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Warner Bros. Discovery sale talks heat up after initial Paramount bid rejected

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Warner Bros. Discovery sale talks heat up after initial Paramount bid rejected

Paramount, backed by billionaire Larry Ellison and his family, has officially opened the bidding for rival Warner Bros. Discovery — a potential massive merger that would dramatically change Hollywood.

Warner Bros. Discovery’s board rejected Paramount’s initial bid of about $20 a share, but talks are continuing, according to two people close to the companies who were not authorized to speak publicly.

One of the knowledgeable sources said Paramount was preparing a second bid.

Warner Bros. Discovery owns HBO, CNN, TBS, Food Network, HGTV and the prolific Warner Bros. movie and television studio in Burbank.

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Ellison, one of the world’s richest men, is committed to helping his 42-year-old son, David, pull off the industry-reshaping acquisition and has agreed to help finance the bid, two people close to the situation said.

The younger Ellison, who entered the movie business 15 years ago by launching his Skydance Media production company, was catapulted into the major leagues this summer with the Ellison family’s purchase of Paramount’s controlling stake.

Since then, David Ellison and his team have made bold moves to help Paramount shake more than a decade of doldrums. Buying Warner Bros. Discovery would be their most audacious move yet. The merger would lead to the elimination of one of the original Hollywood film studios, and could see the consolidation of CNN with Paramount-owned CBS News.

Representatives for Paramount and Warner Bros. Discovery declined to comment.

CNBC reported Friday that two companies have been in discussions for weeks following last month’s news that Paramount was planning a bid. Bloomberg reported Saturday that Warner Bros. Discovery had rejected Paramount’s bid of about $20 a share.

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Industry veterans were stunned by the speed of Paramount’s play for Warner Bros. Discovery, noting that top executives had begun working on the bid even as they were putting finishing touches on the Paramount takeover.

One of Paramount’s top executives is a former Goldman Sachs banker, Andy Gordon, who was a ranking member of RedBird Capital Partners, the private equity firm that has teamed up with the Ellisons and has a significant stake in Paramount.

Paramount’s interest prompted stocks of both companies to soar, driving up the market value for Warner Bros. Discovery.

Paramount’s offer of $20 a share for Warner Bros. Discovery was less than what some analysts and sources believe the company’s parts are worth, leading the Warner Bros. Discovery board to rebuff the offer, sources said.

But many believe that Paramount needs more content to better compete in a landscape that’s dominated by tech giants such as Netflix and Amazon.

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Paramount has reason to move quickly.

Warner Bros. Discovery had previously announced that it was planning to divide its assets into two companies by next April. One company, Warner Bros., would be made up of HBO, the HBO Max streaming service and the Burbank-based movie and television studios. Current Chief Executive David Zaslav would run that enterprise.

The other arm would be called Discovery Global and consist of the linear cable television channels, which have seen their fortunes fall with consumers’ shift to streaming.

The Paramount bid was seen as an attempt to slip in under the wire because other large companies, including Amazon, Apple and Netflix, may have been interested in buying the studios, streaming service and leafy studio lot in Burbank.

However, Netflix’s co-chief executive Greg Peters appeared to downplay Netflix’s interest during an appearance last week at the Bloomberg Screentime media conference. “We come from a deep heritage of being builders rather than buyers,” Peters said.

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Some analysts believe Paramount’s proposed takeover of Warner Bros. Discovery could ultimately prevail because Zaslav and his team have made huge cuts during the past three years to get the various businesses profitable after buying the company from AT&T, which left the company burdened with a heavy debt load. The company has paid down billions of dollars of debt, but still carries nearly $35 billion of debt on its books.

Others point to Warner Bros.’ recent successes at the box office as evidence that Paramount is offering too little.

Despite the tumult at the corporate level, Warner Bros.’ film studio has had a successful year. Its fortunes turned around in April with the release of “A Minecraft Movie,” which grossed nearly $958 million worldwide, followed by a string of hits including Ryan Coogler’s “Sinners,” James Gunn’s “Superman” and horror flick “Weapons.”

Meanwhile, Paramount has been on a buying spree.

Just in the last two months, Paramount made a $7.7 billion deal for UFC media rights and closed two deals that will pay the creators of “South Park” more than $1.25 billion over five years to secure streaming rights to the popular cartoon.

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Last week at Bloomberg’s Screentime media conference, Ellison declined to comment on Paramount’s pursuit of Warner Bros. or even whether his company had already made a bid. But he did touch briefly on consolidation in Hollywood, saying, “Ironically, it was David Zaslav last year who said that consolidation in the media business is important.”

“There are a lot of options out there,” he added, but declined to elaborate.

After news of Paramount’s interest surfaced, Warner Bros. Discovery‘s stock jumped more than 30%. It climbed as much as $20 a share, but closed Friday at $17.10, down 3.2%.

Paramount also has seen its stock surge by about 12%. Shares finished Friday at $17, down 5.4%

Warner Bros. Discovery is now valued at $42 billion. Paramount is considerably smaller, worth about $18.5 billion.

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Movie Reviews

Movie Review: ‘Avatar: Fire and Ash’ – Catholic Review

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Movie Review: ‘Avatar: Fire and Ash’ – Catholic Review

NEW YORK (OSV News) – “Avatar: Fire and Ash” (20th Century), the third film in the always visually rich franchise that got its start in 2009, brings forward thematic elements that had previously been kept in the background and that viewers of faith will find it impossible to accept and difficult to dismiss. As a result, it requires careful evaluation by mature movie fans.

Against the recurring background of the fictional moon Pandora, the saga of the family whose fortunes were chronicled in the earlier chapters continues. The clan consists of dad Jake Sully (Sam Worthington) and his wife Neytiri (Zoe Saldaña) as well as their three surviving children, teens Lo’ak (Britain Dalton) and Kiri (Sigourney Weaver) and tyke Tuk (Trinity Jo-Li Bliss).

Rounding out the household is Jake and Neytiri’s adolescent adopted son, Spider (Jack Champion).

As veterans of the earlier outings will know, Jake was originally a human and a Marine. But, via an avatar, he eventually embraced the identity of Neytiri’s Pandoran tribe, the Na’vi. While their biological kids are to all appearances Na’vi — a towering race with blue skins and tails — Spider is human and requires a breathing mask to survive on Pandora.

Lo’ak is guilt-ridden over his role in the death of his older brother, Neteyam (Jamie Flatters), and wants to redeem himself by proving his worth as a warrior. Kiri is frustrated that, despite her evident spiritual gifts, she’s unable to connect with Eywa, the mother goddess the Na’vi worship.

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For his part, Jake is worried about Spider’s future — Neteyam’s death has left the still-grieving Neytiri with a hatred of the “Sky people,” as Earthlings are known on Pandora. He also has to contend with the ongoing threat posed by his potentially deadly rivalry with his former Marine comrade, Col. Miles Quaritch (Stephen Lang), who is also Spider’s estranged father.

As if all that weren’t enough, a further challenge arises when the Metkayina, the sea-oriented Pandorans with whom Jake et al. have taken refuge, are attacked by the fierce fire-centric Mangkwan, led by Varang (Oona Chaplin), a malevolent sorceress. A three hour-plus running time is required to tie up these varied strands.

Along the way, the religion adhered to by the main characters becomes more prominent than in previous installments. Thus Eywa is both present on screen and active in the plot. Additionally, Kiri is revealed to have been the product of a virginal conception.

Director and co-writer (with Rick Jaffa and Amanda Silver) James Cameron’s extension of his blockbuster series, accordingly, not only includes material uncomfortable at best for Christians but also seems incongruent, overall, with monotheistic belief. Even well-catechized grown-ups, therefore, should approach this sprawling addition to Cameron’s epic with caution.

The film contains nonscriptural beliefs and practices, constant stylized but often intense combat violence with brief gore, scenes of torture, narcotics use, partial nudity, a couple of mild oaths, at least one rough term, numerous crude and a handful of crass expressions and an obscene gesture. The OSV News classification is L — limited adult audience, films whose problematic content many adults would find troubling. The Motion Picture Association rating is PG-13 — parents strongly cautioned. Some material may be inappropriate for children under 13.

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‘It was by the kids, for the kids’: Chain Reaction’s former booker reflects on the O.C. club’s legacy

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‘It was by the kids, for the kids’: Chain Reaction’s former booker reflects on the O.C. club’s legacy

My name is Jon Halperin. I booked and managed Chain Reaction from 2000 to 2006. It started by accident while I was running a one-person record label. I went to the club to see the band Melee perform and the prior talent buyer for the club had just quit that day. I told owner Tim Hill I’d do it (having only booked three shows ever at a coffee shop). We slept on it, and I was hired the next day.

I joined Ron Martinez (of Final Conflict). He was booking the punk and hardcore shows. I booked the indie, ska, emo, screamo and pop punk stuff. We made a great team. Best work-wife ever.

Story time. My friend Ikey Owens (RIP) hit me up and told me that he and the guys from At the Drive In were going to be starting a new band. I’d booked Defacto (their dub project) before, and we agreed to throw them on a show and just bill it as “Defacto.” There were maybe 200 people there to see the first show for a band that would soon be known as the Mars Volta.

That wasn’t out of the ordinary. Chain Reaction had many artists grace that stage that went on to bigger things: Death Cab for Cutie, Avenged Sevenfold, Maroon 5, Fall Out Boy, Panic at the Disco, Taking Back Sunday, Pierce the Veil, My Morning Jacket. The list goes on and on.

Jon Halperin, who booked Chain Reaction from 2000 to 2006, stands in front of the club during its heyday.

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(From Jon Halperin)

I used to make a deal with the kids. Buy a ticket to “X” show, and if you didn’t like the band, I’d refund you. I never had to. I knew my audience and they trusted my curation of the room. … It was by the kids, for the kids, except I was 30 at the time. I had to think like a teenager. My friend Brian once called me “Peter Pan.”

Halfway through my reign, social media became a thing. There was Friendster and a bit later MySpace. YouTube stated just a few years after. But those first few years of me at the venue, it was word of mouth. It was paper fliers dropped off at coffee shops and record stores. It was the flier in the venue window. It was Mean Street Magazine and Skratch Magazine.

I’d tease the press when they wanted to review a show. If you don’t show up with a pen and paper, you aren’t getting in (sorry, Kelli).

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Most music industry went to the Los Angeles show, but smart industry came to us. Countless acts got signed following their shows. You’d often see the band meeting with a label in the parking lot near their tour van.

It was a dry room when I was there. No booze or weed whatsoever. We made only one exception to the weed rule. An artist in a band with Crohn’s disease who traveled with a nurse. Not saying bands didn’t drink backstage, on stage, in their vans (we rarely had buses), but what we didn’t see didn’t happen.

Touche Amoré performing at Chain Reaction in 2010.

Touche Amoré performing at Chain Reaction in 2010.

(Joe Calixto)

We were often referred to as the “CBGB’s of the West,” and for a lot of bands, locals and touring acts alike, we were just that. We were the epicenter. There were other venues of course, but for some reason, we were the venue to play. Showcase Theater in Corona was edging toward its demise. Koo’s Cafe in Santa Ana was done. Back Alley in Fullerton wasn’t active. Galaxy Theater [in Santa Ana] was still, well, the Galaxy. There was no House of Blues Anaheim. Bands would drive a thousand miles to play one show at Chain Reaction. We were where the local bands started as first of four on a bill and would be headlining us within a year. We were their jumping-off point. We were where the kids came out. The real fans, many of whom started bands themselves.

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Thankfully, there are other smaller venues out there today fostering the all-ages scene: Programme Skate in Fullerton, the Locker Room at Garden AMP [in Garden Grove], Toxic Toast in Long Beach, the Haven Pomona, but it’s just not the same. It was a moment in time. A time that will be forgotten in a few decades, but for today, my social media is being inundated with memories of a room that was a second home for thousands of kids.

Zero regrets. It was the best and worst times of my life. Working a day gig and then heading to the venue nearly every day of the week was rough. Relationships and friendships were hard, being that I couldn’t go out at night. I couldn’t get a pet. I was constantly tired. But I wouldn’t trade those six years for the world.

RIP, Chain Reaction.

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‘Gurram Paapi Reddy’ movie review: Naresh Agastya, Faria Abdullah’s con comedy is hilarious yet overcooked

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‘Gurram Paapi Reddy’ movie review: Naresh Agastya, Faria Abdullah’s con comedy is hilarious yet overcooked

If this week’s Telugu release Gurram Paapi Reddy were a human, it would most likely be a teenager. It bursts with energy, overflowing with ideas and wearing its unabashed enthusiasm like a badge of honour. The audience too might end up surrendering to its infectious energy. Yet, like a distracted teenager, the film also gets so enamoured by its very idea that it loses control and does not know where to stop.

The vibe is eerily similar to Jathi Ratnalu early on. Again, Brahmanandam (as Vaidyanathan), is a judge. Faria Abdullah, the actress in the former film, is the only female presence in the lead lineup here. The other oddball male characters — Gurram Paapi Reddy (Naresh Agastya), Chilipi (Vamshidhar Goud), Goyyi (Jeevan Kumar) and Military (Rajkumar Kasireddy) — are the not-so-smart ones who get entangled in a mess.

The similarities end there. Brahmanandam, who is in terrific form, sets the tone of the comedy, doling out harsh punishments to petty criminals, not for their crimes, but for their sheer stupidity in getting caught. Gurram, Chilipi, Goyyi and Military are the victims who reunite after their jail term. This time, they are joined by Soudamini (Faria).

Gurram Paapi Reddy (Telugu)

Director: Murali Manohar

Cast: Naresh Agastya, Faria Abdullah, Brahmanandam, Yogi Babu

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Runtime: 160 minutes

Storyline: A gang of four ex-convicts swap dead bodies for easy money and land in a ‘royal’ mess.

While their earlier heist at a jewellery store goes terribly wrong, the new plan is strangely simple. The four men need to swap a dead body from Srisailam with another body in a graveyard in Hyderabad for a meagre sum. While they execute it, albeit with difficulty, it gets messy when the motive behind the swap comes to the fore, dating back to a royal gift from the pre-Independence era.

The key conflict is established prior to the intermission, but newer problems surface later. Though the story idea is deceptively straightforward, the director builds many layers to the fun quotient and it’s evident that he treats comedy like serious business.

The actors react to the situations without trying too hard to impress. The scenes are not only thematically funny, but also packed with outrageously hilarious one-liners. Every time one feels the film’s trajectory is sorted, there is a surprise. The screenplay is busy with backstories and subplots.

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The second hour could have benefited from some economy in writing. Past connections are strung together, newer characters and their complexities are introduced, there are backup plans, flashbacks and a song is thrown into the mix. Thankfully, the humour quotient remains unaffected. Some breather would have been welcome.

The subplots involving Sangi Reddy, particularly the courtroom proceedings, and Markandeya Raju’s son crowd the screenplay, leaving the viewers with too many dots to connect. It’s inevitable for some restlessness to creep in towards the final 45 minutes — a stretch packed with several events and coincidences. A clever climax salvages the film.

Gurram Paapi Reddy is aware of the crucial balance between the goofiness of its characters and the seriousness of the plot. Too many characters and a packed, expansive narrative make the film exhausting, given its 160-minute runtime.

Naresh Agastya, Vamshidhar Goud, Faria Abdullah, Jeevan Kumar and Rajkumar Kasireddy share wonderful on-screen camaraderie and get ample scope to shine individually too. Yogi Babu, as a convict with night-blindness, brings the roof down even when he doesn’t dub for himself. Motta Rajendran’s antics look repetitive at times, though they land well.

This is also among Brahmanandam’s best on-screen appearances in recent times. It’s an absolute joy to see the veteran actor ever-hungry to prove his worth when he senses potential in a scene. John Vijay is in dire need of reinvention with his dialogue delivery and body language. Both songs in the film, composed by Krishna Saurabh, though well-shot, feel abrupt.

A narrative with lesser flab would have amplified the film’s impact. The makers tease the audience with a potential sequel idea, but appreciably it does not appear forced. The film is also complete in itself.

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Gurram Paapi Reddy is a smartly written and performed con-comedy that delivers laughs aplenty, though a few segments become indulgent.

Published – December 19, 2025 08:22 pm IST

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