Overview

• David Ellison has been pitching private equity firms, with Apollo Global Management described by sources as the closest prospective partner for a potential offer.
• Reports say Blackstone evaluated a role in financing but is not currently pursuing participation.
• Paramount Skydance holds roughly $2.75 billion in cash after its $8 billion Paramount acquisition, making outside capital essential for any Warner Bros. Discovery purchase.
• Warner Bros. Discovery has renewed film chiefs Michael De Luca and Pam Abdy, while insiders say a combined company would likely not include a significant operational role for David Zaslav.
• WBD is advancing a plan to separate studios/streaming from cable networks and has hired Goldman Sachs to assess buyers and options, even as discussions with Ellison remain informal.