Warner Bros. Discovery gives the Ellisons another chance

Warner Bros. Discovery will let Larry and David Ellison make another bid for the company over the next week, provided their offer exceeds $31 per share. WBD said this will be the last time the Ellisons can formally pitch the board. Netflix won the bidding in December for most of WBD in an $83 billion transaction, but the Ellisons have argued their $30-per-share offer for the entire company was better.

The Ellisons, who bought Paramount last year and want to merge it with WBD, have repeatedly sought another chance to make their case. Their most recent pitch included offers to pay billions more in fees, a $2.8 billion penalty WBD would owe Netflix if it walks away, and the prospect of raising the per-share price if the deal doesn't close by the end of 2026.

WBD says it expects the Ellisons to top $31; a senior representative for Paramount told WBD they would offer $31 per share but could go higher. The stock is trading around $28 a share, up 170% in the last year.

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