Leaked audio: WBD CEO backs Paramount deal after Netflix exit
Feb 27th 2026
In leaked town hall audio Warner Bros. Discovery CEO David Zaslav briefed staff on switching from a stalled Netflix sale to Paramount's $30 per share rival, calling the rapid shift "whiplash-y" and outlining strategic benefits and regulatory risks.
- David Zaslav told employees in leaked town hall audio that Paramount's rival bid felt "whiplash-y" after Netflix withdrew and said he is excited about joining forces.
- Netflix had been WBD's preferred buyer for studio and HBO assets at $27.75 per share before it declined to raise its offer.
- Paramount offered $30 per share for the whole company, agreed to a 25 cent per share quarterly ticking fee and pledged about $7 billion if the deal is blocked.
- A combined Paramount and WBD would unite HBO Max, Discovery+, Paramount+, Pluto TV and cable networks including CNN, TNT and HGTV, but would still trail Netflix and YouTube in US TV streaming share.
- The deal faces six to 18 months of regulatory review, could fail, and WBD's board has warned it could prompt roughly $6 billion in cost cuts that might trigger layoffs.