How Netflix Forced Paramount to Cough Up More for Warner Bros.

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, or $111 billion including debt, and was high enough for Netflix to walk away rather than increase its offer of $27.75.

Ellison had to add in other ...