WBD Acquisition Thread

[harry580]

It would be funny if Access Industries decides to buy WBD taking Warner Bros. private and reuniting them with Warner Music Group bringing them back on the music publishing business again.

this is what I wanted or Barry diller who said in a interview that he wants to buy cnn, heck buy all of Warner bros discovery while you at it

 

[FanzotheBanjo]

Here's a question about the Paramount/WB deal, is it a vertical merger like the Disney/Fox one or a completely horizontal one?

 

[zakawer2]

Here's a question about the Paramount/WB deal, is it a vertical merger like the Disney/Fox one or a completely horizontal one?

It's actually more of a horizontal one instead. That's what makes it so different from the merger of Time Warner and Turner, the merger of AOL and Time Warner, the merger of Time Warner and AT&T, and even the merger of WarnerMedia and Discovery.

 

[Leviathan]

David Ellison does seem very convinced that the merger with WBD is going to get successfully approved, that's for certain.

But how is he supposed to cope in the event that the merger gets stalled, falls through and/or gets blocked/halted etc.? Should he then just double down on prioritizing the existing Paramount assets above all else? Obviously the $7 billion termination fee would need to be paid to Warner Bros. Discovery.

I don't feel comfortable betting against him at this point. We all laughed at his tantrums when it seemed like Netflix had it in the bag, and look.

 

[lowell]

I don't feel comfortable betting against him at this point. We all laughed at his tantrums when it seemed like Netflix had it in the bag, and look.

With the National Amusements backdoor sale to get control of Paramount Global, all Ellison had to do was get the Redstones on board to do the deal without any proper authorization of non-Redstone investors and then asked Larry to payout that family's exit payment and take on their $650M debt load.

That's why non-Redstone investors are still going after the Redstones, the Ellisons, and RedBird to this day in court.

But WarnerDiscovery is a much larger gamble to take on and I wouldn't be grinning like Ellison given he politicized the pursuit from the start.

If I had to make a bet on something, it'd be on the collapse of the financing sources, given Oracle stock is being utilized as the loan collateral and unexpected things can certainly impact that at any possible moment.

Each moment that Ellison has access to funding to do anything substantial, he's not harmless so his money spigot will have to be drained as much as possible at this point.

 

[John Pannozzi]

It would be funny if Access Industries decides to buy WBD taking Warner Bros. private and reuniting them with Warner Music Group bringing them back on the music publishing business again.

Coincidentally, Paramount just signed a deal to make movies based off Warner Music artists:

Paramount, Warner Music Ink Deal For Movies Based On Performing Artists

Paramount Pictures and Warner Music Group have closed a multi-year, first-look deal that will see both companies partnering on theatrical films, drawing on the lives and music of WMG’s roster of iconic artists and songwriters.

deadline.com

 

[awinger24]

Well, no kidding why TimeWarner wanted to get out of the music business in 2004.

I also wonder when the lawsuits are going into effect. Any day, the merger could be blocked because once again, it will not close by September 2026. If going the same path as the Comcast-Time Warner Cable proposal, it will take about a year before it gets called off.

 

[Moe]

is it a vertical merger like the Disney/Fox one

Disney/20th Century is horizontal, not vertical.

Coincidentally, Paramount just signed a deal to make movies based off Warner Music artists:

Paramount, Warner Music Ink Deal For Movies Based On Performing Artists

Paramount Pictures and Warner Music Group have closed a multi-year, first-look deal that will see both companies partnering on theatrical films, drawing on the lives and music of WMG’s roster of iconic artists and songwriters.

deadline.com

but does it break the antitrust law? Paramount and WBD aren't supposed to control around until merger is finalized.

It means Ellison can't tell WBD to do something for example.

 

[lowell]

but does it break the antitrust law? Paramount and WBD aren't supposed to control around until merger is finalized.

It means Ellison can't tell WBD to do something for example.

No, it doesn’t as Warner Music Group was sold off in 2004 after the AOL debacle. WMG has been a separate entity for more than 2 decades at this point.

So since then, WMG pretty much has nothing to do with WarnerMedia or WarnerDiscovery.

 

[zakawer2]

Document

This is a full list of all of Paramount Skydance Corporation's subsidiaries as of the fourth quarter of 2025. This includes its subsidiaries Paramount Global (the parent company of, well, everything Paramount-/ViacomCBS-related), Skydance Media, LLC (the parent company of all the stuff inherited from independent Skydance), and Prince Sub Inc.

Prince Sub Inc. is a wholly owned subsidiary of Paramount Skydance Corporation whose sole purpose is to facilitate the acquisition of Warner Bros. Discovery, Inc., which is expected to become a wholly owned subsidary of Paramount Skydance Corporation on equal footing with Paramount Global and Skydance Media, LLC in the event that the merger successfully closes.

Document

And this is a full list of all of Warner Bros. Discovery, Inc.'s subsidiaries as of the same time period.

 

[John Pannozzi]

Document

This is a full list of all of Paramount Skydance Corporation's subsidiaries as of the fourth quarter of 2025. This includes its subsidiaries Paramount Global (the parent company of, well, everything Paramount-/ViacomCBS-related), Skydance Media, LLC (the parent company of all the stuff inherited from independent Skydance), and Prince Sub Inc.

Prince Sub Inc. is a wholly owned subsidiary of Paramount Skydance Corporation whose sole purpose is to facilitate the acquisition of Warner Bros. Discovery, Inc., which is expected to become a wholly owned subsidary of Paramount Skydance Corporation on equal footing with Paramount Global and Skydance Media, LLC in the event that the merger successfully closes.

Somewhat curiously, I don't see National Amusements on that list, even though AFAIK, it's part of Paramount Skydance.

 

[themidnightlore]

Document

This is a full list of all of Paramount Skydance Corporation's subsidiaries as of the fourth quarter of 2025. This includes its subsidiaries Paramount Global (the parent company of, well, everything Paramount-/ViacomCBS-related), Skydance Media, LLC (the parent company of all the stuff inherited from independent Skydance), and Prince Sub Inc.

Prince Sub Inc. is a wholly owned subsidiary of Paramount Skydance Corporation whose sole purpose is to facilitate the acquisition of Warner Bros. Discovery, Inc., which is expected to become a wholly owned subsidary of Paramount Skydance Corporation on equal footing with Paramount Global and Skydance Media, LLC in the event that the merger successfully closes.

Document

And this is a full list of all of Warner Bros. Discovery, Inc.'s subsidiaries as of the same time period.

Surpised that there are zero ghosts of Switchover Media under WBD (as they still keep ghosts of Turner Broadcasting System and Scripps Interactive in the basement, it seems?)
Also, a little tear to shed over seeing Game One SAS in the Paramount list, look how they massacrated my boy.

 

[RandomMe]

Disney/20th Century is horizontal, not vertical.

Tell me the difference between vertical and horizontal mergers as I don't know

 

[Moe]

Tell me the difference between vertical and horizontal mergers as I don't know

Vertical - both companies sell totally different type of businesses. It is just like Walmart is buying WBD and both are very different. AT&T and WB merger is vertical.

Horizontal - both companies sell same type of businesses. Both of WBD and Paramount are studios, hence they make and sell movies and shows. Also, they own cable channels too.

If you look at vertical - different and horizontal - same.

 

[lowell]

Somewhat curiously, I don't see National Amusements on that list, even though AFAIK, it's part of Paramount Skydance.

So, basically Ellison and/or RedBird renamed National Amusements when they took over the place:

"The Entertainment Food & Beverage Association (formerly NAC) has announced that Patrick Micalizzi, Senior Vice-President – Food and Beverage for Harbor Lights Entertainment, Inc. (formerly known as National Amusements, Inc.), has been selected as the 2025 Bert Nathan Memorial Award Honoree.

Patrick Micalizzi serves as the Senior Vice-President – Food and Beverage for Harbor Lights Entertainment, Inc. (formerly known as National Amusements, Inc.) operating under the Showcase Cinemas, Cinema de Lux and UCI Cinemas brands. Micalizzi joined Showcase in 1992 where he started as a manager in the suburban New York City area. Micalizzi grew up in the cinema industry working at the neighborhood single-screen theatre at a young age changing the marquee and sweeping the floors. He even owned that single screen theatre for a period of time at age 18. Since joining Showcase Cinemas, Micalizzi has helped expand the food service offer from traditional concessions fare to more robust dining experiences while also acquiring a number of liquor licenses for the cinemas. Today, he leads a talented team of professionals delivering an elevated food service experience to their guests featuring full bars, quick-serve and casual-dine restaurants and in-cinema dining experiences.

Micalizzi has been a dedicated member of The Entertainment Food & Beverage Association (formerly NAC) for nearly 20 years and has long-served on the Expo and Membership Committees and as a Regional Vice-President. In 2023, he was appointed to the Executive Board at NAC where he is currently serving his second term. Patrick joined the Membership Committee in 2023 as well. Patrick resides in Lincoln, Rhode Island, a suburb of Providence. Harbor Lights Entertainment, Inc. operates 16 cinemas in the U.S., 16 in the United Kingdom, 7 in Argentina and 29 in Brazil where it operates under the UCI Cinemas banner."

Patrick Micalizzi Named 2025 Bert Nathan Award Honoree : National Association of Concessionaires

I'm not surprised Skydance's keeping the unit around because that's where part of Redstone's voting shares was stored (now under Ellison's hands) and they're going to be milking as much money as they can out of those theaters to make existing debt payments (the Redstones ran up to $650M of debt through the chain) and toward possibly newly-incurred ones from Ellison's WarnerDiscovery pursuit.

Other than paying out to the Redstones their exit payments, the Ellisons never really spent a dime out of their fortune into Paramount Global itself or even towards its own debt load. All you really saw was Skydance overhauling departments with cuts and firings to meet their private equity partner, RedBird and Bain & Co.'s suggestions to garner synergies.

While they do have a backstop guarantee signed by Larry himself for the WarnerDiscovery pursuit, David and him expects that his $40B equity promise will never be kicked in. Even though his Oracle stock is used as loan collateral, they're dependent on other people's money to heavily contribute here and don't really have solid standing if unexpected things have an impact on the stock and/or outside funding sources at any possible moment.

 

[John Pannozzi]

So, basically Ellison and/or RedBird renamed National Amusements when they took over the place:

"The Entertainment Food & Beverage Association (formerly NAC) has announced that Patrick Micalizzi, Senior Vice-President – Food and Beverage for Harbor Lights Entertainment, Inc. (formerly known as National Amusements, Inc.), has been selected as the 2025 Bert Nathan Memorial Award Honoree.

Patrick Micalizzi serves as the Senior Vice-President – Food and Beverage for Harbor Lights Entertainment, Inc. (formerly known as National Amusements, Inc.) operating under the Showcase Cinemas, Cinema de Lux and UCI Cinemas brands. Micalizzi joined Showcase in 1992 where he started as a manager in the suburban New York City area. Micalizzi grew up in the cinema industry working at the neighborhood single-screen theatre at a young age changing the marquee and sweeping the floors. He even owned that single screen theatre for a period of time at age 18. Since joining Showcase Cinemas, Micalizzi has helped expand the food service offer from traditional concessions fare to more robust dining experiences while also acquiring a number of liquor licenses for the cinemas. Today, he leads a talented team of professionals delivering an elevated food service experience to their guests featuring full bars, quick-serve and casual-dine restaurants and in-cinema dining experiences.

Micalizzi has been a dedicated member of The Entertainment Food & Beverage Association (formerly NAC) for nearly 20 years and has long-served on the Expo and Membership Committees and as a Regional Vice-President. In 2023, he was appointed to the Executive Board at NAC where he is currently serving his second term. Patrick joined the Membership Committee in 2023 as well. Patrick resides in Lincoln, Rhode Island, a suburb of Providence. Harbor Lights Entertainment, Inc. operates 16 cinemas in the U.S., 16 in the United Kingdom, 7 in Argentina and 29 in Brazil where it operates under the UCI Cinemas banner."

Patrick Micalizzi Named 2025 Bert Nathan Award Honoree : National Association of Concessionaires

I don't see the Food & Beverage Association listed there either

 

[PF9]

Another reason I have deep appreciation for classic WB films is that the namesake founders of the studio grew up in my home state, on the north side of Youngstown.

 

[J10]

Two days ago, in Kuwait, PrinceSub Inc. (A Paramount Skydance Corporation) has went to Competition Protection Agency for the process of the acquisition of WBD.

According to the post, any objections are available in the HQ and their website after paying prescription fee.

 

[lowell]

I don't see the Food & Beverage Association listed there either

In the link that I included above, the article's web page is listed as EF&B, Entertainment Food & Beverage Association.

The only reason that it still remains as NACOnline.org is that they haven't decided to change that part of the website yet but yeah, EF&B & NAC are essentially the same thing:

"About EF&B/NAC:

The Entertainment Food & Beverage Association (formerly The National Association of Concessionaires), founded in 1944, is the trade association for the recreation and leisure-time food and beverage concessions industry. Members are comprised of the owners and operators of facilities such as: Movie Theatres, Stadiums & Arenas, Zoos & Aquariums, Colleges & Universities, Foodservice Contractors, Park & Recreation Departments, Amusement Parks & Family Entertainment Centers, Ice and Roller Skating Rinks, Racetracks, Bowling Centers, Outdoor facilities, Convention centers and Performing Arts Centers. Our members also are the companies that provide products and services to these facilities, including: Suppliers, Equipment Manufacturers, Popcorn Processors, Jobber Distributors, Consultants and Brokers."

 

[RandomMe]

In the link that I included above, the article's web page is listed as EF&B, Entertainment Food & Beverage Association.

The only reason that it still remains as NACOnline.org is that they haven't decided to change that part of the website yet but yeah, EF&B & NAC are essentially the same thing:

"About EF&B/NAC:

The Entertainment Food & Beverage Association (formerly The National Association of Concessionaires), founded in 1944, is the trade association for the recreation and leisure-time food and beverage concessions industry. Members are comprised of the owners and operators of facilities such as: Movie Theatres, Stadiums & Arenas, Zoos & Aquariums, Colleges & Universities, Foodservice Contractors, Park & Recreation Departments, Amusement Parks & Family Entertainment Centers, Ice and Roller Skating Rinks, Racetracks, Bowling Centers, Outdoor facilities, Convention centers and Performing Arts Centers. Our members also are the companies that provide products and services to these facilities, including: Suppliers, Equipment Manufacturers, Popcorn Processors, Jobber Distributors, Consultants and Brokers."

Is that related to National Amusements, which I think they divested?