David Ellison / Paramount Skydance takeover bid for Warner Bros. Discovery / 2020s
What reads like a modern media-war playbook unfolded starting in September 2025, when David Ellison quietly prepared a bid to acquire Warner Bros. Discovery (WBD). After WBD entered a December 2025 merger agreement with Netflix, Ellison waded in with a hostile competing bid — one reportedly secured by a constellation of backers that included three Middle Eastern sovereign wealth funds, an active role by Jared Kushner, and massive personal guarantees from his father, Larry Ellison, who put up roughly $40.4 billion in equity financing. The Wall Street Journal reported that Ellison personally assured President Trump he would enact “major changes” at CNN if Paramount acquired WBD, an extraordinary direct promise to the sitting president about the editorial future of a flagship cable news outlet. By February 2026 WBD judged Ellison’s raised offer superior to Netflix’s, and the companies signed a definitive merger agreement subject to regulatory review. The deal’s optics intensified when Ellison hosted an April 2026 Washington D.C. gala “honoring the Trump White House” that included senior Trump officials and federal regulators who were overseeing the merger — an event critics said exemplified troubling proximity between a bidder and the people charged with scrutinizing the transaction. DOJ Antitrust ultimately approved the $111 billion transaction on June 12, 2026, but a coalition of state attorneys general lodged an antitrust challenge that continued to hang over the merger and threatened added costs and delay. The episode has left enduring questions about private influence on public-interest media, regulatory capture, and how political access and massive private capital can reshape the twentieth-century studio-and-network landscape in the twenty-first century.
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