The Town with Matthew Belloni David Ellison Bought Paramount. Now He Wants Warner Bros. Plus, the 2025 Emmys Recap.
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Sep 16, 2025 
Rich Greenfield, an analyst and partner at LightShed Media, joins to discuss David Ellison's bold move to acquire Warner Bros. after buying Paramount. They consider the feasibility of such a merger and its implications for Hollywood’s ongoing consolidation. The conversation dives into the value of Warner Bros. to Ellison and explores potential future acquisitions. Later, they recap the 2025 Emmys, highlighting standout winners, unexpected surprises, and even the best after-party culinary delights.
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Emmy Parties Shift From Praise To Panic
- At Emmy parties, initial buzz celebrated Ellison as a Paramount savior but quickly turned to anxiety about him buying Warner.
- People fear consolidation could eliminate major buyers and reshape employment and deal-making in town.
Timing Driven By Split Leverage Issues
- Warner's planned split and leverage problems created urgency and opened a window for a full-company bid.
- Ellison may prefer buying everything now rather than waiting for a post-split sale of only the studio/streamer.
Limited Competition For An All-In Bid
- Big tech buyers (Netflix, Apple, Amazon) are possible but unlikely to bid for the whole company, especially cable networks.
- Ellison faces limited competition for an all-in bid and can outspend peers to secure the deal.