Larry Ellison, co-founder and executive chairman of Oracle Corp., has made a bizarre bid to buy Warner Bros. for $30 per share, totaling $108.4 billion, including debt. This bid comes after Netflix won the auction with an offer of $83 billion, sparking questions about Ellison’s strategy.
Ellison, who is also Larry’s son David’s father, seems to be playing a long shot in his bid. The move appears to be a publicity stunt, as Warner Bros has already accepted Netflix’s offer and is set to sell its studio part to the streaming giant for $83 billion.
The bid is so unexpected that even Warner Bros’ parent company Paramount, which has been after Warner Bros since 2023, seems surprised by it. It remains unclear what Ellison hopes to achieve with this move, but some speculate that he may be trying to regain control of the company his son works for or seeking more attention.
The Verge’s reporting on tech and human behavior suggests that Ellison’s bid is an attempt at self-promotion rather than a genuine business strategy. However, it remains to be seen how this will play out in the future.
Source: https://www.theverge.com/entertainment/845532/larry-ellison-paramount-wb-netflix-takeover-oracle