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Warner Bros. Discovery Sale Pits Billionaires Against Each Other

Its CEO tries to head off Paramount's offer. BTS plans its biggest tour ever.
David Zaslav, president and chief executive officer of Warner Bros Discovery Inc., left and Ted Leonsis, chief executive officer of Monumental Sports and Entertainment, center, walk to lunch during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Wednesday, July 9, 2025. The annual event has been a historic breeding ground for media deals and is usually a forum for tech and media elites to discuss the future of their industry.Photographer: David Paul Morris/Bloomberg

Good afternoon from Los Angeles, and thank you to Yoshinobu Yamamoto.

After two years of chronicling David Ellison’s pursuit of Paramount, we are going to spend the next several months (if not longer) writing about his pursuit of Warner Bros. Discovery. I spoke with my colleague David Gura, host of The Big Take podcast, about what that deal would look like.