Shadow War for Warner Bros.: Advisors, Bankers, Out-of-Control Spin Doctors
The who’s who behind each camp — and yes, Trumpworld is on speed dial
I’ve written for The Ankler about Wall Street’s 2026 predictions for Hollywood and falling TV news salaries, and I joined Gregg Kilday for the Ankler’s on-the-ground Cannes coverage in partnership with Screen International. I also write The Media Mix newsletter.
An army of corporate advisors from Kellyanne Conway to Jason Miller are cleaning their muskets in preparation for a fight over who will own Warner Bros. Discovery. Netflix first reached a deal on Dec. 5 to acquire Warner Bros. Studios, HBO and HBO Max for $82.7 billion — and last week upped its $27.75-per-share offer to all cash in an effort to shut down Paramount Skydance’s continuing hostile bids. Paramount is explaining in filings why it believes it is a better buyer and has given shareholders until Feb. 20 to consider its $30-per share offer of $108.4 billion for all of WBD.
The Senate is already scrutinizing Warners’ deal to sell to Netflix after WBD spins off its cable unit — a split officially set for July 1 (as scooped by Series Business’ Manori Ravindran) — and Netflix co-CEO Ted Sarandos is set to testify next month, Bloomberg first reported. Though shareholders appear destined to side with Netflix, the Ellisons are still preparing the path for a proxy war to challenge Warners’ cable spin plans and pay packets.
Behind the scenes, a cadre of pros on all sides — expert networkers and communicators — are hammering the phones trying to influence the press, Wall Street, shareholders, board members and most importantly President Trump.
The fact that multiple Trumpworld heavy hitters have been tapped for assistance “gives you an idea how big this is,” says one party involved in the deal.
“The value proposition of financial communications and investor relations advisors — particularly in high-profile, contested transactions and disputes — is tangible,” says Elliot Sloane, a financial PR pro who worked on major M&A deals for Sumner Redstone, including Viacom’s 1994 acquisition of Paramount Communications. Sloane, who is managing partner of ThroughCo Communications, says the best advisors basically partner and embed with internal comms teams “and deliver a depth of expertise, a range of relationships with media and investors and in many cases, a broader world view that facilitates the problem solving and creativity often required to win.”
That creativity can cost as much as a top attorney, according to one senior M&A reporter. “Monthly fees could be $100,000 and up,” an executive with decades of experience in the space tells me.
I’ve outlined the powers working out of the spotlight, exerting huge influence in how things play out — and spinning, and spinning the press — ahead of Warners’ big shareholder meeting penciled for April.
Whoever wins, Warner CEO David Zaslav walks off the lot as a billionaire, and the corporate advisors will have their coffers also nicely lined.
With no further ado, meet the who’s who of whisperers working dark arts for Paramount, Netflix and Warner Bros.:
 | A guest post by
|