"Netflix said it is declining to raise its offer for the purchase of Warner Bros. Studios and HBO, following the Warner Bros. Discovery board's determination that Paramount, which is not just going for Warner Bros. Studios and HBO, but also the whole enchilada, including us here at CNN, Paramount has submitted a superior offer according to Warner Bros. Discovery's board."
"Paramount CEO David Ellison reportedly told the Trump administration that he would make sweeping changes to CNN were his company to acquire it. President Donald Trump publicly weighed in on the media industry drama, saying it is imperative that CNN be sold."
Paramount Skydance emerged as the leading bidder to acquire Warner Bros. Discovery, including HBO, the Warner Bros. movie studio, and CNN after Netflix declined to match or exceed Paramount's offer. Netflix had previously reached a tentative deal for much of WBD excluding CNN but withdrew when Paramount submitted a superior bid. Paramount CEO David Ellison reportedly told the Trump administration he would implement sweeping changes to CNN if acquired. President Trump publicly stated CNN must be sold, citing long-standing complaints about the network's coverage. The acquisition requires regulatory approval in the U.S. and Europe. Ellison's Skydance previously acquired Paramount and CBS, and subsequently hired Bari Weiss as CBS News editor-in-chief.
Read at www.mediaite.com
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