Pentagon official backs merger as editorial concerns emerge at CBS
Pentagon backs merger as editorial changes occur at CBS News post-acquisition.
Event / Economy
Warner Bros-Paramount Merger
Warner Bros. Discovery shareholders approved Paramount Skydance's $111 billion acquisition in April 2026, combining two major Hollywood studios and their entertainment properties including HBO, CBS, and multiple film franchises. The deal faced opposition from industry workers and lawmakers over antitrust concerns.
5 reported locations
Daily activity
0 articles0 articles
2026-08-18 to 2026-11-15 · UTC publication dates
Coverage begins 24 Apr, 00:08 UTC
Follow the documented timeline or explore the related reporting.
What happened
Paramount-Warner merger expected to close in third quarter of 2026
The transaction between Paramount Skydance and Warner Bros. Discovery is expected to close in the third fiscal quarter of 2026. The merger still faces ongoing regulatory reviews, including from the U.S. Department of Justice, before it can be finalized.
Senator Elizabeth Warren calls merger an antitrust disaster
Massachusetts Senator Elizabeth Warren posted on X that state attorneys general across the country are stepping up to stop the merger, calling it an antitrust disaster and urging continuation of the fight to block it.
Defense Secretary Pete Hegseth expresses support for Paramount-Warner merger
Defense Department Secretary Pete Hegseth indicated support for the merger, telling reporters in March that David Ellison taking over CNN would be beneficial. The statement reflects the Trump administration's apparent comfort with the transaction proceeding.
California Attorney General investigates Paramount-Warner merger
California Attorney General Rob Bonta has been vocal about the transaction and stated his office is investigating the consolidation. It remains unclear whether Bonta or other state attorneys general will file lawsuits to attempt to stop the deal.
Writers Guild of America warns of reduced compensation from merger consolidation
Michele Mulroney, president of the Writers Guild of America West, warned that the merger would create a media behemoth with leverage to reduce content, raise prices, increase production control, suppress member compensation, worsen working conditions, and silence writer voices. She noted the industry has already experienced thousands of layoffs over six years.
Democratic senators express concerns about media consolidation and cultural control
Senator Cory Booker held a spotlight hearing in Washington criticizing the merger, stating that what is at stake is not just a corporate deal but who controls news, entertainment, and storytelling. He warned about the concentration and consolidation of cultural power. Senator Elizabeth Warren also voiced opposition to the transaction.
Paramount outbid Netflix in acquisition battle for Warner Bros. Discovery
Paramount Skydance ultimately won the bid to acquire Warner Bros. Discovery by offering $31 per share after months of competition with Netflix. Netflix withdrew from the auction in late February after Oracle billionaire Larry Ellison agreed to guarantee the financing for his son David Ellison's bid through Paramount. Paramount's offer was valued higher than a previous $72 billion studio and streaming deal that Netflix had proposed.
Warner Bros. Discovery shareholders approve Paramount Skydance merger for $31 per share
Warner Bros. Discovery shareholders voted to approve Paramount Skydance's acquisition of the company at $31 per share in a special shareholder meeting held on April 23, 2026. The deal is valued at approximately $81 billion in equity, or $111 billion including debt. Warner Bros. Discovery Chair Samuel A. Di Piazza Jr. stated the company looked forward to creating an exceptional combined company that would expand consumer choice.
Warner Bros. shareholders reject CEO David Zaslav's $887 million severance package
Warner Bros. shareholders voted against CEO David Zaslav's proposed golden parachute in a non-binding vote. The severance package could total $887 million depending on when the transaction closes, with cash, stock and options valued at more than $550 million, plus an additional potential tax bill of approximately $330 million if the merger closes by year-end.
Paramount hires Makan Delrahim as antitrust counsel for regulatory approval
Paramount enlisted lawyer Makan Delrahim, who served as Trump's antitrust chief during the president's first term, to help secure Justice Department approval for the Warner Bros. acquisition. Delrahim filed for regulatory blessing in December 2025, even before Paramount had an agreement with Warner Bros. Discovery's board.
Larry Ellison guarantees $45.7 billion equity financing for Paramount-Warner merger
Oracle billionaire Larry Ellison agreed to guarantee the $45.7 billion in equity needed to finance the Warner Bros. acquisition by his son David Ellison's Paramount. Bank of America, Citigroup, and Apollo Global have agreed to provide Paramount with more than $54 billion in debt financing.
Paramount seeks financing from Saudi Arabia, UAE, and Qatar sovereign funds
Paramount has secured financing commitments from several sovereign investment funds including Saudi Arabia's Public Investment Fund as well as funds from the United Arab Emirates and Qatar, according to regulatory filings. These investors will not have voting rights in a future Paramount-Warner combination.
Paramount CEO promises 45-day theatrical window and 30 movies annually
Paramount CEO David Ellison assured filmmakers with a 45-day theatrical window guarantee for theatrical releases and a goal to release 30 movies per year combined between Paramount and Warner Bros., which would remain stand-alone operations under the combined company.
Editorial shifts observed at CBS News under Paramount-Skydance ownership
Since coming under Skydance ownership less than a year before the Warner acquisition approval, Paramount-owned CBS News experienced significant editorial changes, notably with the installation of Free Press founder Bari Weiss as CBS News editor-in-chief.
Over 4,000 filmmakers and industry workers oppose Paramount-Warner merger
More than 4,000 filmmakers, actors, and industry workers, including Ben Stiller, Bryan Cranston, Ted Danson, J.J. Abrams, and Kristen Stewart, signed an open letter opposing the merger. They asked California Attorney General Rob Bonta and other regulators to block the deal, citing concerns about consolidation leading to massive layoffs and diminished programming quality.
European regulators examining Paramount-Warner merger implications
European regulators are reviewing the proposed Paramount-Warner merger, along with ongoing regulatory reviews in the United States and other countries. The regulatory process remains ongoing as the companies work toward closing the transaction.
Paramount-Warner merger would combine two of Hollywood's five remaining legacy studios
The merger would unite Paramount and Warner Bros., two of Hollywood's five remaining legacy studios. The combined company would control HBO, HBO Max, CNN, CBS, TBS, Food Network, and Warner Bros.' film and television studios in Burbank, along with valuable franchises and properties including Harry Potter, D.C. Comics, Game of Thrones, and Euphoria.
Justice Department raises no objections to Paramount-Warner merger by February deadline
A key deadline for the Justice Department to raise issues with Paramount's proposed Warner takeover passed in February 2026 without comment from Trump administration regulators, suggesting the administration has no objections to the deal proceeding.
Read the coverage
2 alternative perspectives
Merger clears U.S. scrutiny; state and international reviews continue
U.S. federal approval secured; state and international regulators continue examining the merger's competitive implications.
Industry workers stage major opposition to Warner Bros-Paramount consolidation
Industry workers and guilds oppose the merger, citing compensation and job security concerns from consolidation.
Warner Bros.-Paramount merger approved at $31 per share, financed by Ellison
Warner Bros. shareholders approved Paramount merger at $31/share with $45.7B Ellison-backed financing.