Today, let’s talk about the big Paramount-Warner Bros. Discovery merger. Right now, Paramount head David Ellison is very much acting like he’s over the finish line after outbidding Netflix, which walked away after what seemed like a done deal. 
Back in January, I asked Puck’s Julia Alexander to walk me through Netflix’s reasoning, and today I’m digging into Paramount’s with Rich Greenfield, a media and entertainment analyst and cofounder of research firm LightShed Partners. There’s a lot going on here, including the biggest question I’ve had throughout this entire saga: why would anyone want to buy Warner, which has basically killed every acquirer it’s had for the last quarter century?
Links: 
<ul>
 <li>David Ellison’s plan to compete with Netflix: Paramount+HBO | <a href="https://lightshedtmt.com/2026/03/11/game-of-streams-david-ellisons-plan-to-compete-with-netflix-called-paramounthbo/">Rich Greenfield</a>
</li>
 <li>The worst acquisition in history, again | <a href="https://www.profgmedia.com/p/the-worst-acquisition-in-history">Prof G Media</a>
</li>
 <li>David Zaslav gets the last laugh | <a href="https://www.hollywoodreporter.com/lists/inside-the-ellison-empire-what-they-own/">THR</a>
</li>
 <li>Warner Bros. Discovery agrees to Paramount merger | <a href="https://www.theverge.com/entertainment/886478/warner-bros-discovery-paramount-merger-agreement">The Verge</a>
</li>
 <li>Tech, TV, Movies & News: Ellisons on brink of colossal empire | <a href="https://www.nytimes.com/2026/02/27/business/media/tech-tv-movies-and-news-ellisons-on-brink-of-colossal-empire.html">NYT</a>
</li>
 <li>Pete Hegseth says ‘the sooner David Ellison’ buys CNN, ‘the better’ | <a href="https://www.nytimes.com/2026/03/13/business/media/pete-hegseth-david-ellison-cnn.html">NYT</a>
</li>
 <li>Warner Bros CEO to pocket $887 million from Paramount deal | <a href="https://www.reuters.com/sustainability/boards-policy-regulation/warner-bros-ceo-pocket-up-887-million-paramount-deal-2026-03-17/">Reuters</a>
</li>
</ul>
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Credits:
Decoder is a production of The Verge and part of the Vox Media Podcast Network.
Decoder is produced by Kate Cox and Nick Statt and edited by Ursa Wright. Our editorial director is Kevin McShane. 
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