David Ellison downplayed Paramount ‘s need to acquire Warner Bros. Discovery during a conference call with Wall Street analysts on Monday after the company unveiled earnings that reflect the uphill climb that it faces in revitalizing its film and TV assets.

“It’s important to know that there’s no must-have for us. We really look at this as buy-versus-build, and we absolutely have the ability to build to get to where we want to go,” Ellison told Wall Street analysts when pressed about Paramount’s pursuit of Warner Bros. Discovery. “We believe we can achieve our streaming goals, and that we can drive enterprise efficiency, and create value and long-term free cash flow generation all through the building.”

Ellison also vowed to be “disciplined” in his approach to pursuing additional asse

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