Warner Bros. Discovery on Wednesday addressed concerns surrounding its proposed USD 111 billion merger with Paramount during its annual upfront presentation.
Speaking at the Theater at Madison Square Garden in New York, presidents of US advertising sales Bobby Voltaggio and Ryan Gould acknowledged the uncertainty over the proposed merger, which is currently awaiting regulatory approvals.
“Good partnership is what drives us here at Warner Bros. Discovery, so before we go on, we do want to address the Ellison — I mean the elephant — in the room,” Voltaggio said, in an apparent reference to Paramount CEO David Ellison.
“Listen, we don’t deflect, that’s not who we are,” Gould added. “Everyone here knows that there’s change ahead and that there’s change at our company. But there’s change across the entire media industry. And we’re well aware that your business is changing, too. But we believe that success is a team effort, so our best-in-class organization, the team and people you know and trust so well, are here to help guide you through this transition.”
Voltaggio said the company had previously faced periods of change and would continue to “push forward in your best interests”.
The remarks came amid growing debate in the US media and entertainment industry over the proposed merger, which has drawn criticism from some state attorneys general, Hollywood figures and at least one California gubernatorial candidate.
Ellison and his team have defended the deal, saying it would preserve jobs and strengthen theatrical operations with a commitment to release 30 films annually.
However, his outreach to US President Donald Trump regarding the merger — which would also bring news network CNN under the combined entity — has sparked concern among critics.
In late April, Warner Bros. Discovery shareholders approved the merger proposal, leaving regulatory clearances as the final hurdle.
Earlier in the presentation, CNN anchor Anderson Cooper paid tribute to late media mogul Ted Turner, founder of CNN and Turner Broadcasting, who died last week at the age of 87.
“Businessman, yachtsman, media maverick, conservationist. Ted Turner was so many things, but I knew him as the founder of CNN and Turner broadcasting, a bold visionary with an unrivaled work ethic,” Cooper said.
“He believed in the value of people’s access to information, and he built a company that has impacted not only everyone in this room, but anyone who has ever watched television.”