The Hollywood media landscape is bracing for a tectonic shift as David Ellison’s Skydance Media, now at the helm of Paramount, has submitted a formal bid to acquire Warner Bros. Discovery (WBD) in a move that could reshape the streaming wars and consolidate two of the industry’s most storied content powerhouses. The bid, which was delivered by the November 20, 2025 deadline, is not only remarkable for its scope—Paramount seeks to buy all of WBD, including CNN—but also for the political intrigue and personal relationships swirling in the background.
According to The Guardian and Deadline Hollywood, the acquisition would see Paramount’s streaming platform, Paramount+, merged with HBO Max, creating a formidable rival to Netflix and Disney+. David Ellison, fresh off his $8 billion merger of Skydance and Paramount, envisions a combined entity capable of producing 30 films a year and leveraging artificial intelligence to better understand consumer preferences. The financial muscle behind this bid comes from Ellison’s father, Larry Ellison, the billionaire Oracle founder and primary shareholder of Paramount, whose net worth hovers near $200 billion.
But what has really set tongues wagging, both in Hollywood and in the corridors of political power, is the role of Larry Ellison. As reported by The Guardian and The Daily Mail, Larry Ellison, 81, reportedly discussed with White House officials the possible firing of prominent CNN hosts Erin Burnett and Brianna Keilar, both of whom have been critical of Donald Trump. Sources familiar with these conversations say the elder Ellison singled out the hosts because they are not liked by Trump—a claim that has sparked consternation within CNN’s headquarters and raised questions about the future editorial direction of the network should the deal go through.
Larry Ellison, a well-known GOP donor who contributed to Trump’s 2024 campaign, does not hold a formal role at Paramount but exerts significant influence as its primary shareholder. According to The Daily Mail, he also floated the idea of moving CBS News’ flagship program, 60 Minutes, to CNN—an eyebrow-raising programming shift that underscores the breadth of his ambitions. Meanwhile, David Ellison, who officially runs Paramount, has positioned himself as a hands-on leader, having personally recruited former New York Times opinion editor Bari Weiss as CBS News chief in October 2025. Weiss, who was brought in after the Paramount acquisition, is reportedly looking to shake up the network’s evening news lineup, with Fox News’ Bret Baier and CNN’s Anderson Cooper rumored as top picks.
The timing of the bid is crucial. Warner Bros. Discovery is saddled with $40 billion in debt and has struggled with streaming losses, making it an attractive target for suitors eager to snap up its vast library of content, including the HBO Max catalog, Warner’s film studio, and valuable sports assets. Paramount’s all-cash, all-asset bid stands out from rival offers by Comcast and Netflix, both of which are focused on cherry-picking the most lucrative parts of WBD, such as the film studio and HBO, while leaving behind the less profitable cable networks.
Insiders told Variety and Bloomberg that Paramount’s proposal would not only merge two major streaming platforms but also create synergies in sports rights and international distribution—potentially slashing costs as cord-cutting continues to erode traditional cable viewership. The combined company would control an estimated 20% of the U.S. box office, with major intellectual properties like Batman and Mission: Impossible under one roof. That’s a staggering concentration of creative power and market share, and it’s no wonder the deal has drawn intense scrutiny from both Wall Street and Washington.
Political considerations loom large over the proceedings. According to Business Insider and CNN Business, David Ellison’s close ties to President Trump are seen as a critical advantage in winning regulatory approval. Larry Ellison’s discussions with White House officials about CNN’s future—and the removal of hosts unpopular with Trump—have fueled speculation that the Trump administration would look favorably on a Paramount takeover. Social media posts and industry chatter echo this sentiment, with some observers suggesting that senior officials prefer the Ellison bid over those from Comcast or Netflix. The Guardian noted, "Ellison’s allies argue he’s the only bidder likely to win Trump administration approval, citing Larry Ellison’s White House discussions."
Yet, the deal is far from a slam dunk. The Department of Justice is expected to subject any winning bid to rigorous antitrust scrutiny, particularly given the potential for a Paramount-WBD merger to create a streaming giant capable of rivaling Netflix. Senator Chris Van Hollen has already warned of the dangers posed by further consolidation in the media industry, noting the risks to both competition and the independence of journalism. Unions are keeping a close eye on the potential for job losses, while creators are hoping for greater stability and investment in content.
Geopolitics is another wild card. As reported by Deadline, there is speculation about the involvement of Saudi funds, with Larry Ellison having hosted a White House dinner that stoked rumors of Gulf capital backing the bid. The possibility of Middle Eastern investment is seen as a counterweight to Chinese influence in global media, adding yet another layer of complexity to an already fraught process.
Meanwhile, Warner Bros. Discovery’s board is expected to make a decision by Christmas 2025, with plans to separate its cable networks by 2026 regardless of the deal’s outcome. The stakes are high for CEO David Zaslav, whose future at the company may hinge on the outcome of the auction. With Warner’s share price having doubled since rumors of a sale began, according to Benzinga, investors are betting that a premium offer will prevail.
Notably, the Ellison camp has already demonstrated a willingness to address past controversies. Prior to the merger, Paramount settled a lawsuit with Donald Trump over a 60 Minutes interview with then-candidate Kamala Harris for $16 million, just days before the FCC approved the Paramount merger. The company’s new leadership has pledged to shed any prior political connotations, following a string of controversies and accusations of "deceptive editing" from both Trump and Homeland Security Secretary Kristi Noem.
For CNN, the prospect of new ownership raises both hope and anxiety. Hosts like Erin Burnett and Brianna Keilar—who have been with the network since 2011 and 2006, respectively—have built reputations for holding power to account, often drawing the ire of Trump and his supporters. Burnett, for example, recently criticized Trump for inconsistencies in his statements about Jeffrey Epstein, while Keilar called the former president’s comments about Democratic lawmakers "outrageous." Their future at CNN could hinge on the outcome of the Paramount bid and the influence of Larry Ellison’s political preferences.
As the dust settles and due diligence begins, industry observers are divided on whether the deal will ultimately pass regulatory muster or deliver the creative and financial synergies promised by the Ellisons. What’s clear is that the outcome will reverberate far beyond Hollywood, shaping the future of news, entertainment, and the balance of power in American media for years to come.
With Christmas fast approaching and the board’s decision looming, all eyes are on the Ellisons, the White House, and the regulators who will determine the fate of this blockbuster bid.
