Behind Paramount’s relentless campaign to woo Warner Discovery, Donald Trump

Paramount Chief Executive David Ellison knew his latest bid for Warner Bros.

- Joe Flint, Brian Schwartz & Natalie Andrews

Paramount has launched a hostile takeover bid for Warner Discovery.

(AF)

Discovery was in trouble when the company’s CEO, David Zaslav, started ghosting him.Paramount had spent the morning of Dec. 4 finalizing its sixth bid to acquire all of Warner: an all-cash $77.9 billion offer. But Paramount was worried that Warner had already settled on their preferred dance partner: Netflix.

"Just tried calling you about new bid we have submitted," Ellison texted Zaslav. "I heard you on all your concerns and believe we have addressed them in our new proposal. Please give me a call back when you can to discuss in detail."

He didn't hear back.

Sensing trouble, Ellison followed up, saying Paramount had offered a package that covered all the issues Warner had raised, including the need for "strong cash value" and "speed to close."

"It would be the honor of a lifetime to be your partner and to be the owner of these iconic assets," he texted, according to a regulatory filing.

On Friday, Ellison's concerns were realized. Warner and Netflix announced a deal for the streaming giant to acquire the iconic Warner and HBO properties for $72 billion, a proposed merger that could radically reshape entertainment.

Ellison's father, billionaire Oracle co-founder Larry Ellison, a Trump ally, called the president after the Netflix deal was announced and told him the transaction would hurt competition, according to a White House official and a person familiar with the matter.

An Oracle spokeswoman didn't immediately respond to a request for comment.

During a visit to Washington in recent days, David Ellison offered assurances to Trump administration officials that if he bought Warner, he'd make sweeping changes to CNN, a common target of President Trump's ire, people familiar with the matter said.