Paramount Investor Blasts WBD’s ‘False Narrative’ Over Netflix Deal

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The battle for control of Warner Bros. Discovery is heating up, as Paramount investor Gerry Cardinale, founder of RedBird, remains firm in his position on the WBD board and continues to support their agreement with Netflix.

If Warner Bros. Discovery (WBD) is sold, its executives are in line to receive the following benefits.

  • David Zaslav, C.E.O.: $567.7 million
  • Gunnar Wiedenfels, C.F.O.: $144.9 million
  • Bruce Campbell, chief revenue and strategy officer, $138.5 million
  • JB Perrette, C.E.O. and president, global streaming and games: $167.4 million
  • Gerhard Zeiler, president, international: $95.2 million

RedBird Founder Slams WBD Over Netflix-Favoring Narrative

Gerry Cardinale, the founder of RedBird Capital and a key investor in the attempt to buy Warner Bros. Discovery led by David Ellison, has publicly criticized the Warner Bros. Discovery board. He’s upset with how they presented the potential deal between Paramount and Skydance in a recent official document filed with the Securities and Exchange Commission.

The document explained why Warner Bros. Discovery chose Netflix’s offer—worth around $83 billion in cash and stock—for the studio and HBO Max, while minimizing the all-cash bid from Larry Ellison for the whole company. This decision has led to questions about whether Ellison trusts the deal’s structure and the agreement with Paramount.

Cardinale disputed the board’s account, calling it inaccurate and a distraction. He stated that Warner Bros. Discovery is misrepresenting a complete and funded offer.

Cardinale Defends Larry Ellison And The Financing

Cardinale explained to Puck that he’s spent years establishing a reputation for fair dealings and felt the board’s actions were disrespectful to him and the Ellisons.

He highlighted that Larry Ellison’s trust has been involved in a huge number of deals – tens of thousands – and has always followed through on its commitments, most recently with the Paramount deal.

I’ve always believed in doing things the right way, and Larry Ellison is no exception. He’s a remarkably successful entrepreneur and builder of businesses. He consistently delivers on his promises, and his history proves it – you don’t just have to take my word for it.

He dismissed the suggestion that Ellison might back out of the Warner Bros. Discovery deal, stating his commitment is genuine and the $30-per-share funding is secure and in place.

$30 All-Cash Offer Still On The Table

When asked if the Ellisons were willing to increase their offer above $30 per share, Cardinale stated he’d prefer to see a reaction from Warner Bros. Discovery shareholders to the existing proposal before considering any changes, rather than getting input from the board or CEO David Zaslav.

He believes that offering $30 in cash for the entirety of Warner Bros. Discovery, along with a simpler set of regulations, is a better deal than what Netflix is offering.

Cardinale also pointed out that the Ellison group had repeatedly changed their offer—both the price and how it was structured—to meet Warner Bros. Discovery’s requests, but the board stopped negotiating as soon as those conditions were met.

Here’s what I’m proposing: we’ll pay $30 in cash for the entire company. Considering our current legal standing, this is a better deal than what Netflix offers. Now, I’m waiting for their response. We’ve received replies to five previous offers, but this time – where we finally met all their price and structural requirements – they haven’t responded, and I’m expecting to hear back.

Paramount and Skydance are still determined to present their bid to Warner Bros. Discovery shareholders as the debate over the company’s direction goes on.

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2025-12-19 11:02