Netflix has dropped its bid to buy Warner Bros Discovery, clearing the path for Paramount Skydance to take over the historic studio. Warner Bros’ board decided that a revised offer from Paramount was better than the deal they had with Netflix.
Netflix originally intended to purchase both the studio and streaming services of Warner Bros, but they weren’t willing to increase their offer when Paramount raised the price. Netflix’s co-CEOs, Ted Sarandos and Greg Peters, stated that they were committed to making financially sound decisions.
They explained that matching Paramount’s latest offer would no longer make the deal worthwhile. While they believed they could have successfully managed Warner Bros’ well-known brands, they ultimately decided the purchase wasn’t essential, and they weren’t willing to overpay for it.
Now that Netflix has withdrawn, David Ellison’s Paramount Skydance is the only company left trying to buy Warner Bros. in a deal worth around $110 billion. This deal is different from Netflix’s previous offer because Paramount intends to purchase the entire company, including its cable channels and CNN.
Ellison said he was happy with the board’s decision, emphasizing that his company’s offer is the most valuable, certain, and fastest to complete. The possibility of Paramount owning Warner Bros. and CNN has sparked concerns about CNN’s future, especially since former President Trump has frequently criticized the network and suggested it might be sold during a merger.
According to reports in The Guardian, Larry Ellison, David’s father and a key financial supporter of the deal, has reportedly discussed potential changes to CNN’s programming and staff with White House officials. CNN employees are understandably anxious about the near-certain merger.
CEO Mark Thompson reportedly sent an email to staff advising them not to speculate about the future until more information is available. The merger would place CNN under the same ownership as CBS News, which has already experienced leadership changes and layoffs following the Skydance-Paramount merger last year.
Despite the recent changes at Warner Bros Discovery, the company is still focused on creating exciting new content. A new Harry Potter TV series is planned for HBO, and it’s designed to be a more accurate adaptation of the books, potentially running for ten years.
Paramount is also prioritizing its popular franchises. The studio recently had a hit with Gladiator II and is currently filming a third Top Gun movie with Tom Cruise. They’re also building on the success of Yellowstone by developing additional spin-off shows.
With everyone in the entertainment industry keeping a close eye on this merger, people are asking if it signals a trend of companies joining together in Hollywood. Combining HBO, Paramount+, CNN, and CBS would create an incredibly powerful media company, something the industry hasn’t witnessed before.
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2026-02-27 12:44