Two of the biggest media companies in the world are going to war over Warner Bros. Discovery, a massive media conglomerate that owns a historic Hollywood studio, as well as the likes of HBO and CNN.
This week, Paramount put in a hostile all-cash takeover bid for Warner Brothers worth more than $108 billion. This followed Netflix’s announcement a few days earlier that they had won a bid to buy the company’s film, studio and streaming divisions, which alarmed many people in the industry. The Paramount bid is led by big time MAGA donor Larry Ellison and is backed by U.S President Trump’s son-in-law, Jared Kushner. Trump has already signaled he will be involved in whatever deal comes through.
Lucas Shaw, who writes the Screentime newsletter for Bloomberg, talks us through what this means for media concentration, influence over the news and the future of the entertainment industry.
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