NEW YORK — In a seismic shift for the American media landscape, Paramount Skydance has emerged as the winner of a high-stakes bidding war for Warner Bros. Discovery (WBD). The deal, valued at approximately $110 billion, was solidified late Thursday after streaming giant Netflix officially withdrew its competing bid, clearing the path for billionaire Larry Ellison and his son, David Ellison, to consolidate a media empire that now includes CNN, HBO, and the historic Warner Bros. film studios.
The acquisition, which has been unanimously approved by the boards of both companies, prices WBD at $31.00 per share in an all-cash transaction. The move comes as the Ellisons continue a rapid expansion into the news and entertainment sectors, having already acquired Paramount Global and its subsidiary, CBS News, last year.
A “Superior Proposal” Ends Months of Volatility
The battle for WBD reached a fever pitch earlier this week when Paramount Skydance revised its offer from $30 to $31 per share. On February 26, the WBD board determined that the Ellisons’ bid constituted a “superior proposal” to Netflix’s earlier $83 billion agreement, which would have only acquired WBD’s studios and streaming assets while spinning off its linear networks.
Netflix co-CEOs Ted Sarandos and Greg Peters announced the company’s withdrawal on Thursday, citing financial discipline. “At the price required to match Paramount Skydance’s latest offer, the deal is no longer financially attractive,” the company stated in a joint release.
WBD CEO David Zaslav praised the outcome, stating that the merger would create “tremendous value for shareholders” and form a “next-generation media and entertainment company.”
CNN Under New Management: The Bari Weiss Factor
Industry insiders and journalists are now bracing for a significant shift in editorial direction at CNN. The network is widely expected to fall under the oversight of Bari Weiss, the former New York Times columnist and founder of The Free Press, who was appointed editor-in-chief of CBS News following the Ellisons’ takeover of Paramount.
Weiss’s tenure at CBS has been marked by significant internal friction. Reports indicate she has frequently clashed with veteran staff over the network’s perceived rightward shift. The turbulence has already triggered high-profile exits, most notably from Anderson Cooper.
Cooper, a pillar of CBS’s 60 Minutes for two decades, announced his departure from the program earlier this month. While he remains the face of his weeknight show on CNN, the merger means he will once again be operating under Weiss’s leadership—a prospect that sources say contributed to his decision to exit the CBS newsmagazine.
Political Ties and Regulatory Scrutiny
The deal has immediately drawn fire from media watchdogs and antitrust advocates concerned about the Ellisons’ political affiliations. Larry Ellison, the Oracle co-founder and primary financier of the deal, is a prominent donor and ally to Donald Trump.
Critics argue that the Trump administration’s regulatory posture may have paved the way for the acquisition. Suspicions were further fueled by David Ellison’s recent attendance at the State of the Union address and reports that the White House had been critical of the rival Netflix bid.
“This deal endangers our democracy by giving a family of pliant billionaires even more control of vast swaths of our news coverage,” stated a spokesperson for the press advocacy group Free Press.
What’s Next for the Global Media Giant
The merger is expected to close in the third quarter of 2026, pending regulatory clearances in the U.S. and Europe. If approved, the combined entity will command a massive portfolio of sports rights—including the NFL, Olympics, and NBA—alongside dominant streaming platforms and news outlets.
For CNN, the immediate focus shifts to its Atlanta and New York newsrooms, where staffers are reportedly anxious about potential “ideologically driven” programming changes. With the Ellisons now controlling two of the “Big Three” news networks, the future of neutral, fact-based reporting is at the center of a national debate.
