Paramount is setting the stage.
David Ellison has turned Paramount from an aging legacy media brand into arguably the biggest threat to streaming juggernaut Netflix in less than a year.
But his work is far from done. In fact, it’s just beginning.
BI’s James Faris, who has been all over Paramount’s rise to power, has a great breakdown of Ellison’s ongoing transformation at Paramount. The moves come as Paramount prepares for the arrival — pending regulatory approval — of its biggest prize: Warner Bros. Discovery.
If anyone is up for the job, it’s Ellison. You don’t get turned down multiple times only to ultimately prevail unless you’re really passionate about something. (Having a father who has an ungodly amount of cash doesn’t hurt either.)
Speaking of cash, that’s another unique part of the deal BI’s Peter Kafka has extensively covered.
When Paramount first started bidding for WBD, it said it was partnering with Saudi Arabia, Qatar, and Abu Dhabi’s sovereign wealth funds. Now that it’s won, it won’t say if they’re still involved. A key Paramount backer suggested that if the Gulf money is still involved, it would be good for the deal.
Meanwhile, to the losers go some spoils.
Netflix might have missed out on WBD — although, was it really that upset? — but it didn’t walk away empty-handed. The streamer received $2.8 billion for its trouble, which is a hell of a runner-up prize.
To put that in context, Netflix’s reported net income last quarter was just over $2.4 billion.
What will it do with that cash? Netflix loves spending money on content, shelling out roughly $17 billion in 2025, according to its 10-K.
That $2.8 billion is basically found money. Why not have some fun with it? BI Today’s newsletter team has got some ideas:
Professional darts: “Drive to Survive” was a massive success for Netflix. Its spiritual successors on golf and tennis haven’t moved the needle the same way. Luckily, I have the solution: professional darts. Before you laugh, watch this 90-second clip and tell me you’re not hooked. (I’ve even got a name for you: “Nine-darter.”)
Here’s the kicker: It’s another way into live sports! Netflix did a lot of the leg work growing F1’s popularity in the US but didn’t reap the benefits. (Thanks a lot, Apple.) This time it can double up with a series and streaming rights, and at a much lower buy-in.
Love Is Blind … New York: Netflix’s most successful reality series needs to come to the country’s best city. (Yea, I said it.) Historically, NYC is a tough place to shoot reality shows because of the cost. Now that it’s got more cash, it’s worth shelling out to nab NYC’s one-of-a-kind population. (Credit to Amanda Yen for the idea.)
Mindhunter, Season 3: David Fincher’s highly acclaimed thriller got the axe back in 2023 because it cost too much to make without gaining mass appeal. Now feels like the perfect time to bring it back since Netflix’s new biggest rival is about to get hold of the king of prestige TV, HBO. (This one comes from Grace Lett.)
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