Netflix stunned the entertainment industry on Thursday by declaring a $31-per-share bid for Warner Bros. Discovery “no longer financially attractive.” The sudden reversal clears the way for Paramount’s Skydance chief, David Ellison, to seize control of WBD’s portfolio of brands, including HBO Max and several cable networks.
This move comes after Netflix had been expected to counter the superior offer from Paramount. However, it appears that Netflix was swayed by its relationships with Trump’s chief of staff and the Justice Department, which may have influenced their decision-making process.
The news sent shockwaves through the industry, particularly at CNN, where staffers are now facing the possibility of layoffs. The sudden change in direction also raises concerns about the future of Warner Bros.’s iconic brands.
In other news, CNBC is cutting nearly a dozen staff members as part of a broader restructuring effort to fuse its television and digital operations under Editor-in-Chief David Cho. This move comes just months after the network’s spin-off from Comcast.
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Source: https://www.status.news/p/cnn-david-ellison-trump-paramount-wbd-netflix-deal