Larry and David Ellison, who are known to be close allies of President Trump, have officially won the bidding war for Warner Bros. Discovery, the parent company of CNN. Their company, Paramount Skydance, outbid Netflix with an offer of $31 per share for the entire media conglomerate, which includes CNN, HBO, and a major Hollywood film studio.
Netflix had initially agreed to a deal for just the streaming service and film studio at $27.75 per share, but later pulled out. Warner Bros. Discovery’s board ultimately decided that Paramount Skydance’s offer provided “superior value, certainty and speed to closing” for shareholders. Larry Ellison, co-founder of Oracle and a major Republican donor, had previously attempted a $108 billion offer last year that did not go through.
