Following a Thursday afternoon visit to the White House Netflix CEO Ted Sarandos announced he was withdrawing his bid to take control over Warner-Discovery, clearing the way for Larry Ellison’s bid to succeed.
Larry Ellison and a group of financial investors now position Paramount Skydance to win control over Warner-Discovery. CNN insiders are reported to be apoplectic considering that Larry and David Ellison will now likely downsize the media group and change directions.
MEDIA – […] The development will likely see the storied Hollywood studio and a group of TV properties that includes CNN fall into the hands of Paramount, reshaping US media.
Without a Netflix counteroffer, the Warner Bros. Discovery board is now free to terminate its agreement with the streaming giant and proceed with Paramount.
The sweetened offer, made Monday, was the latest installment of a bidding war that has drawn White House attention, with President Donald Trump insisting he had a say in the outcome.
The revised Paramount offer included a purchase price of $31.00 per share in cash, a one-dollar increase from its earlier bid, which valued the company at around $108 billion.






