interest of shareholders, according to two people close to the company who were not authorized to comment.

The board supports Zaslav's desire to forge ahead with a planned split of the company in spring. But it also has opened the auction to other potential suitors, which is expected to lead to the firm changing hands for the third time in a decade.

Representatives of Zaslav, Warner Bros. Discovery and Paramount declined to comment.