Paramount just didn't measure up to Netflix on its bid: Warner Bros. chairman Samuel Di Piazza
December 17, 2025 • 3m 59s
David Faber (Anchor)
00:00.070
all
right
great
yeah
you
can
see
him
right
here
sam
thanks
for
coming
down
thank
Samuel Di Piazza, Jr. (Board Chair)
00:04.190
you
david
piazza
is
David Faber (Anchor)
00:05.590
the
chairman
of
warner
brothers
of
course
leads
the
board
of
directors
we're
going
through
the
filing
right
now
it's
quite
voluminous
it
is
but
we
were
taught
and
i
i
guess
i
want
to
start
on
on
really
what
is
becky
's
question
as
well
which
is
around
this
financing
question
if
David Faber (Anchor)
00:21.910
i
could
term
it
that
way
that
the
board
had
can
you
explain
why
you
would
not
trust
that
one
of
the
richest
men
in
the
world
would
not
be
there
when
asked
to
provide
the
financing
for
the
deal
well
Samuel Di Piazza, Jr. (Board Chair)
00:36.920
first
again
thank
you
for
for
having
us
here
to
tell
our
story
and
let's
begin
with
the
fact
that
netflix
made
a
compelling
offer
it
was
heavy
in
cash
certainty
of
clothes
a
high
termination
fee
it
had
all
and
they
responded
to
the
to
the
operating
issues
that
we
we're
concerned
Samuel Di Piazza, Jr. (Board Chair)
00:58.390
about
peace
guy
had
every
opportunity
to
deal
with
that
broad
range
of
issues
and
they
chose
not
to
and
ultimately
the
equity
stack
is
always
important
here
and
to
be
very
direct
nowhere
in
any
of
these
proposals
did
larry
ellison
guarantee
David Faber (Anchor)
01:20.110
and
and
that
could
have
potentially
changed
the
board
's
decision
well
Samuel Di Piazza, Jr. (Board Chair)
01:23.830
obviously
the
ability
to
deal
directly
with
larry
if
there
was
an
issue
to
close
would
be
critical
otherwise
closing
might
not
happen
and
some
of
the
proposals
and
you've
read
them
now
some
of
the
proposals
gave
multiple
ways
for
that
equity
stack
to
disappear
now
he
guaranteed
Samuel Di Piazza, Jr. (Board Chair)
01:45.990
it
through
an
irrevocable
trust
at
the
last
minute
and
frankly
that
wasn't
as
good
as
an
investment
grade
company
that
purported
strong
value
great
response
to
our
concerns
of
what
it
took
to
operate
so
this
is
i
have
enormous
respect
as
does
the
board
for
the
ellison
family
and
Samuel Di Piazza, Jr. (Board Chair)
02:09.550
for
the
paramount
company
they
just
didn't
measure
up
on
these
bids
because
David Faber (Anchor)
02:14.510
you
know
when
many
investors
look
at
it
and
obviously
i've
talked
to
many
of
them
as
you
might
imagine
they
Samuel Di Piazza, Jr. (Board Chair)
02:21.350
they
David Faber (Anchor)
02:21.590
don't
see
it
the
same
way
i'm
sure
you're
hearing
from
them
to
to
a
certain
extent
they
see
it
as
wait
a
second
i
got
thirty
bucks
a
share
in
cash
from
one
of
the
richest
men
in
the
world
he's
saying
he
backstops
it
the
financing
on
the
bank
side
seems
to
be
there
be
there
i
David Faber (Anchor)
02:36.990
think
it
was
wells
fargo
apollo
and
thirty
bucks
to
share
with
what
they
feel
is
more
certainty
around
antitrust
that
it
is
a
quicker
and
easier
approval
process
and
they
simply
say
again
and
well
wait
you're
talking
about
what
the
possibility
that
he's
gonna
empty
his
trust
at
David Faber (Anchor)
02:55.790
some
point
and
run
away
from
this
i
mean
they
don't
quite
follow
Samuel Di Piazza, Jr. (Board Chair)
02:59.790
well
our
shareholders
are
thrilled
at
this
point
David Faber (Anchor)
03:04.110
well
they
have
to
be
very
happy
we're
looking
at
by
the
way
take
a
look
at
that
sam
that'll
make
you
happy
too
that
chart
yeah
no
doubt
although
before
they
came
before
paramount
came
nobody
was
happy
but
Samuel Di Piazza, Jr. (Board Chair)
03:13.710
we've
been
at
this
journey
for
three
and
a
half
years
delivering
the
company
and
we
knew
there
had
to
be
change
that's
why
we
announced
the
spent
and
so
when
paramount
showed
up
it
became
an
active
process
what
is
said
on
your
show
you
had
david
ellison
here
what's
that
there
Samuel Di Piazza, Jr. (Board Chair)
03:34.560
what's
said
in
the
wall
street
journal
are
nice
to
hear
what's
important
is
what's
on
the
paper
and
now
i
think
given
our
release
this
morning
our
investors
can
look
and
see
why
did
we
decide
that
we
were
not
confident
that
one
of
the
richest
people
in
the
world
would
be
there
Samuel Di Piazza, Jr. (Board Chair)
03:52.000
at
closing
and
doing
a
deal
is
great
closing
a
deal
is
better
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