Screentime

The Warner Bros. Bidding War Is Over

Paramount needs to raise its offer to reclaim the initiative

David Ellison, chairman and chief executive officer of Paramount Skydance Corp., center, outside the New York Stock Exchange (NYSE) in New York, US, on Monday, Dec. 8, 2025. Photographer: Michael Nagle/Bloomberg

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By Lucas Shaw

January 25, 2026 at 11:30 PM UTC

Good afternoon from Los Angeles, wherever you may be. I just got back from 20 hours in Las Vegas for UFC 324, where the Paramount folks were very optimistic about their investment in mixed martial arts (and their pursuit of Warner Bros.).

I am now bracing for Grammy week, followed by trips to Washington DC, New York and maybe Seoul. Reach out if we should meet. If you don’t already subscribe to this newsletter, please fix that here.