Netflix isn’t buying Warner Bros: all of the latest updates | The Verge

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Netflix isn’t buying Warner Bros: all of the latest updates

Just months after Netflix struck a deal to acquire the Warner Bros. studio, HBO, HBO Max, and Warner Games, the streaming giant has backed out of the arrangement, declining to raise its offer beyond Paramount’s “best and final” bid.

It’s just the latest twist in the acquisition saga, which started with a bidding war that reportedly also involved Apple, Amazon, and Comcast. Once Netflix and Warner Bros. came to an agreement on December 5th, Paramount tried to force its way into the deal, announcing a hostile bid worth $108.4 billion in cash. Unlike Netflix’s deal, Paramount’s includes an acquisition of all of Warner Bros. Discovery, including its cable networks.

But after several rejections, Paramount persistently upped its bid. It eventually came back with an all-cash offer at

31 per share and promised to cover the

7 billion regulatory termination fee if its deal with WBD doesn’t close, along with the $2.87 billion termination fee it must pay Netflix for abandoning its deal. Warner Bros. Discovery determined that the deal is “superior,” leading Netflix to walk away, saying it’s “no longer financially attractive.”

There are already questions about where the deal will go from here, and concerns from regulators about the proposed acquisition. You can follow along below for all of the latest updates as they come in.

Netflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offer

Larry Ellison’s big dumb gift to his large adult son

Paramount launches a hostile $108 billion bid to snatch Warner from Netflix

Warner Bros. mergers never work, but they’re trying again anyway

Feb 26 Emma Roth Netflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offer Image: The Verge Netflix has dropped its $83 billion deal to acquire the Warner Bros. studio, HBO, and its streaming service HBO Max. In an announcement on Thursday, co-CEOs Ted Sarandos and Greg Peters say the streamer is “declining to match” the new bid made by Paramount: Though WBD agreed to its deal with Netflix last December, the David Ellison-led Paramount came back with a hostile bid to take over the entire company — not just parts of it. After a barrage of bids and even a lawsuit, WBD eventually gave Paramount one last chance to present its “best and final offer.”Read Article >

Netflix walks away from its deal to buy Warner Bros. after Paramount came back with a better offer

Netflix has dropped its $83 billion deal to acquire the Warner Bros. studio, HBO, and its streaming service HBO Max. In an announcement on Thursday, co-CEOs Ted Sarandos and Greg Peters say the streamer is “declining to match” the new bid made by Paramount:

Though WBD agreed to its deal with Netflix last December, the David Ellison-led Paramount came back with a hostile bid to take over the entire company — not just parts of it. After a barrage of bids and even a lawsuit, WBD eventually gave Paramount one last chance to present its “best and final offer.”

Feb 26 Richard Lawler Warner Bros. says Paramount’s latest offer is superior to its current deal with Netflix. A four-day clock for Netflix to respond just started, but here are the details of the offer that include a starting price of

31 per share and other assurances, like:“…a

7 billion regulatory termination fee payable by PSKY in the event the transaction does not close due to regulatory matters, payment by PSKY of the $2.8 billion termination fee that WBD would be required to pay to Netflix to terminate the existing Netflix merger agreement, an obligation of Larry J. Ellison and an associated trust to contribute additional equity funding”

A four-day clock for Netflix to respond just started, but here are the details of the offer that include a starting price of $31 per share and other assurances, like:

“…a

7 billion regulatory termination fee payable by PSKY in the event the transaction does not close due to regulatory matters, payment by PSKY of the

2.8 billion termination fee that WBD would be required to pay to Netflix to terminate the existing Netflix merger agreement, an obligation of Larry J. Ellison and an associated trust to contribute additional equity funding”

“…a

7 billion regulatory termination fee payable by PSKY in the event the transaction does not close due to regulatory matters, payment by PSKY of the

Feb 25 Lauren Feiner Paramount CEO David Ellison is Sen. Lindsey Graham’s guest at the State of the Union. The South Carolina Republican said he’s bringing along Ellison, son of Trump ally and billionaire Larry Ellison, as his guest to the address. Paramount is in the midst of its persistent attempt to buy Warner Bros. Discovery over Netflix — a deal Trump said he’d be involved in before backtracking. Sen. Lindsey Graham X Post[X (formerly Twitter)]

The South Carolina Republican said he’s bringing along Ellison, son of Trump ally and billionaire Larry Ellison, as his guest to the address. Paramount is in the midst of its persistent attempt to buy Warner Bros. Discovery over Netflix — a deal Trump said he’d be involved in before backtracking.

Feb 24 Richard Lawler Warner Bros. says Paramount Skydance’s new bid might become better than Netflix’s. Warner Bros. Discovery is telling shareholders it’s “continuing to engage” with Paramount after receiving its latest offer yesterday. The new bid offers

31 per share, “a daily ticking fee equal to

0.25 per quarter beginning after September 30, 2026,” plus

7 billion from Paramount if regulators block the deal, and

2.8 billion to pay Netflix’s termination fee, among other details. If the board likes this bid better, it says Netflix will have four days to respond.

Warner Bros. Discovery is telling shareholders it’s “continuing to engage” with Paramount after receiving its latest offer yesterday.

The new bid offers

31 per share, “a daily ticking fee equal to

0.25 per quarter beginning after September 30, 2026,” plus

7 billion from Paramount if regulators block the deal, and

2.8 billion to pay Netflix’s termination fee, among other details. If the board likes this bid better, it says Netflix will have four days to respond.

Feb 23 Richard Lawler Ted Sarandos: “This is a business deal, it’s not a political deal.”The Netflix boss is apparently not too worried about Trump’s meddling in his company’s attempt to purchase Warner Bros. He told BBC Today that Netflix’s offer left Hollywood with five major studios instead of four, and Trump, “likes to do a lot of things on social media.”However, on Monday afternoon, Bloomberg reported Paramount Skydance has submitted another competing offer, improving on its previous $30 per share bid. Netflix boss defends Warner Bros bid ahead of Paramount deadline[BBC]

The Netflix boss is apparently not too worried about Trump’s meddling in his company’s attempt to purchase Warner Bros. He told BBC Today that Netflix’s offer left Hollywood with five major studios instead of four, and Trump, “likes to do a lot of things on social media.”

However, on Monday afternoon, Bloomberg reported Paramount Skydance has submitted another competing offer, improving on its previous $30 per share bid.

Feb 22 Terrence O'Brien DOJ reportedly begins antitrust investigation into Netflix’s merger with Warner Bros. Bloomberg and Deadline are both reporting that the DOJ has officially begun looking into whether the combination of Netflix and Warner would create a monopoly and hurt competition. Netflix, Warner Bros., and the DOJ have not publicly confirmed the investigation, but Deadline obtained a copy of the Civil Investigative Demand, which reads:“This civil investigative demand is issued pursuant to the Antitrust Civil Process Act …in the course of an antitrust investigation to determine whether there is, has been, or may be a violation of the antitrust laws by conduct, activities, or proposed action of the following nature: the proposed acquisition of Warner Bros. Discovery, Inc. by Netflix Inc, that may substantially lessen competition, or tend to create a monopoly in violation of Section 7 of the Clayton Act, or Section 2 of the Sherman Act.”

Bloomberg and Deadline are both reporting that the DOJ has officially begun looking into whether the combination of Netflix and Warner would create a monopoly and hurt competition. Netflix, Warner Bros., and the DOJ have not publicly confirmed the investigation, but Deadline obtained a copy of the Civil Investigative Demand, which reads:

“This civil investigative demand is issued pursuant to the Antitrust Civil Process Act …in the course of an antitrust investigation to determine whether there is, has been, or may be a violation of the antitrust laws by conduct, activities, or proposed action of the following nature: the proposed acquisition of Warner Bros. Discovery, Inc. by Netflix Inc, that may substantially lessen competition, or tend to create a monopoly in violation of Section 7 of the Clayton Act, or Section 2 of the Sherman Act.”

Feb 22 Terrence O'Brien Trump says Netflix will ‘pay the consequences’ if it doesn’t fire Susan Rice Former Ambassador to the UN Susan Rice at the State Department on September 26, 2023. Photo: Alex Wong / Getty Images Donald Trump threatened that there would be “consequences” for Netflix if it didn’t fire board member Susan Rice. Rice served in both the Obama and Biden administrations, and recently appeared on Preet Bharara’s podcast, where she said corporations that “take a knee to Trump” are going to be “caught with more than their pants down. They are going to be held accountable.”Right-wing influencer and conspiracy theorist Laura Loomer was quick to jump on the appearance and accused Rice of “threatening half the country with weaponized government and political retribution.” She also pointed out that Netflix, whose board Rice is on, is trying to merge with Warner Bros. Read Article >

Trump says Netflix will ‘pay the consequences’ if it doesn’t fire Susan Rice

Former Ambassador to the UN Susan Rice at the State Department on September 26, 2023.

Donald Trump threatened that there would be “consequences” for Netflix if it didn’t fire board member Susan Rice. Rice served in both the Obama and Biden administrations, and recently appeared on Preet Bharara’s podcast, where she said corporations that “take a knee to Trump” are going to be “caught with more than their pants down. They are going to be held accountable.”

Right-wing influencer and conspiracy theorist Laura Loomer was quick to jump on the appearance and accused Rice of “threatening half the country with weaponized government and political retribution.” She also pointed out that Netflix, whose board Rice is on, is trying to merge with Warner Bros.

Feb 17 Emma Roth Warner Bros. Discovery gives Paramount one week to present its ‘best and final’ offer Image: The Verge After rejecting Paramount’s latest acquisition bid, Warner Bros. Discovery says it’s giving the David Ellison-led entertainment giant seven days to make its “best and final” proposal. Though WBD is reopening negotiations with Paramount, the company makes it clear in a press release that it still favors Netflix’s

82.7 billion deal to purchase its studio and streaming service. As noted in the press release, a Paramount representative told WBD that it would agree to pay

31 per share if WBD reopens negotiations, adding that this isn’t Paramount’s “best and final proposal.” Paramount has been upping its bid to purchase the entirety of WBD for weeks now, offering to cover the $2.8 billion termination fee WBD would have to pay if it abandons its deal with Netflix. Read Article >

Warner Bros. Discovery gives Paramount one week to present its ‘best and final’ offer

After rejecting Paramount’s latest acquisition bid, Warner Bros. Discovery says it’s giving the David Ellison-led entertainment giant seven days to make its “best and final” proposal. Though WBD is reopening negotiations with Paramount, the company makes it clear in a press release that it still favors Netflix’s $82.7 billion deal to purchase its studio and streaming service.

As noted in the press release, a Paramount representative told WBD that it would agree to pay

31 per share if WBD reopens negotiations, adding that this isn’t Paramount’s “best and final proposal.” Paramount has been upping its bid to purchase the entirety of WBD for weeks now, offering to cover the

2.8 billion termination fee WBD would have to pay if it abandons its deal with Netflix.

Feb 10 Emma Roth Paramount ups its offer for Warner Bros. Discovery, again. Now, Paramount is offering to cover the

2.8 billion termination fee that Warner Bros. Discovery would owe Netflix for abandoning the

82.7 billion merger agreement. It’s also tossing in a $0.25 per share “ticking fee” that it would pay shareholders for every quarter its deal hasn’t closed beyond December 31st, 2026. David Ellison Adds New Sweeteners In Hostile Paramount Megadeal Bid For Warner Bros.[The Hollywood Reporter]

Now, Paramount is offering to cover the

2.8 billion termination fee that Warner Bros. Discovery would owe Netflix for abandoning the

82.7 billion merger agreement. It’s also tossing in a $0.25 per share “ticking fee” that it would pay shareholders for every quarter its deal hasn’t closed beyond December 31st, 2026.

Feb 5 Emma Roth Republicans attack ‘woke’ Netflix — and ignore You Tube Photo by Kevin Dietsch/Getty Images When Netflix co-CEO Ted Sarandos entered the Senate office building on Tuesday, he got thrown a curveball. What started as a standard antitrust hearing relating to the Warner Bros. merger quickly devolved into a performative Republican attack about the spread of “woke” ideology on the streaming service. At the same time, arguably a much more influential platform was completely ignored: You Tube. After grilling Sarandos about residual payments, Sen. Josh Hawley (R-MO) launched into a completely different line of questioning: “Why is it that so much of Netflix content for children promotes a transgender ideology?” Hawley asked, making an unsubstantiated claim that “almost half” of the platform’s children’s content contains so-called “transgender ideology.” The statement harkened to a pressure campaign launched by Elon Musk months ago in which he called on X users to unsubscribe from Netflix for having a “transgender woke agenda,” citing its few shows with trans characters — shows that were canceled years ago. Read Article >

Republicans attack ‘woke’ Netflix — and ignore You Tube

When Netflix co-CEO Ted Sarandos entered the Senate office building on Tuesday, he got thrown a curveball. What started as a standard antitrust hearing relating to the Warner Bros. merger quickly devolved into a performative Republican attack about the spread of “woke” ideology on the streaming service. At the same time, arguably a much more influential platform was completely ignored: You Tube.

After grilling Sarandos about residual payments, Sen. Josh Hawley (R-MO) launched into a completely different line of questioning: “Why is it that so much of Netflix content for children promotes a transgender ideology?” Hawley asked, making an unsubstantiated claim that “almost half” of the platform’s children’s content contains so-called “transgender ideology.” The statement harkened to a pressure campaign launched by Elon Musk months ago in which he called on X users to unsubscribe from Netflix for having a “transgender woke agenda,” citing its few shows with trans characters — shows that were canceled years ago.

Feb 4 Lauren Feiner Republicans haul Netflix before Congress for being too ‘woke’Netflix Co-CEO Ted Sarandos (L) and Warner Bros. Discovery Chief Revenue and Strategy Officer Bruce Campbell testify before the Senate Judiciary Committee Subcommittee on Antitrust, Competition Policy, and Consumer Rights Getty Images Netflix CEO Ted Sarandos was launched into the middle of a congressional culture war on Tuesday as he testified before a Senate subcommittee about the company’s attempt to buy a large part of Warner Bros Discovery. The hearing before the Senate Judiciary antitrust subcommittee highlighted an array of traditional merger concerns on both sides of the aisle: that the deal could potentially raise costs for consumers, limit their theater experiences, or shrink the market for entertainment jobs. But a large chunk of the session also focused on Netflix’s allegedly “woke” programming, including content that features transgender characters. Read Article >

Republicans haul Netflix before Congress for being too ‘woke’

Netflix Co-CEO Ted Sarandos (L) and Warner Bros. Discovery Chief Revenue and Strategy Officer Bruce Campbell testify before the Senate Judiciary Committee Subcommittee on Antitrust, Competition Policy, and Consumer Rights

Netflix CEO Ted Sarandos was launched into the middle of a congressional culture war on Tuesday as he testified before a Senate subcommittee about the company’s attempt to buy a large part of Warner Bros Discovery.

The hearing before the Senate Judiciary antitrust subcommittee highlighted an array of traditional merger concerns on both sides of the aisle: that the deal could potentially raise costs for consumers, limit their theater experiences, or shrink the market for entertainment jobs. But a large chunk of the session also focused on Netflix’s allegedly “woke” programming, including content that features transgender characters.

What Netflix’s Warner Bros. deal could mean for TVs and remotes

If you’re in the market for a new TV, you’ll have plenty of different options these days, ranging from display technologies (OLED vs. QLED vs. micro RGB) to styles (shiny home theater displays vs. matte art TVs) to operating systems (Roku vs. Google TV vs. Tizen vs. Fire TV).

Jan 29 Nilay Patel Netflix is eating Hollywood — because it has to On today’s episode of Decoder, I’m talking about the bidding war over Warner Bros. Discovery, which is the biggest story in the entertainment industry right now, and for good reason. It has pretty much everything you could want in a buzzy Hollywood saga — big names, big money, and big drama. Right now, the winning bidder is Netflix. The streaming juggernaut won the bid for Warner Bros., offering $83 billion dollars for the movie studios, but not the cable channels, to keep its content machine humming for more than 325 million subscribers. Read Article >

On today’s episode of Decoder, I’m talking about the bidding war over Warner Bros. Discovery, which is the biggest story in the entertainment industry right now, and for good reason. It has pretty much everything you could want in a buzzy Hollywood saga — big names, big money, and big drama.

Right now, the winning bidder is Netflix. The streaming juggernaut won the bid for Warner Bros., offering $83 billion dollars for the movie studios, but not the cable channels, to keep its content machine humming for more than 325 million subscribers.

Jan 20 Jess Weatherbed Netflix revises Warner Bros. bid to an all-cash offer Image: The Verge Netflix has updated the acquisition terms for its Warner Bros. Discovery offer to an all-cash deal, replacing its initial

82.7 billion cash and stock agreement. The changes are designed to expedite the sale of WBD studios and streaming businesses, following repeated attempts by rival bidder Paramount to pressure shareholders into accepting its own

108 billion all-cash offer.“The WBD Board continues to support and unanimously recommend our transaction, and we are confident that it will deliver the best outcome for stockholders, consumers, creators, and the broader entertainment community,” said Ted Sarandos, co-CEO of Netflix. “Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty at $27.75 per share in cash, plus the value from the planned separation of Discovery Global.”Read Article >

Netflix revises Warner Bros. bid to an all-cash offer

Netflix has updated the acquisition terms for its Warner Bros. Discovery offer to an all-cash deal, replacing its initial

82.7 billion cash and stock agreement. The changes are designed to expedite the sale of WBD studios and streaming businesses, following repeated attempts by rival bidder Paramount to pressure shareholders into accepting its own

108 billion all-cash offer.

“The WBD Board continues to support and unanimously recommend our transaction, and we are confident that it will deliver the best outcome for stockholders, consumers, creators, and the broader entertainment community,” said Ted Sarandos, co-CEO of Netflix. “Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty at $27.75 per share in cash, plus the value from the planned separation of Discovery Global.”

Jan 13 Emma Roth Netflix is reportedly considering an all-cash offer for Warner Bros. As reported by Bloomberg, the revised deal would replace Netflix’s existing agreement to acquire WBD’s studio and streaming business in a cash and stock transaction. The rumored change comes as Paramount continues to press WBD to accept its “superior” $108 billion all-cash deal for the entire company. Netflix Weighs Amending Warner Bros. Bid to Make It All Cash[Bloomberg]

As reported by Bloomberg, the revised deal would replace Netflix’s existing agreement to acquire WBD’s studio and streaming business in a cash and stock transaction. The rumored change comes as Paramount continues to press WBD to accept its “superior” $108 billion all-cash deal for the entire company.

Jan 12 Emma Roth Paramount sues after Warner Bros. Discovery rejects its latest deal Illustration by Alex Castro / The Verge Paramount is turning up the pressure on Warner Bros. Discovery in the wake of its merger with Netflix, as it’s now suing the David Zaslav-helmed company in an attempt to get more details surrounding the agreement. In addition to the lawsuit, Paramount CEO David Ellison revealed that the company plans to nominate directors to WBD’s board to vote against its deal with Netflix. After fielding offers from a range of companies, including Paramount, WBD settled on a deal with Netflix, which will acquire the company’s studio, HBO, and HBO Max for

82.7 billion. But Paramount isn’t taking no for an answer; the company launched a

108.4 billion hostile takeover bid to purchase all of WBD in December. WBD later rejected this deal, along with Paramount’s amended offer. Read Article >

Paramount sues after Warner Bros. Discovery rejects its latest deal

Paramount is turning up the pressure on Warner Bros. Discovery in the wake of its merger with Netflix, as it’s now suing the David Zaslav-helmed company in an attempt to get more details surrounding the agreement. In addition to the lawsuit, Paramount CEO David Ellison revealed that the company plans to nominate directors to WBD’s board to vote against its deal with Netflix.

After fielding offers from a range of companies, including Paramount, WBD settled on a deal with Netflix, which will acquire the company’s studio, HBO, and HBO Max for

82.7 billion. But Paramount isn’t taking no for an answer; the company launched a

108.4 billion hostile takeover bid to purchase all of WBD in December. WBD later rejected this deal, along with Paramount’s amended offer.

Jan 7 Stevie Bonifield Warner Bros. Discovery has rejected yet another Paramount bid. The WBD board of directors said on Wednesday that Paramount’s amended bid from last month “remains inferior” to Netflix’s offer, adding that Paramount “continues to provide insufficient value.”Apparently, even a personal guarantee from Larry Ellison wasn’t enough to top Netflix’s bid, which Netflix doubled down on today. WARNER BROS. DISCOVERY BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS SHAREHOLDERS REJECT AMENDED PARAMOUNT TENDER OFFER[PR NEWSWIRE]

The WBD board of directors said on Wednesday that Paramount’s amended bid from last month “remains inferior” to Netflix’s offer, adding that Paramount “continues to provide insufficient value.”

Apparently, even a personal guarantee from Larry Ellison wasn’t enough to top Netflix’s bid, which Netflix doubled down on today.

Dec 23, 2025 Jay Peters WBD has received Paramount’s amended offer. The new offer has a personal guarantee from Larry Ellison. WBD says it will now review it. Warner Bros. Discovery Confirms Receipt of Amended, Unsolicited Tender Offer from Paramount Skydance[PR Newswire]

The new offer has a personal guarantee from Larry Ellison. WBD says it will now review it.

Dec 22, 2025 Elizabeth Lopatto An update: Larry Ellison will guarantee his big boy’s offer. Last week, we talked about how Warner Bros. — quite reasonably! — had some agita about David Ellison’s bid for the company. Well, what do you know, David’s daddy is going to personally guarantee the offer. Also, since the last time we talked, Jared Kushner backed out of the nepo baby bid. Larry Ellison Personally Guarantees Paramount Bid for Warner Brothers[nytimes.com]

Last week, we talked about how Warner Bros. — quite reasonably! — had some agita about David Ellison’s bid for the company. Well, what do you know, David’s daddy is going to personally guarantee the offer. Also, since the last time we talked, Jared Kushner backed out of the nepo baby bid.

Dec 17, 2025 Jay Peters Netflix is “100% committed” to releasing WB films in theaters. Netflix’s co-CEOs, in a letter to WBD stockholders: There’s been a lot of talk about theatrical distribution, so we want to set the record straight: we are 100% committed to releasing Warner Bros. films in theaters with industry-standard windows. While this hasn’t been part of our business model until now, we are looking forward to bringing this expertise from Warner Bros. to Netflix. WBD is urging shareholders to reject Paramount’s latest offer.

Netflix’s co-CEOs, in a letter to WBD stockholders:

There’s been a lot of talk about theatrical distribution, so we want to set the record straight: we are 100% committed to releasing Warner Bros. films in theaters with industry-standard windows. While this hasn’t been part of our business model until now, we are looking forward to bringing this expertise from Warner Bros. to Netflix.

WBD is urging shareholders to reject Paramount’s latest offer.

Dec 17, 2025 Charles Pulliam-Moore Warner Bros. Discovery wants its shareholders to reject Paramount’s latest offer Image: The Verge Though Paramount Skydance was trying to buy Warner Bros. Discovery for much more money than Netflix is offering, David Zaslav and the rest of WBD’s board are urging their shareholders to give Oracle scion David Ellison the cold shoulder. Today, WBD’s board announced that it has unanimously decided that its shareholders would be much better off rejecting Paramount Skydance and accepting Netflix’s bid to buy the company’s studio production and streaming arms. The news comes weeks after WBD first said that it was ready to take Netflix up on its

82.7 billion acquisition offer, and days after Paramount tried to keep the bidding war going by upping its offer to

108 billion Read Article >

Warner Bros. Discovery wants its shareholders to reject Paramount’s latest offer

Though Paramount Skydance was trying to buy Warner Bros. Discovery for much more money than Netflix is offering, David Zaslav and the rest of WBD’s board are urging their shareholders to give Oracle scion David Ellison the cold shoulder.

Today, WBD’s board announced that it has unanimously decided that its shareholders would be much better off rejecting Paramount Skydance and accepting Netflix’s bid to buy the company’s studio production and streaming arms. The news comes weeks after WBD first said that it was ready to take Netflix up on its

82.7 billion acquisition offer, and days after Paramount tried to keep the bidding war going by upping its offer to

108 billion

Dec 17, 2025 Dominic Preston Even Jared Kushner thinks the Paramount WB bid sucks. He’s withdrawn financial backing from the bid, which may leave it floundering, and the Warner Bros. board has recommended shareholders reject the hostile offer. It looks like everyone involved is beginning to realize what The Verge’s own Liz Lopatto pointed out yesterday: “What Paramount is doing doesn’t make any fucking sense.”Update: The Warner Bros. board has recommended rejecting the Paramount bid. Kushner’s Affinity Withdraws From Warner Bros. Takeover[Bloomberg]

He’s withdrawn financial backing from the bid, which may leave it floundering, and the Warner Bros. board has recommended shareholders reject the hostile offer. It looks like everyone involved is beginning to realize what The Verge’s own Liz Lopatto pointed out yesterday: “What Paramount is doing doesn’t make any fucking sense.”

Update: The Warner Bros. board has recommended rejecting the Paramount bid.

Dec 16, 2025 Elizabeth Lopatto Larry Ellison’s big dumb gift to his large adult son Larry Ellison, co-founder and executive chairman of Oracle Corp., during an executive order signing ceremony in the Oval Office of the White House in Washington, DC, US, on Monday, Feb. 3, 2025. Bloomberg via Getty Images Media is a business about dreams, and Larry Ellison’s son is dreaming big. This might explain why the case for Paramount Skydance to buy Warner Bros. Discovery is so incoherent. In October, Warner Bros. put itself up for sale, leading to a number of bids. The two we are concerned with are a bid from Netflix and another from two nepo babies: David Ellison and Jared Kushner. David Ellison is the head of Paramount, but most famous for being Larry’s son. Jared Kushner is most famous for being Donald Trump’s son-in-law, though he also got his start in business by taking over his felon father’s firm when Charles was in prison; his firm is involved in the financing. Read Article >

Larry Ellison’s big dumb gift to his large adult son

Larry Ellison, co-founder and executive chairman of Oracle Corp., during an executive order signing ceremony in the Oval Office of the White House in Washington, DC, US, on Monday, Feb. 3, 2025.

Media is a business about dreams, and Larry Ellison’s son is dreaming big. This might explain why the case for Paramount Skydance to buy Warner Bros. Discovery is so incoherent.

In October, Warner Bros. put itself up for sale, leading to a number of bids. The two we are concerned with are a bid from Netflix and another from two nepo babies: David Ellison and Jared Kushner. David Ellison is the head of Paramount, but most famous for being Larry’s son. Jared Kushner is most famous for being Donald Trump’s son-in-law, though he also got his start in business by taking over his felon father’s firm when Charles was in prison; his firm is involved in the financing.

As Ted Sarandos and David Ellison play out a public spat over whose turn it is to play with Warner Bros., while trying to impress Trump and the regulators along the way, just remember that the real winners at the end will be HBO Max subscribers.

It’s really fun how we all get to sit around and watch these idiots toss gold bars back and forth across Trump’s desk while waiting to see if an HBO Max subscription will be

80 or

100 a month this time next year.

It’s really fun how we all get to sit around and watch these idiots toss gold bars back and forth across Trump’s desk while waiting to see if an HBO Max subscription will be

80 or

100 a month this time next year.

Dec 8, 2025 Emma Roth David Ellison pitches Paramount’s $108 billion hostile bid for WBD as “pro consumer.”After launching a hostile bid for the entertainment giant, Paramount’s Ellison told CNBC that Netflix’s deal to buy part of WBD would create a company with “unprecedented market power:”When you combine the number one streamer with the number three streamer, that creates a company that has unprecedented market power, north of 400 million subscribers. The next largest competitor is Disney, with just under 200 million. That’s bad for Hollywood, that’s bad for the creative community, that’s bad for consumers.

After launching a hostile bid for the entertainment giant, Paramount’s Ellison told CNBC that Netflix’s deal to buy part of WBD would create a company with “unprecedented market power:”

When you combine the number one streamer with the number three streamer, that creates a company that has unprecedented market power, north of 400 million subscribers. The next largest competitor is Disney, with just under 200 million. That’s bad for Hollywood, that’s bad for the creative community, that’s bad for consumers.

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