Paramount Adviser Says of Warner Hostile Bid: 'We're Gonna Win' -- WSJ

By AnnaMaria Andriotis

Blair Effron, co-founder of investment bank Centerview Partners, said at WSJ Invest Live that Paramount will be successful in its hostile pursuit of Warner Bros. Discovery, despite Warner's existing deal with Netflix.

"We're gonna win," Effron, who has been advising Paramount, said. He said Paramount's bid is superior to Netflix's deal, which is only for Warner's studios and streaming business, and could move through the regulatory process more quickly.

Paramount launched a $77.9 billion tender offer for Warner shortly after Warner unveiled its $72 billion Netflix deal. "We would like to get something done constructively through the front door with the board, but what really matters are shareholders," Effron said.

Effron, a significant Democratic donor, also said he sees a window for big deals ahead of the midterm elections later this year. The Trump administration, he explained, is "friendly toward the right kind of transaction irrespective of scale." If the Democrats make gains in the fall elections as he expects, Effron said he thinks there will be more "point-counterpoint" debate around regulatory approvals.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

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February 03, 2026 15:55 ET (20:55 GMT)

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