Warner Bros. used to be the crown jewel of Hollywood. Now it’s a pawn, up for sale yet again—this time to Paramount Skydance, backed by Larry Ellison’s bottomless fortune. David Zaslav swore he’d turned things around after years of chaos, and 2025 has been one of Warner’s best theatrical years in a decade. But instead of a comeback, it’s just another sales pitch. Warner Bros. isn’t a studio anymore. It’s an asset.
