Paramount now owns Warner Bros, HBO, CBS, and CNN, and Netflix is out

In a significant move, media conglomerate Paramount has successfully acquired Warner Bros. Discovery, effectively merging the parent company Skydance into a new media giant. The deal, which values Skydance at nearly $11 billion, now includes Paramount+, HBO Max, and Discovery+ streaming services under its umbrella. This acquisition, reported after a year-long bid from Netflix, is part of an ongoing trend of media consolidation.

The deal, which totals around $111 billion, includes additional debt for Skydance, which is expected to total over $80 billion. Key properties under the new entity's control include Harry Potter, SpongeBob SquarePants, Top Gun, Star Trek, Game of Thrones, and The Wire. The deal also see-sawed with the involvement of three Gulf nations - Saudi Arabia, Qatar, and the United Arab Emirates - as key backers.

Paramount Skydance's $31 per share offer for Warner Bros. ultimately succeeded over Netflix's $82.7 billion bid, which was rejected due to Netflix's more reliable financing. The deal is currently under scrutiny by Hollywood figures and 12 US states, who have either signed an open letter opposing the acquisition or filed suit to block it. Paramount has promised to release at least 30 films a year, each with a minimum 45-day theatrical window, as part of the settlement.

The merger has raised concerns about potential job losses, reduced consumer choice, and increased prices. Additionally, there are concerns regarding the future of CBS and CNN, given the Trump administration's ties to Paramount co-CEO David Ellison. The Trump administration has criticized CNN, recently restricting its access to the White House, and President Trump and Defense Secretary Pete Hegseth have both praised the deal.