INSIDE ELLISON'S MIND

It's scary in there.

Mar 19, 2026

∙ Paid

Happy Thursday Peaceniks. Are you ready to peer inside David Ellison’s mind?

Last week, I got ahold of the investor deck that David Ellison and Paramount are trotting around board rooms, Saudi Arabia, and China to raise the capital he needs to acquire Warner Bros. Discovery for $110 billion.

It’s bonkers.

This chart shows the revenue assumptions projected in Ellison’s investor deck, compared to the current revenue trajectory of both companies.

Here, you’ll see the EBITDA assumptions they’re selling their backers, juxtaposed with the current state of profits for Paramount and Disco Bros.

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