Two Davids, One Warner: A Jewish‑lens look at the high‑stakes contest between David Zaslav and David Ellison

The spark

In recent days, Warner Bros. Discovery (WBD) rejected an initial takeover approach from Paramount—now rebranded as “Paramount, a Skydance Corporation”—that reportedly valued WBD at roughly $20 per share. The overture, first reported by Bloomberg and echoed by Reuters, was deemed too low by WBD. Paramount is considering next moves, including a higher offer and additional financing partners.

Who’s who—and what they control

• David Zaslav (CEO, Warner Bros. Discovery). Zaslav leads WBD and has laid out a plan—announced June 9, 2025—to separate the company by mid‑2026 into two publicly traded businesses: a premium Streaming & Studios company (Warner Bros. Pictures, HBO/Max, DC, WBTV, games) and a Global Networks company (CNN, TNT Sports U.S., and Discovery’s international networks).
• David Ellison (Chairman & CEO, Paramount, a Skydance Corporation). Ellison took the helm on August 7, 2025, when Skydance Media completed its merger with Paramount Global. The combined company, trading under ticker PSKY, controls Paramount Pictures and TV, CBS, Paramount+, Pluto TV and Skydance’s film/TV/animation/games assets.

Why Warner Bros. Discovery is the prize

A Paramount–WBD tie‑up would fuse two of Hollywood’s deepest catalogs, put Max alongside Paramount+ and Pluto TV, and concentrate live‑sports heft across CBS Sports and TNT Sports. In theory, the bundle could sharpen economics—larger scale for streaming, advertising, licensing and sports—though any combination would face substantial execution risk and regulatory review.

Through a Jewish lens: heritage, memory and community

For Jewish readers, the identities of the protagonists aren’t incidental footnotes—they’re part of Hollywood’s long story.

David Zaslav. Born in Brooklyn to a family with Polish‑ and Ukrainian‑Jewish roots, Zaslav has been active in Jewish communal and remembrance work. He chaired the committee for “Auschwitz: The Past is Present,” a USC Shoah Foundation program marking the 70th anniversary of the camp’s liberation, and he has been honored by UJA‑Federation of New York with the Steven J. Ross Humanitarian Award.

David Ellison. Ellison is widely described as having Jewish heritage through his father, Larry Ellison, who was born to a Jewish mother and raised in a Reform home in Chicago. In the public square, Ellison has been counted among influential Jews by the Jerusalem Post in 2025, and under his leadership Skydance committed $1 million in October 2023 to humanitarian relief efforts in Israel and the region following the Oct. 7 attacks.

A historical echo. The original Warner brothers—Harry, Albert, Sam and Jack—were Polish‑Jewish immigrants (the Wonsal/Wonskolaser family) who helped define the studio era. A fight for Warner’s future led by two Jewish chiefs therefore carries a thread of continuity with the studio’s origins.

What each side is trying to prove

Zaslav’s case for staying the course:

• Unlock value by splitting WBD into focused businesses and negotiate from strength as milestones approach.
• Keep debt trending down and cash flow strong to make independence credible on its own terms.
• Retain key talent and franchises (HBO, Warner Bros. Pictures, DC) so the ‘premium content’ narrative remains on offense.

Ellison’s case for combining now:

• Scale up fast: leverage Paramount’s broadcast and free streaming reach (CBS, Pluto TV) with WBD’s premium brands (HBO/Max).
• Bundle and rationalize: offer a bigger DTC bundle while removing duplicative costs.
• Bring in deep-pocketed partners to finance a higher, credible bid.

What to watch next

1) Price & partners: Does Ellison return with a higher, fully financed bid—and who stands behind it? (Private‑equity co‑investors have been floated.)

2) WBD split milestones: Any slippage—or surprise outperformance—will swing Zaslav’s leverage as bidders weigh whole‑co vs. piece‑by‑piece scenarios.

3) Regulatory weather: Expect scrutiny around news concentration, sports rights and streaming competition if talks advance.

Bottom line

This is a business chess match with a distinct Jewish through‑line. Zaslav is betting that patience and a two‑company split will draw out more value than selling today. Ellison is testing whether bigger‑now beats better‑later. However it breaks, the outcome will shape not just the next org chart, but also the legacy of a studio founded by Jewish immigrants and now contested by two Jewish leaders navigating a very modern media battlefield.