Paramount, run by David Ellison, completed its acquisition of Warner Bros. Discovery on October 6, ending a bidding war that began in late 2025. The $111 billion deal covers all of WBD's assets, including HBO, CNN, its film and TV studios, streaming platforms, games, and networks such as HGTV.
Netflix initially agreed in December to buy WBD's studios and streaming business for $82.7 billion, but Paramount kept raising its bid, eventually offering $31 per share in February with a ticking fee and a promise to cover the $2.8 billion breakup fee. Netflix declined to match, saying the deal was no longer financially attractive.
The acquisition cleared regulatory and legal hurdles: the DOJ approved it in June, a federal judge paused it after 12 state attorneys general sued, and a judge approved it in late September. Paramount will assume roughly $33 billion in WBD debt, with financing from Bank of America, Citi, and Apollo, plus $45.7 billion in equity from Larry Ellison.
Concerns remain over expected job reductions, which Ellison has warned about, and over CNN's independence given Ellison's record at CBS News and his father's political ties. The TechCrunch report also notes that Trump previously pressured CBS before approving the earlier Paramount takeover, and has publicly said he wants to bring CNN to heel under new owners.