David Zaslav is looking to ignite a bidding war over Warner Bros. Discovery, seeking support from Donald Trump’s Justice Department to facilitate this effort. It may sound a bit outlandish, but according to initial reports, Trump’s administration aims to sell Zaslav’s company, WBD, to associates at Paramount Skydance, led by CEO David Ellison and his father, Larry Ellison, co-founder of Oracle.
Now, Larry Ellison is quite wealthy—around $350 billion—but his close relationship with Trump is arguably more significant. According to various insiders, Trump favors keeping WBD under the Ellisons’ control to ensure favorable coverage from CNN, which has faced accusations of bias against MAGA supporters.
The Ellisons are indeed interested in WBD. The company boasts the top studio, a strong streaming service ranked third, and networks like HBO and CNN, all while still pulling in substantial profits, regardless of ratings being less than stellar.
However, Zaslav, known in the industry as “Zas,” thinks he can push the Ellisons to raise their current offer of $23.50 per share. He believes he can attract bids from major players like Netflix, Amazon, and, crucially, Comcast, even though Trump isn’t fond of Comcast due to its ownership of MSNBC, which he perceives as anti-MAGA. The regulatory landscape for such deals is quite unique.
Comcast’s CEO, Brian Roberts, has indicated that addressing this deal will be a priority, particularly over the more free-market Justice Department’s antitrust division and the FCC, which is under the conservative Brendan Carr, who may be less inclined to show leniency.
Interestingly, since the FCC isn’t involved in issuing local broadcast licenses regarding the sale, the decision will primarily rely on Justice Department Antitrust Director Gale Slater, who was also appointed by Trump. But her team, which consists of long-serving attorneys, has a lot of discretion in these matters, making the process a bit unpredictable.
Interestingly, some believe Zaslav is banking on the idea that if the Justice Department decides against some of the potential buyers, the antitrust justification won’t be strong enough to hold up in court. A source familiar with his perspective shared that he’s willing to test this in federal court if needed.
Zaslav didn’t comment on these developments. Meanwhile, antitrust officials at the Justice Department have been silent regarding inquiries.
Historically speaking, there is precedent for Zaslav’s strategy. During Trump’s time in office, a federal court overturned the Antitrust Department’s opposition to AT&T’s acquisition of Time Warner. The governing argument was that the media landscape had evolved enough, diminishing concerns over media monopolization. Ironically, that very unraveling opened the door for the 2022 merger of Discovery and WarnerMedia, forming WBD.
As it stands, there’s a growing concern about how the Ellisons will handle potential legal challenges alongside Trump. The question remains whether a court would agree to reverse the antitrust ruling for deals beyond Paramount Skydance. The antitrust discussion is complex—Netflix stands as the leading streaming service looking to merge with WBD, and both Amazon and Comcast already have studios.
Roberts is addressing these concerns by divesting from assets like MSNBC, aiming to avoid conflicts with owning two channels. Media insiders suggest that Roberts really needs to solidify a deal with WBD to stay relevant in an industry where content matters immensely. Universal Studios, his studio, has lagged behind Warner Bros. lately, leaving him searching for a growth plan.
“He has to make a bid,” noted Rich Greenfield, a well-regarded media analyst at Lightshed Partners. He recently mentioned that Roberts could outmaneuver Trump by emulating the Ellison strategy—like hiring Bari Weiss, a conservative journalist, to oversee CBS, or Erica Kirk, known for her progressive and conservative connections.
“On the surface, it seems wild, but Trump enjoys making deals, and Roberts needs to think outside the box,” he remarked.
A representative from Comcast chose not to comment.
Meanwhile, Zaslav seems to believe that the concerns surrounding antitrust are exaggerated, especially amid the swiftly changing programming and news consumption market. He’s confident that companies like Netflix, Amazon, and Comcast would be interested in his content, and he’s prepared to challenge any objections from the Justice Department in court.
While Zaslav isn’t opposed to selling to the Ellisons, he’s reminding everyone that he expects a higher bid than their original offer. His plan involves making the bidding process open to potential new players, all while downplaying the risk of an antitrust lawsuit.
