Warner Bros. Discovery / David Ellison / 2020s
In what reads like a corporate thriller set inside modern Hollywood and Washington, Ellison moved within months of the Paramount closing to mount a destabilizing challenge for Warner Bros. Discovery (WBD). Reports first surfaced in September 2025 that Ellison was preparing a bid; by December 2025 an auction process had WBD negotiating a tie‑up with Netflix. Rather than bow out, Ellison launched a hostile takeover designed to scuttle or supplant the Netflix deal — and the Wall Street Journal reported that he personally gave President Donald Trump assurances that, if Paramount prevailed, he would make sweeping changes at CNN, a news organization long criticized by Trump. Financing for the bid was strikingly political and international: Ellison marshaled three Middle Eastern sovereign wealth funds and enlisted Jared Kushner, while Larry Ellison personally put up an eye‑watering $40.4 billion in equity financing as a guarantee. By February 2026 Ellison had raised his offer and WBD concluded his proposal was superior to Netflix’s; Netflix refused to counter, and Paramount and WBD signed a merger agreement contingent on regulatory approval. The deal's public relations nadir came in April 2026 when Ellison hosted an event billed as “honoring the Trump White House” in Washington, D.C.—guests included President Trump, senior administration officials, prominent journalists, and, notably, federal regulators who were overseeing the transaction. The Justice Department’s Antitrust Division eventually approved the $111 billion acquisition on June 12, 2026, but a coalition of state attorneys general mounted an antitrust challenge that has stalled the deal and amplified questions about conflicts of interest, the intermingling of private capital and political influence, and whether media outlets were being reshaped through power plays rather than market competition. The episode left a long tail of investigations, lawsuits and reputational damage that connected boardroom maneuvering to high‑stakes political promises.
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