12 C-Suite Execs on the ‘Existential’ Fallout of a Warners Deal and the ‘Least Bad’ OutcomePrivate whispers about why the acquisition could be as destabilizing for the buyer as it is for the rest of Hollywood
I cover TV from L.A. I wrote about the 10 showrunners who define TV now, got the inside dope on Ryan Murphy’s legal drama All’s Fair and interviewed Universal Content Productions chief Beatrice Springborn. Reminder: Please fill out our end-of-year survey and share your thoughts about the future of the entertainment industry. Email me at lesley.goldberg@theankler.com
“I’ll believe it when I see it actually get approved.” That’s a text message I received early Friday from a senior television executive after Netflix stunned Hollywood with the announcement that it had won the bidding war for Warner Bros.’ film and TV studios as well as HBO and HBO Max. To be sure, the shock waves continue to roll through the town’s executive suites as the situation is far from settled now that Paramount and the Ellisons have made a hostile takeover attempt for all of Warner Bros. Discovery. As any deal will have to navigate the politics of the White House and regulatory approvals, the next 12 to 18 months will be anything but business as usual for an industry already battered and bruised by the pandemic and the dual strikes, with another round of guild negotiations already on the horizon for 2026. “It’s not good for the creative community. This is existential. There’s no way [a combined Netflix and Warners] can maintain their same level of output — and there’s no need for it,” one very high-ranking exec told me late Friday, before Paramount re-entered the fray. Netflix bid $82.7 billion ($72 billion in equity) for the most-prized parts of Warners including its 100-year library of IP. Paramount’s hostile offer, meanwhile, is for the whole shebang — including such depressed linear networks as CNN and TBS — and is valued at $108.4 billion. Paramount’s financial backers include funding from the Ellisons, but with the majority backing from Jared Kushner’s Saudi-backed Affinity Partners and investment money from the sovereign wealth funds of Saudi Arabia, UAE and Qatar. “Whoever buys it, it’s bad. What’s the least bad? I don’t know,” says a third industry executive. “Whether it stays HBO Max or becomes a tile on Paramount+ or Netflix, it’s still a buyer going out of the business.” Related:
At the same time, other executives I spoke with contend that Netflix landing the big Warners fish would be as disruptive for the dominant streamer as it would be for the rest of the industry given the multiple new businesses the company would be immersed in should a deal come to fruition. Warners has business across the television landscape, making shows for Disney, Apple, Amazon and multiple broadcast platforms. There’s also the question of whether the streaming giant will, as co-CEO Ted Sarandos has already pledged, continue to sell original Warner Bros. TV Group programming to third-party buyers (aka their former competitors) as well as continue to buy new and licensed programming from outsiders like Disney and Paramount. Weeks before Netlfix was in the mix, I wrote about what a WBD-Paramount rollup might look like, the questions it raises for the industry and the power it might have to challenge Netflix. For today, I spoke with at least a dozen C-suiters from across the television landscape — all of whom declined to go on record out of concern for future business dealings. From those conversations, you’ll learn about:
This column is for paid subscribers only. Interested in a group sub for your team or company? Click here. For full access and to continue reading all Ankler content, paid subscribers can click here.
Got a tip or story pitch? Email tips@theankler.com ICYMI from The AnklerThe Wakeup Minka Kelly Xmas, Norwegian trolls rule Netflix films Small-Town Theaters vs. Studios: ‘It Doesn’t Feel Like the Industry Wants Us to Survive’ Cinema owners tell Matthew Frank the two-week mandatory run for movies is crushing them The 9 Most Fearless Creative Decisions in Hollywood 2025 Introducing Richard Rushfield’s Boldness Awards! Plenty of people had guts this year, if you knew where to look Jordan Chiles + Noah Beck Reveal the New Playbook for Sports, Stardom & Social Natalie Jarvey talked with the TikTok and Tubi star, and the Dancing With the Stars Olympian (who slips she has a big Nike announcement coming) WORLD WAR WARNER BROS.! People like Netflix, writes Richard. But they can’t have this (and neither can Paramount) ‘NOT GOOD’: Agents’ Alarm as Netflix-WBD Stokes Panic, Fears of a Market Pause Reps talk to Elaine about what they’re telling clients, mounting questions and even a bright side: ‘Where there’s chaos, there’s opportunity’ ‘It Can Be Stopped’: Fighting Back Against the ‘Bad Faith’ Netflix-Warner Bros. Deal Richard, monopoly expert Matt Stoller and former FTC commissioner Alvaro Bedoya break down what’s really driving the merger bid 5 Burning Qs: What The Netflix-Warners Bombshell Means for Creatives, Execs & Shows The deal would put showrunners, revered execs & piles of priceless IP under one roof. It’s going to be messy, Lesley Goldberg reports The WBD Deal Puts Hollywood, and Democracy, at Risk EXCLUSIVE: In a special op-ed, Jane Fonda writes that the proposed Warner Bros. sale should terrify anyone who cares about a free society 5 Globes Takeaways: Wicked Woes, Neon Lights & Netflix Mysteries Katey Rich on the Golden Globe nominations; plus Nicholas Britell talks Jay Kelly 5 Trends from Award Season’s Busiest Week Yet One Battle rules, Train Dreams keeps chugging and who could still come from behind. Plus: Katey talks to Will Arnett & John Bishop about Is This Thing On? 🎬 WGA Prez’ Dire Warning on Netflix-WB: ‘We Know How This Movie Ends’ Michele Mulroney tells Elaine Low about the inevitable ‘self-dealing,’ the ‘distressing’ time for guild members and what writers can do now 🎬 Freddy’s 2 Leads Box Office to Record Heights — Hollywood is Fine! Special guest Roy Price joins Richard and Sean McNulty to talk the good (Freddy’s, Zootopia 2) and bad (everything else) as WBD hangs in the balance 🎬 Rushfield Lunch: Winnie Holzman’s Wish for a Less Wicked World The acclaimed film, TV and stage writer is ‘devastated’ that the hit musical’s depiction of a nation under despotism feels so ‘relevant’ to current headlines 🎬 Netflix-WBD Panic & Chaos in a Hollywood ‘Looking for Some Answers’ The dominant streamer’s $83B acquisition of Warner Bros. studio and streaming assets would heap new burdens on entertainment workers 🎬 How F1 Captured Brad Pitt Driving 200 MPH in a Formula 1 Racer Oscar-winning cinematographer Claudio Miranda explains the challenges of shooting the Apple racing drama: ‘We had to make cameras’ 🎧 Jeremy Allen White ‘Went Crazy’ to Play Bruce Springsteen. It Paid Off The actor, a freshly minted Golden Globe nominee, on playing The Boss and why sometimes it’s good to meet your heroes 🎧 Wagner Moura Believes ‘Empathy’ Always Beats Tyranny The Secret Agent star, a top best actor contender, tells Katey about knocking away stereotypes and waiting out Brazil’s Bolsonaro More from Ankler Media
New from Natalie Jarvey’s creator economy newsletter: Patreon’s CEO on Poaching Substack Stars — and Why Meta Feeds Are Headed for Full AI Netflix’s Pod Pitch Lands Flat; Fox Comes for YouTube; Yeezy Alum Drops New App
Andy Lewis’ latest IP picks: Granny vs. Goliath, a Real-Life Reacher and Blade Runner for the VR Era
|
