WBD Upfront Echoes a Changing Era as Paramount-Skydance Tie-Up Looms

Warner Bros. Discovery’s upfront lunch carried a valedictory air as Paramount Skydance’s $110 billion bid to acquire WBD looms, with a Sept. 30 close target pending regulatory approvals. Executives touted the company’s advertising products while the deal’s implications—turning Turner, HBO, and Warner Bros over to a new parent—hung over the room. Insiders pointed to two factors likely to help garner approval: Larry Ellison’s influence and Makan Delrahim, DOJ antitrust veteran now Paramount’s chief legal officer. CEO David Zaslav could collect up to $886 million on closing, despite a shareholder vote against part of his pay, underscoring the ongoing volatility of media M&A.