Video Ad Feedback Netflix declines to raise offer for Warner Bros. after new bid from Paramount 1:48 • Source: CNN Netflix declines to raise offer for Warner Bros. after new bid from Paramount 1:48 Latest Videos 19 videos • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-2250370073.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-2250370073.jpg?c=16x9" } }" data-vr-video="false" data-show-html="The Lead" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-26T23:47:47.526Z" data-video-section="entertainment" data-canonical-url="https://www.cnn.com/2026/02/26/entertainment/video/netflix-paramount-cbs-cnn-deal-merger-bid-war-lead-jake-tapper" data-branding-key="" data-video-slug="netflix-paramount-cbs-cnn-deal-merger-bid-war-lead-jake-tapper" data-first-publish-slug="netflix-paramount-cbs-cnn-deal-merger-bid-war-lead-jake-tapper" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Netflix declines to raise offer for Warner Bros. after new bid from Paramount 1:48 • Source: CNN Netflix declines to raise offer for Warner Bros. after new bid from Paramount 1:48 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117464-tapper-ai-brk-digvid-v1.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117464-tapper-ai-brk-digvid-v1.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Jake Tapper " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-27T04:28:57.232Z" data-video-section="business" data-canonical-url="https://www.cnn.com/2026/02/26/business/video/anthropic-rejects-latest-pentagon-offer-contract-digvid" data-branding-key="" data-video-slug="anthropic-rejects-latest-pentagon-offer-contract-digvid" data-first-publish-slug="anthropic-rejects-latest-pentagon-offer-contract-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Anthropic rejects latest Pentagon offer to change their contract 0:46 • Source: CNN Anthropic rejects latest Pentagon offer to change their contract 0:46 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/cnn-aircheck-screenshot-2-26-2026-mary-trump.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/cnn-aircheck-screenshot-2-26-2026-mary-trump.jpg?c=16x9" } }" data-vr-video="false" data-show-html="Erin Burnett Out Front" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-27T00:50:03.518Z" data-video-section="us" data-canonical-url="https://www.cnn.com/2026/02/26/us/video/ebof-mary-trump-epstein-clinton-deposition" data-branding-key="" data-video-slug="ebof-mary-trump-epstein-clinton-deposition" data-first-publish-slug="ebof-mary-trump-epstein-clinton-deposition" data-video-tags="erin burnett outfront" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback President Trump's niece on his handling of Epstein files: 'no reason' Trump's version of events is 'anything we can trust' 5:32 • Source: CNN President Trump's niece on his handling of Epstein files: 'no reason' Trump's version of events is 'anything we can trust' 5:32 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/csis-16x9.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/csis-16x9.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Aria Chen and Simone McCarthy " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-27T02:06:11.084Z" data-video-section="world" data-canonical-url="https://www.cnn.com/2026/02/26/world/video/china-military-purge-xi-jinping-csis-report-hnk-digvid" data-branding-key="" data-video-slug="china-military-purge-xi-jinping-csis-report-hnk-digvid" data-first-publish-slug="china-military-purge-xi-jinping-csis-report-hnk-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback How deep does China’s military purge go? 1:43 • Source: CNN How deep does China’s military purge go? 1:43 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/zeleny-still-22400108-299761-27400000003-still.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/zeleny-still-22400108-299761-27400000003-still.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-27T00:44:15.332Z" data-video-section="politics" data-canonical-url="https://www.cnn.com/2026/02/26/politics/video/ebof-jeff-zeleny-texas-senate-primary" data-branding-key="" data-video-slug="ebof-jeff-zeleny-texas-senate-primary" data-first-publish-slug="ebof-jeff-zeleny-texas-senate-primary" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Rising Dem star looks to expand base and flip Texas Senate seat 3:33 • Source: CNN Rising Dem star looks to expand base and flip Texas Senate seat 3:33 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-2261503905-20260217093950276.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-2261503905-20260217093950276.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-26T18:34:45.695Z" data-video-section="politics" data-canonical-url="https://www.cnn.com/2026/02/26/politics/video/hillary-clinton-epstein-deposition-digvid" data-branding-key="" data-video-slug="hillary-clinton-epstein-deposition-digvid" data-first-publish-slug="hillary-clinton-epstein-deposition-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Hillary Clinton testifies in House Epstein investigation 4:48 • Source: CNN Hillary Clinton testifies in House Epstein investigation 4:48 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22400451-1742804-834-still.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22400451-1742804-834-still.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-26T18:52:48.480Z" data-video-section="us" data-canonical-url="https://www.cnn.com/2026/02/26/us/video/immigration-buffalo-new-york-myanmar-priscilla-alvarez-live-fst-022612pseg1-cnni-us-fast" data-branding-key="" data-video-slug="immigration-buffalo-new-york-myanmar-priscilla-alvarez-live-fst-022612pseg1-cnni-us-fast" data-first-publish-slug="immigration-buffalo-new-york-myanmar-priscilla-alvarez-live-fst-022612pseg1-cnni-us-fast" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Nearly blind refugee found dead days after being dropped off at a coffee shop by CBP agents 3:25 • Source: CNN Nearly blind refugee found dead days after being dropped off at a coffee shop by CBP agents 3:25 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/22401928-clean-icepursuitmultica-00-00-06-07-still001.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/22401928-clean-icepursuitmultica-00-00-06-07-still001.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-26T16:14:11.802Z" data-video-section="us" data-canonical-url="https://www.cnn.com/2026/02/26/us/video/ice-pursuit-leads-to-multi-vehicle-crash-digvid" data-branding-key="" data-video-slug="ice-pursuit-leads-to-multi-vehicle-crash-digvid" data-first-publish-slug="ice-pursuit-leads-to-multi-vehicle-crash-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback ICE pursuit leads to multi-vehicle crash 0:56 • Source: CNN ICE pursuit leads to multi-vehicle crash 0:56 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117429-cubanfloridaboathorizontal-clean-thumb-20260226051418275.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117429-cubanfloridaboathorizontal-clean-thumb-20260226051418275.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-26T05:11:36.346Z" data-video-section="us" data-canonical-url="https://www.cnn.com/2026/02/26/us/video/cuba-us-speedboat-kill-four-hnk-digvid" data-branding-key="" data-video-slug="cuba-us-speedboat-kill-four-hnk-digvid" data-first-publish-slug="cuba-us-speedboat-kill-four-hnk-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Cuban forces kill four on Florida-registered speedboat 1:04 • Source: CNN Cuban forces kill four on Florida-registered speedboat 1:04 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/knight.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/knight.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Austin Mabeus " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-26T05:15:59.899Z" data-video-section="sport" data-canonical-url="https://www.cnn.com/2026/02/26/sport/video/team-usa-womens-hockey-hilary-knight-trump-joke-digvid" data-branding-key="" data-video-slug="team-usa-womens-hockey-hilary-knight-trump-joke-digvid" data-first-publish-slug="team-usa-womens-hockey-hilary-knight-trump-joke-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Team USA women's hockey captain calls Trump's joke 'distasteful' 1:36 • Source: CNN Team USA women's hockey captain calls Trump's joke 'distasteful' 1:36 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117404-grandfatherkidnap-clean-00-00-53-14-still001.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117404-grandfatherkidnap-clean-00-00-53-14-still001.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-25T15:49:12.645Z" data-video-section="world" data-canonical-url="https://www.cnn.com/2026/02/25/world/video/australia-baghsarian-kidnap-murder-ldn-digvid" data-branding-key="" data-video-slug="australia-baghsarian-kidnap-murder-ldn-digvid" data-first-publish-slug="australia-baghsarian-kidnap-murder-ldn-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Alleged kidnappers mistakenly abduct and kill the wrong man, police say 1:03 • Source: CNN Alleged kidnappers mistakenly abduct and kill the wrong man, police say 1:03 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117400-trumpsotuiran-digvid-1.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/117400-trumpsotuiran-digvid-1.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" By Ivan Watson " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-25T09:18:41.227Z" data-video-section="politics" data-canonical-url="https://www.cnn.com/2026/02/25/politics/video/state-of-the-union-address-donald-trump-warns-iran-nuclear-weapon-ivan-watson-hnk-digvid" data-branding-key="" data-video-slug="state-of-the-union-address-donald-trump-warns-iran-nuclear-weapon-ivan-watson-hnk-digvid" data-first-publish-slug="state-of-the-union-address-donald-trump-warns-iran-nuclear-weapon-ivan-watson-hnk-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Trump issues warning to Iran on nuclear weapons 1:00 • Source: CNN Trump issues warning to Iran on nuclear weapons 1:00 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22394952-93945-121-still.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22394952-93945-121-still.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-24T14:13:40.947Z" data-video-section="us" data-canonical-url="https://www.cnn.com/2026/02/24/us/video/nancy-guthrie-savannah-guthrie-new-video-reward-digvid" data-branding-key="" data-video-slug="nancy-guthrie-savannah-guthrie-new-video-reward-digvid" data-first-publish-slug="nancy-guthrie-savannah-guthrie-new-video-reward-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Guthrie family offers $1 million reward in new video 4:05 • Source: CNN Guthrie family offers $1 million reward in new video 4:05 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/artemis-ii-countdown-demonstration-test-nhq202512200008z.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/artemis-ii-countdown-demonstration-test-nhq202512200008z.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-24T22:12:22.198Z" data-video-section="science" data-canonical-url="https://www.cnn.com/2026/02/24/science/video/nasa-artemis-2-delay-helium-leak-digvid" data-branding-key="" data-video-slug="nasa-artemis-2-delay-helium-leak-digvid" data-first-publish-slug="nasa-artemis-2-delay-helium-leak-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback NASA's historic moon mission hits a snag 3:10 • Source: CNN NASA's historic moon mission hits a snag 3:10 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22391792-94020-still.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/still-22391792-94020-still.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-24T11:43:33.707Z" data-video-section="sport" data-canonical-url="https://www.cnn.com/2026/02/24/sport/video/usa-mens-hockey-team-controversy-locker-room-trump-call-digvid" data-branding-key="" data-video-slug="usa-mens-hockey-team-controversy-locker-room-trump-call-digvid" data-first-publish-slug="usa-mens-hockey-team-controversy-locker-room-trump-call-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback Why US men's hockey team is under fire after call with Trump 4:39 • Source: CNN Why US men's hockey team is under fire after call with Trump 4:39 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-1444263513.jpg?c=16x9" }, "small": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/gettyimages-1444263513.jpg?c=16x9" } }" data-vr-video="false" data-show-html="" data-byline-html=" " data-timestamp-html=" Updated Feb 26, 2026, 9:03 PM ET Published Feb 26, 2026, 3:07 PM ET Updated Feb 26, 2026, 9:03 PM ET PUBLISHED Feb 26, 2026, 3:07 PM ET " data-check-event-based-preview="" data-is-vertical-video-embed="false" data-network-id="" data-publish-date="2026-02-24T11:08:26.549Z" data-video-section="entertainment" data-canonical-url="https://www.cnn.com/2026/02/24/entertainment/video/robert-carradine-dies-at-71-digvid" data-branding-key="" data-video-slug="robert-carradine-dies-at-71-digvid" data-first-publish-slug="robert-carradine-dies-at-71-digvid" data-video-tags="" data-breakpoints='{"video-resource--media-extra-large": 660}' data-display-video-cover="true" data-details=""> Video Ad Feedback ‘Revenge of the Nerds’ and ‘Lizzie McGuire’ actor Robert Carradine dies at 71 0:33 • Source: CNN ‘Revenge of the Nerds’ and ‘Lizzie McGuire’ actor Robert Carradine dies at 71 0:33 • Source: CNN " data-fave-thumbnails="{"big": { "uri": "https://media.cnn.com/api/v1/images/stellar/prod/th-jake-2-23.jpg?c=16x9" }, "small": { 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Follow Paramount emerged as the victor in the months-long battle for Warner Bros. Discovery after Netflix backed out of the bidding war on Thursday, leaving Paramount poised to acquire Warner’s vast media empire, including CNN.
Netflix said it has “declined to raise its offer for Warner Bros.” after the Warner Bros. Discovery board determined that Paramount has submitted a “superior” offer for the media giant.
“The deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid,” the streamer said, suddenly ending the corporate tug-of-war.
With that announcement, Paramount suddenly moved much closer to taking over CNN, HBO, and the rest of the assets owned by Warner Bros. Discovery, or WBD for short.
The regulatory review process will still take several months at a minimum. But barring any further surprises, Paramount CEO David Ellison will assemble a sprawling entertainment and news empire with dozens of TV channels, multiple movie studios and two leading newsrooms.
WBD CEO David Zaslav wished Netflix well and extended a friendly hand toward Paramount in a statement Thursday evening.
“Once our Board votes to adopt the Paramount merger agreement, it will create tremendous value for our shareholders,” Zaslav said, alluding to the fact that WBD’s stock price more than doubled during the months-long bidding war. Paramount most recently offered $31 per share.
“We are excited about the potential of a combined Paramount Skydance and Warner Bros. Discovery,” Zaslav added, “and can’t wait to get started working together telling the stories that move the world.”
Netflix’s withdrawal — which has the effect of arguing that Paramount is overpaying for WBD — caused the company’s shares to surge 9% on the news after-hours, showing that some investors were relieved by the decision.
The change in fortunes came on the same day that Netflix co-CEO Ted Sarandos held meetings at the White House.
Sarandos was seen exiting the White House complex with a glum look on his face.
Netflix co-CEO Ted Sarandos is seen departing the White House on Thursday. Shortly thereafter, his company backed out of the bidding war for WBD, ceding the battle to Paramount. Andrew Leyden/Getty Images Democratic Sen. Elizabeth Warren, a staunch critic of both the Netflix and Paramount bids, immediately questioned whether the Sarandos discussions with Trump administration officials had something to do with Thursday’s sudden change.
“What did Trump officials tell the Netflix CEO today at the White House?” Warren asked in a post on X, saying it “looks like crony capitalism with the President corrupting the merger process in favor of the billionaire Ellison family.”
President Trump had previously indicated that he favored Paramount over Netflix, though he also sent mixed messages about the mega-merger.
Paramount CEO David Ellison, pictured here at a UFC event in Las Vegas, met with President Trump at the White House last week. Jeff Bottari/Zuffa LLC/Getty Images Trump met with David Ellison days before saying he’s ‘not involved’ in Paramount’s Netflix battle
Last weekend, Trump publicly told Netflix to remove board member Susan Rice, a former Obama advisor, or “pay the consequences” — renewing the prospect that he would put his thumb on the corporate scale.
Additionally, Trump said last December that it was “imperative that CNN be sold,” and the deal with Netflix did not entail CNN being sold; instead, it would have been spun off into a new entity with WBD’s other cable assets.
However, that corporate breakup plan may no longer be relevant. Paramount has repeatedly said that it was seeking to acquire all of WBD, including the cable assets, even though it cast doubt on the actual value of those assets.
Netflix’s decision came barely an hour after the WBD board deemed Paramount’s latest takeover offer “superior” to the existing deal for Netflix to buy Warner Bros and HBO.
Suddenly, for the first time, WBD was calling Paramount the frontrunner in a competition that Ellison started last summer by going to Zaslav with an unsolicited bid for the much bigger media company.
WBD repeatedly rebuffed Paramount’s bids and raised doubts about Paramount’s financial wherewithal. When the WBD board signed a deal with Netflix instead, Paramount launched a hostile takeover bid.
Last week, Netflix granted WBD a seven-day waiver to hold talks with Paramount while calling Paramount’s push an “ongoing distraction” for the entertainment industry.
The goal, from WBD’s perspective, was to find out Paramount’s “best and final” offer, since Paramount had previously indicated that it would go higher than its $30-per-share proposal.
Indeed, Paramount did. Ellison’s newest bid, announced Tuesday, values all of WBD, including CNN, at $31 per share.
Paramount attached several deal sweeteners that appealed to the WBD board, including a $7 billion “regulatory termination fee.” The company accepted all the key terms that WBD wanted.
