How Netflix forced Paramount to cough up more for Warner Bros.

By Hannah Miller and Molly Schuetz | Bloomberg

David Ellison finally got what he wanted but his prize didn’t come cheap.

His pursuit of Warner Bros. Discovery Inc. was nearly thwarted by a wealthy rival suitor, Netflix Inc., which ultimately forced Ellison’s Paramount Skydance Corp. to shell out at least $31 billion more than it planned for the legendary Hollywood studio.

The staggering price, representing one of the biggest media deals in the past decade, came to $31-a-share in cash...