David Ellison understated ParamountThe company needs to acquire Warner Bros. Discovery on a conference call with Wall Street analysts Monday after the company announced earnings that reflected the difficult climb it faces in reviving its film and television assets.
“It's important to know that nothing is set in stone for us. We really view this as a buy versus build, and we absolutely have the ability to build to get to where we want to be,” Ellison told Wall Street analysts when pressed about Paramount's pursuit of Warner Bros. Discovery. “We believe we can achieve our streaming goals, drive enterprise efficiencies, create value and generate long-term free cash flow throughout the building.”
Ellison also promised to be “disciplined” in his approach to sourcing additional assets.” It is understood that Paramount has submitted two bids to acquire all of Warner Bros. in recent weeks. Discovery, including its linear cable networks.
“In terms of mergers and acquisitions, it's going to be all about whether it accelerates those three pillars for us as well,” Ellison said. “We're fortunate that we have the balance sheet to be opportunistic when we think M&A will accelerate our goals, but we're also long-term, disciplined owners. We'll always approach things through the lens of how do we maximize shareholder value? And from an M&A perspective, the question will always be: How do we accelerate and improve our North Star principles?”
Even more to come
