"We've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid. Netflix co-chief executives Ted Sarandos and Greg Peters explained their decision to withdraw from the acquisition competition."
"The purchase of Warner Bros. Discovery - for a reported $111 billion - comes just six months after Skydance took over Paramount, turning it into the 'Paramount Skydance' brand. The company is overseen by CEO David Ellison, son of billionaire Larry Ellison, who is friends with Trump, leading some critics to speculate that an approval of the acquisition could be fast-tracked or lack sufficient scrutiny."
"The Federal Communications Commission (FCC) approved the purchase of Paramount shortly after that company had agreed to pay a $16 million settlement directly to Trump, after the president had dubiously accused CBS News of campaign interference for edits it made in a 2024 interview with Kamala Harris during a segment on '60 Minutes.'"
Netflix has exited the bidding competition for Warner Bros. Discovery after Paramount Skydance increased its offer to approximately $111 billion. Netflix executives cited financial discipline, stating the price no longer justified the investment. Paramount Skydance, led by CEO David Ellison, is now positioned to acquire Warner Bros. Discovery, which owns CNN. This acquisition follows Skydance's takeover of Paramount six months earlier. The deal raises concerns about media consolidation and potential political influence, particularly given Ellison's connections and the FCC's recent approval of the Paramount purchase following a $16 million settlement CBS News agreed to pay Trump.
#media-consolidation #warner-bros-discovery-acquisition #paramount-skydance #political-influence-in-media #fcc-approval
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