MAGA-aligned billionaires Larry Ellison and his son David have won their bidding war for CNN’s parent company Warner Bros. Discovery, ending Netflix’s attempt to acquire the media giant and clearing the path for a Trump-friendly takeover of one of America’s largest news networks.
Netflix backed out on Thursday after Paramount Skydance—the Ellisons’ company—upped its offer from $30 to $31 per share. “The deal is no longer financially attractive,” Netflix said in a press release, effectively surrendering the fight.
The timing is not subtle. David Ellison attended Trump’s State of the Union address on Tuesday as a guest of MAGA Senator Lindsey Graham, just two days before the deal closed. Graham posted on Twitter that he was “honored” to have Ellison as his guest.
Once the acquisition goes through, CNN is expected to come under the control of Bari Weiss, the MAGA-curious Substacker who already runs CBS News after Paramount’s acquisition of that network last year. Her tenure at CBS has been turbulent—Anderson Cooper recently quit 60 Minutes to focus solely on his CNN role, meaning he’ll be reunited with Weiss’s leadership whether he likes it or not.
The younger Ellison has reportedly told Trump administration officials that if his company’s takeover succeeds, he would make changes at CNN—a network Trump has relentlessly attacked and demanded be sold.
Larry Ellison, David’s father and co-founder of Oracle, is a centibillionaire Republican megadonor who backed his son’s hostile takeover bid after the initial $108 billion offer was rejected last year.
Warner Bros. Discovery’s board unanimously determined that Paramount Skydance’s offer was superior to Netflix’s, which only sought the streaming service and film studio. The Ellisons wanted everything—CNN, HBO, and Hollywood’s biggest movie studio included.
“We are pleased WBD’s Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing,” David Ellison said in a statement.
The deal means Paramount Skydance will control CBS, CNN, and HBO, along with numerous other properties. It also means one of the few remaining major news networks not yet aligned with Trump will soon answer to people who attend his speeches as honored guests.