David Zaslav Optimistic on $70 Billion Sale of Warner Bros. Discovery

David Zaslav, the CEO of Warner Bros. Discovery (WBD), is expressing confidence in the potential sale of his media empire, stating that it could fetch as much as $70 billion, or approximately $30 per share. This assertion comes amid heightened interest from various bidders, a sentiment Zaslav described as “a lot of big energy.” While his expectations may seem ambitious, they contrast sharply with the $23.50 per share offer currently on the table from David Ellison, CEO of Paramount Skydance.

WBD’s appeal lies in its robust assets, including a top-ranked studio, the third-largest streaming service, and iconic intellectual properties like “Harry Potter” and “The Sopranos.” These factors make the company a prime target for bidders, especially in a landscape increasingly influenced by the rise of artificial intelligence.

The atmosphere of excitement surrounding potential bids was palpable last Thursday at a ceremony held by the Simon Wiesenthal Foundation, where Zaslav received a humanitarian award for his efforts against antisemitism. The event attracted notable figures, including Steven Spielberg, David Geffen, Jeffrey Katzenberg, and Oprah Winfrey. Notably, some attendees were also prospective bidders for WBD, including Ellison and Ted Sarandos of Netflix, who is interested in acquiring WBD’s streaming service and studio.

During his acceptance speech, Zaslav shared personal stories about his family, including his connection to the Holocaust in Poland, emphasizing the importance of storytelling in journalism, particularly by CNN reporters. The conversation at the event frequently shifted to the potential sale of WBD, indicating a robust interest from various quarters.

The interest from bidders extends beyond Ellison. Brian Roberts of Comcast is reportedly considering an acquisition, undeterred by any political challenges related to operating MSNBC, which has faced criticism from certain political circles. Comcast is in the process of restructuring its cable properties, which may facilitate a smoother regulatory approval process for any potential acquisition.

Zaslav is also looking toward corporate giants like Apple and Amazon as possible buyers for parts of WBD. Meanwhile, Ellison, a rising star in the media world at just 42 years old, is focused on reshaping Paramount since taking over, aiming to position it as a formidable player in the industry.

Some analysts believe that the regulatory landscape may favor Comcast in a bidding war, as antitrust concerns appear weaker without its cable properties. Zaslav hopes this will encourage Ellison to increase his bid significantly, reflecting the energy and competitive spirit he perceives among potential bidders.

As Zaslav continues to navigate these discussions, he remains optimistic, suggesting that the final bid for WBD could very well have a “3” in front of it, indicating a sale price that meets his ambitious expectations. The dynamics of the bidding process are sure to evolve, and with substantial interest in WBD, the coming months promise to be pivotal for the media giant.