Paramount Wins $110bn Deal for Warner Bros Discovery as Netflix Walks Away and Newsrooms Brace
Paramount has struck a deal to acquire Warner Bros Discovery after Netflix withdrew from the bidding, a shift that immediately raised regulatory alarms and left staff at and CBS News fearing large-scale disruption. The takeover follows a heated bidding war, high-profile political intervention and concerns about the future of major news and entertainment brands now joining a single owner.
Paramount Skydance's $110bn offer and the bidding war
Paramount Skydance reached an agreement to buy Warner Bros Discovery for $110bn, after Netflix declined to match Paramount's most recent $31-per-share offer. Netflix had previously offered $27. 75 per share and its board had accepted an $82. 7bn proposal in December; that earlier Netflix figure is alternatively described in coverage as about $83bn. At one point the competing offer from Paramount Skydance was cited at $111bn. Netflix said it walked away because "the deal is no longer financially attractive, " a decision that ended its pursuit and allowed Paramount to emerge as the winning bidder.
Netflix withdrawal, White House meetings and political pressure
Netflix chief Ted Sarandos visited the White House and met Department of Justice officials and Attorney General Pam Bondi; that meeting had been arranged several weeks earlier. The company had faced a fraught political environment, with many in the administration and the wider Maga sphere opposing a larger Netflix. The president posted on Truth Social that Netflix needed to fire board member Susan Rice "IMMEDIATELY or pay the consequences, " a post spurred by a message from activist Laura Loomer accusing Rice of being "anti American. " Senator Ted Cruz amplified Loomer's line, asking whether Netflix would "stand by their board member threatening punishment and persecution for half of America that dares to disagree with her. " chief media analyst Brian Stelter had been among those expecting the Department of Justice to block the Netflix bid, and Netflix executives had previously defended the company before an antitrust committee in February against a Republican lawmaker's claim that the business was "overwhelmingly woke. "
CBS News and staffers fear 'disaster' under new ownership
Employees at both CBS News and reacted with alarm when Paramount Skydance emerged as the buyer, since the deal would place the two top-tier news operations under the same corporate roof. Staffers expressed fears of a merger of the networks and the potential for significant job cuts as duplicative services are pared back. Multiple CBS News staffers publicly resorted to profanity on learning the outcome, and one CBS producer said their department expected to be axed if the two operations were combined.
employees voiced concern about Paramount's pro-Trump associations and the possibility of ideologically driven programming changes. Particular anxiety focused on Bari Weiss, the conservative commentator turned media entrepreneur who was appointed CBS News editor-in-chief last October after a path that, employees say, was paved by concessions David Ellison and his Skydance Media made to gain the support of Trump-picked regulators. Some staffers warned that if Weiss were to take a significant role at it could alter the network's editorial direction; one producer called a Paramount–WBD merger "a disaster" for the networks and said it would imperil the global network Ted Turner founded in 1980.
Assets at stake: HBO, Succession, Harry Potter and more
The deal would fold a vast library into the combined company. Paramount's existing catalog, including Top Gun, The Godfather and the Paramount+ streaming service, would be joined by Warner properties such as HBO and its hit shows including Succession and Game of Thrones, along with film franchises like Harry Potter, Superman and Barbie. Employees and advocates warned that bringing HBO's documentary teams and 's reporters under a single owner with explicit political ties carries risks for editorial independence; Seth Stern of the Freedom of the Press Foundation cautioned that owners who prioritize expansion over editorial freedom can undermine both moral and commercial interests.
Regulatory review, shareholder approval and corporate responses
Regulators in California are preparing a vigorous review of the transaction, and both Democrat and Republican politicians have voiced worries that a deal to acquire Warner Bros Discovery could lead to higher prices and fewer choices for consumers. The acquisition still requires approval from Warner Bros Discovery shareholders and government regulators. WBD chief executive David Zaslav said the merger "will create tremendous value for our shareholders, " and the company scheduled a global town hall for employees late on Friday morning. chief executive Mark Thompson sent a Thursday-evening memo urging staff not to jump to conclusions about what the acquisition would mean for the network.
What makes this notable is the rare alignment between parts of Hollywood and the Maga sphere that helped reshape the competitive field: political opposition to Netflix's expansion, regulatory pressure and high-stakes shareholder decisions combined to open the door for a fossil-era studio consolidation. The outcome promises to reorder both major film franchises and legacy newsrooms, while ensuring that regulators and employees will be central actors in the next phase of approvals and integration.
