WBD Staff Shares Their Thoughts as Another Corporate Merger Approaches
Warner Bros. Discovery’s annual luncheon at the Food Network Kitchen, held after the company’s upfront presentation to advertisers, has become a cherished tradition, according to Chief Revenue and Strategy Officer Bruce Campbell.
This year’s event took place against the backdrop of a significant industry change: the pending $110 billion acquisition of Warner Bros. Discovery by David Ellison’s Paramount Skydance. Expected to close by September 30, pending any last-minute legal challenges, the deal imbued the gathering with a reflective atmosphere. “Welcome to the Last Supper,” joked a WBD staffer as guests arrived.
The merger and acquisition news resonated during the presentation, where the co-head of sales, Bobby Voltaggio, made a memorable quip about “the Ellison – I mean, the elephant in the room.” Leslie Jones, promoting her new HGTV series Roast My Rental, humorously inquired, “How many channels y’all got?!” as she listed some of the two dozen cable networks that expanded after the 2022 merger of WarnerMedia and Discovery.
In a brief toast to colleagues, advertisers, and media members, Campbell highlighted Voltaggio’s earlier slip. “This is a year of change for us,” he stated. “But I hope you saw today everything we have to offer, from our advertising products to the breadth and depth of all our media properties. We are committed to earning your business, and this team is ready for the challenge ahead.”
While international regulatory approvals are still pending, WBD’s shareholders have given their support, and financing arrangements are complete. Regulatory outcomes seem favorable for Paramount due in part to the historical ties between Larry Ellison, the deal’s backer and father of Paramount CEO David Ellison, and former President Trump. Makan Delrahim, who previously led the Justice Department’s antitrust division and contested AT&T’s acquisition of Time Warner, is now Paramount’s chief legal officer, further guiding the company through the regulatory landscape.
Without delving into politics, Campbell noted ongoing discussions regarding whether Netflix’s past bid for WBD’s studio-and-streaming unit would have received regulatory approval. “I always told everyone that both deals were going to be approved,” he remarked.
Simultaneously, in Midtown Manhattan, Paramount executive Dennis Cinelli made his first investor conference appearance since his appointment as chief financial officer in January. During the event hosted by MoffettNathanson, he stated, “We continue to build momentum toward close. This is a big undertaking, but we’ve been planning for it. The culture around this is different from prior mergers; the CEO is the largest shareholder, and the leadership team is incentivized, akin to a Silicon Valley environment where everyone is an owner of the company.”
Notably absent from the WBD luncheon was CEO David Zaslav, who stands to receive up to $886 million in total compensation following the deal’s completion. This follows a substantial payout of $165 million for 2025 due to stock options under an amended pay arrangement. Although 82% of shareholders voted against Zaslav’s compensation package in the meeting where the merger was approved, the vote’s non-binding nature means he will still receive his compensation.
