Paramount wins Warner Bros. Discovery bidding war as Netflix Stock exits $83bn pursuit

Netflix’s decision to walk away from its $83bn bid for Warner Bros. Discovery has reshaped the takeover race and become a focal point for netflix stock chatter as Paramount Skydance emerged as the winning bidder. The move has provoked anxiety inside newsrooms and sets up a deal that still needs WBD shareholder and regulator approval.

Paramount Skydance emerges as winning bidder after Netflix withdraws

Paramount Skydance emerged as the winning bidder for Warner Bros. Discovery, following Netflix’s decision to withdraw its $83bn offer. The sale still requires approval from WBD shareholders and government regulators before it can close. Netflix’s exit removed one of the highest-profile suitors from the race and left the remaining process to regulatory review and shareholder votes.

CBS News and staffers panic over possible merger and job cuts

The decision has left some staffers at CBS News and panicking about the future as the two top-tier news operations could come under the same roof. Staffers said they fear a merged news operation would lead to a significant amount of job cuts. Multiple CBS News staffers who were not authorized to speak resorted to expletives on learning the news: “Fuck, fuck, fuck, ” said one producer, and “Well, fuck, ” said another.

A third CBS News staffer said they expected their department to be cut if the network is merged with and duplicative services are eliminated, which they described as standard for media mergers.

Concerns about Bari Weiss and concessions by David Ellison’s Skydance

Some employees expressed nervousness about Paramount’s Trump-friendly ownership and leadership enacting ideologically driven programming changes, with particular concern that CBS News editor-in-chief Bari Weiss might take a significant role. Weiss, described in internal discussions as a conservative commentator turned media entrepreneur with no previous television industry experience, has had an uneven tenure at CBS since she was appointed editor-in-chief last October.

Staff accounts also trace Weiss’s path to the role to concessions that David Ellison and his Skydance Media made to gain the support of Trump-picked regulators to acquire Paramount. That link between concessions and regulatory support is a recurring point of concern among employees worried about future editorial direction.

staffers voice alarm about the network’s future and Turner legacy

One concerned producer, who was not authorized to comment, said a Paramount–WBD merger would be “a disaster for the people who work at both companies, ” adding that if Bari Weiss took control of it could spell the end of the global network Ted Turner founded. The producer added, “I don’t think that’s hyperbolic. ”

A second staffer struck a more measured tone, saying that because is so big and makes so much money, it was always going to attract the Ellisons. The context of that comment underscores staff unease about new ownership and leadership priorities.

What Paramount would gain and advocacy warnings about editorial risks

Paramount’s victory would add not just but also Warner’s HBO network to its portfolio. HBO’s programming roster includes hit shows such as Succession and Game of Thrones and is noted for award-winning documentaries. That mix of news and premium entertainment is central to why the transaction has drawn intense attention from employees and advocates alike.

Seth Stern, chief of advocacy at the Freedom of the Press Foundation, warned that David Ellison would “readily throw the first amendment, ’s reporters and HBO’s film-makers under the bus if they stand in the way of expanding his corporate empire and fattening his pockets. ” Stern added that “censorship is bad for business” and that selling companies that depend on the first amendment to a censorial White House puppet is not only morally wrong but harmful to their bottom line.

Executives’ responses: Zaslav, Thompson and a planned town hall

WBD chief executive David Zaslav struck a positive tone, saying the merger “will create tremendous value for our shareholders. ” WBD is scheduled to hold a global town hall for employees late on Friday morning to address the news and next steps.

In a Thursday evening memo to employees, chief executive Mark Thompson urged staff not to jump to conclusions about what the acquisition would mean for the network, even as internal concern continues to mount. The withdrawal of Netflix and Paramount’s emergence have already become a central thread in discussions about netflix stock and the future shape of the combined companies.