For many workers inside Warner Bros Discovery, the latest takeover battle is not just about billions of dollars, boardroom strategy or Wall Street pressure. It is about jobs, newsrooms, film studios and the future of some of America’s best-known media brands.
David Ellison’s Paramount Skydance has stepped up its push to buy Warner Bros Discovery, launching a hostile bid even after Netflix announced last week that it had reached an agreement to buy the company’s studio and streaming businesses.
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Netflix’s deal, valued at $82.7 billion, would take over Warner Bros’ Hollywood film studio and HBO, but it would leave behind traditional television assets such as CNN and the Discovery channel.
Paramount is now offering something different. Its all-cash bid, sent directly to Warner Bros Discovery shareholders on Monday, is for the whole company. The offer places a total enterprise value of $108.4 billion on WBD, making it larger than Netflix’s proposal and putting fresh pressure on the company’s board.
Paramount told shareholders that its offer gives them more value and has a stronger chance of passing regulatory review. Warner Bros Discovery said it would carefully study the proposal and advise shareholders within two weeks.
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But behind the numbers, the move has created fresh worry across the media industry.
At CNN, staff had only just begun to feel some relief after the Netflix deal appeared to remove the threat of a merger with CBS News. CNN chief executive Mark Thompson told employees the agreement would allow the network to continue its digital transition. That sense of calm may not last.
If Paramount succeeds, CNN could again face the risk of being combined with CBS News. Such a move could lead to job cuts, newsroom changes and a major reshaping of two of America’s most recognised news organisations.
The concern is not limited to CNN. Staff at CBS News are also watching closely, unsure what a larger media merger could mean for their future. In an industry already hit by falling cable audiences, shrinking advertising revenue and repeated layoffs, another major deal could bring more disruption.
The political backdrop has added to the tension.
The Ellison family has close ties to the Trump administration. Oracle founder Larry Ellison, who is backing the Paramount bid financially, has reportedly discussed possible changes at CNN with senior Trump aides. Donald Trump has also praised recent moves at Paramount, including the appointment of Bari Weiss as editor-in-chief of CBS News.
Before the Ellisons won approval for their Paramount takeover, they agreed to pay $16 million to settle a lawsuit brought by Trump over an interview with Kamala Harris. Legal experts had described the case as weak.
Regulatory filings show that Paramount’s bid is also backed by outside investors, including Jared Kushner’s Affinity Partners, Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority.
David Ellison said Netflix’s offer was weaker and left shareholders facing uncertainty.
“WBD shareholders deserve an opportunity to consider our superior all-cash offer for their shares in the entire company,” he said.
Netflix executives, however, appear calm. Co-chief executive Ted Sarandos said Paramount’s bid was “totally expected” and expressed confidence that Netflix’s agreement would move forward.
The takeover fight is now likely to move from the boardroom to regulators. Trump said on Sunday that he would be personally involved in reviewing the Netflix-WBD transaction because of competition concerns, although he also praised Sarandos. Senator Elizabeth Warren and several entertainment unions have also raised concerns.
The Department of Justice is expected to examine the antitrust issues, while the Federal Communications Commission is less likely to play a major role.
For now, shareholders must decide which deal offers the better future. But for employees at CNN, CBS, Warner Bros and Discovery, the bigger question is more personal: who will own their company, what will be cut, and whether their jobs will survive the next chapter of Hollywood’s media war.
