Paramount

A “60 Minutes” story on the Trump administration’s imprisonment of hundreds of deported Venezuelan migrants to El Salvador was pulled by CBS News Editor-In-Chief Bari Weiss shortly before it was scheduled to air Sunday night.

The unusual decision drew a sharp rebuke from Sharyn Alfonsi, the correspondent for the piece.

Alfonsi said the decision was motivated by politics, according to an email she circulated to colleagues and viewed by the Times. Alfonsi noted that the story was ready for air after being vetted by the network’s attorneys and the standards and practices department.

“It is factually correct,” Alfonsi wrote. “In my view, pulling it now — after every rigorous internal check has been met is not an editorial decision, it is a political one.”

According to the CBS News press department’s description of the segment, Alfonsi spoke to released deportees who described “the brutal and torturous conditions they endured inside CECOT,” one of El Salvador’s harshest prisons.

In a statement, a representative for CBS News said the report called “Inside CECOT” will air in a future “60 Minutes” broadcast. “We determined it needed additional reporting,” the representative said.

Weiss viewed the segment late Thursday, according to people familiar with the matter who were not authorized to comment publicly. She had a number of issues with story and asked for additional reporting, which could not be completed in time for airing on Sunday. A press release promoting the story went out Friday.

Weiss reportedly wanted the story to have an interview with an official in President Trump’s administration.

But Alonsi said in her email the program “requested responses to questions and/or interviews” with the the Department of Homeland Security, the White House and the State Department.

“Government silence is a statement, not a VETO,” Alfonsi wrote. “Their refusal to be interviewed is a tactical maneuver designed to kill the story.”

Alfonsi’s email said she learned the story was pulled on Saturday and that she had not discussed the matter with Weiss.

Even if Weiss’ concerns might be valid, the sudden postponement of a “60 Minutes” piece after it has been promoted on air, on social media and through listings on TV grids is a major snafu for the network.

For Weiss, it’s perilous situation as her every move as a digital media entrepreneur with no experience in television is being closely scrutinized.

As the founder of the conservative-friendly digital news site who was personally recruited by Paramount Chief Executive David Ellison, journalists at CBS News and media industry observers are watching to see if Weiss’ actions are tilting its editorial content to the right.

Before it was acquired by Skydance Media, Paramount agreed to pay $16 million to settle a Trump lawsuit making the dubious claim that a “60 Minutes” interview with Kamala Harris was deceptively edited to aid her 2024 presidential election campaign against him.

Trump recently said “60 Minutes” is “worse” under Paramount’s new ownership following an interview with Rep. Marjorie Taylor Greene, in which she was highly critical of the president and his administration.

Paramount acquired the Free Press for $150 million as part of the deal to bring Weiss over. Her first major move was to air a highly sympathetic town hall with Erika Kirk, the widow of slain right-wing activist Charlie Kirk. Erika Kirk has taken over as head of Turning Point USA, the political organization her husband founded.

Warner Bros. Discovery has sharply rejected Paramount’s latest offer, alleging the Larry Ellison family has failed to put real money behind Paramount’s $78-billion bid for Warner’s legendary movie studio, HBO and CNN.

Paramount “has consistently misled WBD shareholders that its proposed transaction has a ‘full backstop’ from the Ellison family,” Warner Bros. Discovery’s board wrote in a Wednesday letter to its shareholders filed with the Securities & Exchange Commission.

“It does not, and never has,” the Warner board said.

For Warner, what was missing was a clear declaration from Paramount that the Ellison family had agreed to commit funding for the deal. A Paramount representative was not immediately available for comment Wednesday.

The Warner auction has taken a nasty turn. Last week, Paramount launched a hostile takeover campaign for Warner after losing the bidding war to Netflix. Warner board members unanimously approved Netflix’s $72-billion deal for the Warner Bros. film and television studios, HBO and HBO Max.

In its letter, the Warner board reaffirmed its support for Netflix’s proposal, saying it represented the best deal for shareholders. Warner board members urged investors not to tender their shares to Paramount.

Board members said they were concerned that Paramount’s financing was shaky and the Ellison family’s assurances were far from ironclad. Warner also said Paramount’s proposal contained troubling caveats, such as language in its documents that said Paramount “reserve[d] the right to amend the offer in any respect.”

The Warner board argued that its shareholders could be left holding the bag.

Paramount Chief Executive David Ellison has argued his $78-billion deal is superior to Netflix’s proposal.

(Evan Agostini / Evan Agostini/invision/ap)

Paramount Chairman David Ellison has championed Paramount’s strength in recent weeks saying his company’s bid for all of Warner Bros. Discovery, which includes HBO, CNN and the Warner Bros. film and television studios, was backed by his wealthy family, headed by his father, Oracle co-founder Larry Ellison, one of the world’s richest men.

In its letter last week to shareholders, asking for their support, Ellison wrote that Paramount delivered “an equity commitment from the Ellison family trust, which contains over $250 billion of assets,” including more than 1 billion Oracle shares.

In regulatory filings, Paramount disclosed that, for the equity portion of the deal, it planned to rely on $24 billion from sovereign wealth funds representing the royal families of Saudi Arabia, Qatar and Abu Dhabi as well as $11.8 billion from the Ellison family (which also holds the controlling shares in Paramount). This week, President Trump’s son-in-law Jared Kushner’s Affinity Partners private equity firm pulled out of Paramount’s financing team.

Paramount’s bid would also need more than $60 billion in debt financing.

Paramount has made six offers for Warner Bros., and its “most recent proposal includes a $40.65 billion equity commitment, for which there is no Ellison family commitment of any kind,” the Warner board wrote.

“Instead, they propose that [shareholders] rely on an unknown and opaque revocable trust for the certainty of this crucial deal funding,” the board said.

Throughout the negotiations, Paramount, which trades under the PSKY ticker, failed to present a solid financing commitment from Larry Ellison — despite Warner’s bankers telling them that one was necessary, the board said.

“Despite … their own ample resources, as well as multiple assurances by PSKY during our strategic review process that such a commitment was forthcoming – the Ellison family has chosen not to backstop the PSKY offer,” Warner’s board wrote.

Board members argued that a revocable trust could always be changed. “A revocable trust is no replacement for a secured commitment by a controlling stockholder,” according to the board letter.

David Ellison has insisted Paramount’s Dec. 4 offer of $30 a share was superior to Netflix’s winning bid. Paramount wants to buy all of Warner Bros. Discovery, while Netflix has made a deal to take Warner’s studios, its spacious lot in Burbank, HBO and HBO Max streaming service.

Paramount’s lawyers have argued that Warner tipped the auction to favor Netflix.

Paramount, which until recently enjoyed warm relations with President Trump, has long argued that its deal represents a more certain path to gain regulatory approvals. Trump’s Department of Justice would consider any anti-trust ramifications of the deal, and in the past, Trump has spoken highly of the Ellisons.

However, Warner’s board argued that Paramount might be providing too rosy a view.

“Despite PSKY’s media statements to the contrary, the Board does not believe there is a material difference in regulatory risk between the PSKY offer and the Netflix merger,” the Warner board wrote. “The Board carefully considered the federal, state, and international regulatory risks for both the Netflix merger and the PSKY offer with its regulatory advisors.”

The board noted that Netflix agreed to pay a record $5.8 billion if its deal fails to clear the regulatory hurdles.

Paramount has offered a $5 billion termination fee.

Should Warner abandon the transaction with Netflix, it would owe Netflix a $2.8 billion break-up fee.

Warner also pointed to Paramount’s promises to Wall Street that it would shave $9 billion in costs from the combined companies. Paramount is in the process of making $3 billion in cuts since the Ellison family and RedBird Capital Partners took the helm of the company in August.

Paramount has promised another $6 billion in cuts should it win Warner Bros.

“These targets are both ambitious from an operational perspective and would make Hollywood weaker, not stronger,” the Warner board wrote.

President Trump wants a very different kind of CNN if the cable news channel’s parent Warner Bros. Discovery changes hands.

As details emerge on the battle between Netflix and Paramount over control of the historic movie studio and its streaming and TV assets, Trump acknowledged he’s made it clear he wants new ownership and leadership at the network that has been the prime target in his attacks on the mainstream media over the last decade.

“I think the people that have run CNN for the last long period of time are a disgrace,” Trump told reporters Wednesday. “I don’t think they should be entrusted with running CNN any longer. So I think any deal should — it should be guaranteed and certain that CNN is part of it or sold separately.”

White House Press Secretary Karoline Leavitt echoed Trump’s sentiment Thursday from her lectern after a testy exchange with CNN anchor Kaitlan Collins. “Their ratings have declined, and I think the president rightfully believes that network would benefit from new ownership with respect to this deal,” Leavitt said.

Trump has said he will be “involved” in the government‘s regulatory review of a WBD deal. Injecting the president’s animus toward CNN — which goes back to his presidential campaign in 2016 — into the process has insiders at the network worried that journalistic independence will be sacrificed for the sake of a Warner Bros. Discovery deal.

CNN declined to comment.

A Wall Street Journal report said Paramount Chief Executive David Ellison has signaled to Trump administration officials he would make “sweeping changes” to CNN if his company took control. (A representative for Ellison declined comment.)

Ellison has said he would combine CNN’s newsgathering operations with Paramount’s CBS News, where conservative-friendly Bari Weiss has been installed as editor in chief. Such a move would follow the $16-million settlement Paramount reached with Trump earlier this year resolving a dispute over a “60 Minutes” interview featuring then-Vice President Kamala Harris.

But Trump said he wants to see a new CNN owner even if Netflix prevails. Netflix’s $72 billion offer does not include CNN or WBD’s other basic cable properties. Paramount has countered with a $78 billion offer.

What Trump desires is more favorable news coverage. But pandering to the White House could have a dubious outcome from a business standpoint for the next CNN owner.

The cable news landscape has evolved over the last decade as the country’s politics have become more polarized and tribal.

The trend helped the conservative-leaning Fox News and progressive MS NOW (formerly MSNBC), both of which have seen their audiences grow over that time even as the number of pay-TV homes has declined dramatically.

CNN has tried to stake out the middle ground, although its aggressive coverage of Trump’s first term created a perception it had moved left, especially as more commentary was added to its prime time programs.

CNN already saw the impact of attempting to bring more right-leaning voices to its program under Chris Licht, the executive brought in to run the network in 2022. He was under a mandate from Warner Bros. Discovery Chief Executive David Zaslav, who publicly said the network needed to appeal more to conservative audiences.

The network experienced an immediate exodus of viewers, putting it in third place behind MS NOW. CNN was generating $1.2 billion in profit earlier in the decade. This year, the figure is expected to be in the range of $675 million.

Jon Klein, a digital entrepreneur and former CNN president, said it would be folly for his former network to blatantly court conservatives again.

“You’re not going to convince all those Fox News viewers that suddenly CNN is friendly to them and their way of life,” he said. “These are much older viewers who don’t change their habits so easily. There has been mistrust that has been fostered over many years.”

Klein noted that even upstart right-wing networks that provide unwavering support of Trump — Newsmax and OAN — haven’t made a dent in Fox News’ dominance. MS NOW would be the beneficiary of any rightward shift by CNN, he added.

“It would accelerate the ratings slide and they become completely irrelevant,” said another former CNN executive who did not want to comment publicly.

Fox News does more than provide largely sympathetic coverage and commentary for Trump. Rupert Murdoch’s network has worked at forging a deep connection with viewers, which has made it the ratings leader since 2002.

The lineup of highly paid Fox News personalities is reliably in sync with the audience’s values and the hot-button issues that keep them tuned in. Viewer loyalty has helped the network attract hundreds of new advertisers in recent years, with some integrating patriotic messages into their marketing efforts.

“Fox is an incredibly well-oiled machine,” Klein said.

Klein said CNN and other legacy news organizations are better off focusing on developing an effective digital strategy to insure their future as traditional TV viewing declines, instead of chasing ideological balance.

Attempting to satisfy Trump’s desire for more positive coverage is a slippery slope. While Paramount appointed an ombudsman to CBS News and brought in Weiss — moves aimed at clearing the regulatory path for its merger with Skydance Media — Trump is still lashing out at coverage he doesn’t like.

After a “60 Minutes” interview with Rep. Marjorie Taylor Greene (R-Ga.) aired Dec. 7, in which she was highly critical of Trump, the president said the program is “worse” under new ownership.

The only significant move to attract conservative viewers under Weiss is her prime time interview with the widow of slain right-wing activist Charlie Kirk that airs Saturday.

“I think the prevailing wisdom over there is this notion that at least if they stay out of the clutches of Paramount, some rich philanthropist will buy them and they’ll be fine,” said the former CNN executive.

But if Netflix gets WBD without CNN, there is no guarantee it would not end up with a Trump-friendly owner if the network were spun off separately. The rank and file may wish for Laurene Powell Jobs, chair of the Atlantic, but could end up with a deep-pocketed right winger.

CNN Chairman Mark Thompson’s message to the troops is keep calm and carry on. “I know this strategic review has been a period of inevitable uncertainty across CNN and indeed the whole of WBD,” Thompson told staff in a recent memo. “Of course, I can’t promise you that the media attention and noise around the sale of our parent will die down overnight. But I do think the path to the successful transformation of this great news enterprise remains open.”

Trump’s anger toward CNN has become more personal as time has gone on. He has insulted reporters during press briefings and reportedly has told people he wants to see the firing of anchors Erin Burnett and Brianna Keilar.

Oddly enough, it was Burnett’s journalism that provided Trump with video for his most effective commercial of his 2024 campaign.

Burnett conducted the 2020 interview with Kamala Harris where the former vice president expressed her support for providing medical care to prisoners undergoing gender-affirming care. A clip of the segment was used in the commercial that said “Kamala’s for they/them, President Trump is for you.”

The sale of Warner Bros. — whether in pieces to Netflix or in its entirety to Paramount — is stirring mounting worries among Hollywood union leaders about the possible fallout for their members.

Unions representing writers, directors, actors and crew workers have voiced growing concerns that further consolidation in the media industry will reduce competition, potentially causing studios to pay less for content, and make it more difficult for people to find work.

“We’ve seen this movie before, and we know how it ends,” said Michele Mulroney, president of the Writers Guild of America West. “There are lots of promises made that one plus one is going to equal three. But it’s very hard to envision how two behemoths, for example, Warner Bros. and Netflix … can keep up the level of output they currently have.”

Last week, Netflix announced it agreed to buy Warner Bros. Discovery’s film and TV studio, Burbank lot, HBO and HBO Max for $27.75 a share, or $72 billion. It also agreed to take on more than $10 billion of Warner Bros.’ debt. But Paramount, whose previous offers were rebuffed by Warner Bros., has appealed directly to shareholders with an alternative bid to buy all of the company for about $78 billion.

Paramount said it will have more than $6 billion in cuts over three years, while also saying the combined companies will release at least 30 movies a year. Netflix said it expects its deal will have $2 billion to $3 billion in cost cuts.

Those cuts are expected to trigger thousands of layoffs across Hollywood, which has already been squeezed by the flight of production overseas and a contraction in the once booming TV business.

Mulroney said that employment for WGA writers in episodic television is down as much as 40% when comparing the 2023-2024 writing season to 2022-2023.

Executives from both companies have said their deals would benefit creative talent and consumers.

But Hollywood union leaders are skeptical.

“We can hear the generalizations all day long, but it doesn’t really mean anything unless it’s on paper, and we just don’t know if these companies are even prepared to make promises in writing,” said Lindsay Dougherty, Teamsters at-large vice president and principal officer for Local 399, which represents drivers, location managers and casting directors.

Dougherty said the Teamsters have been engaged with both Netflix and Paramount, seeking commitments to keep filming in Los Angeles.

“We have a lot of members that are struggling to find work, or haven’t really worked in the last year or so,” Dougherty said.

Mulroney said her union has concerns about both bids, either by Netflix or Paramount.

“We don’t think the merger is inevitable,” Mulroney said. “We think there’s an opportunity to push back here.”

If Netflix were to buy Warner Bros.’ TV and film businesses, Mulroney said that could further undermine the theatrical business.

“It’s hard to imagine them fully embracing theatrical exhibition,” Mulroney said. “The exhibition business has been struggling to get back on its feet ever since the pandemic, so a move like this could really be existential.”

But the Writers Guild also has issues with Paramount’s bid, Mulroney said, noting that it would put Paramount-owned CBS News and CNN under the same parent company.

“We have censorship concerns,” Mulroney said. “We saw issues around [Stephen] Colbert and [Jimmy] Kimmel. We’re concerned about what the news would look like under single ownership here.”

That question was made more salient this week after President Trump, who has for years harshly criticized CNN’s hosts and news coverage, said he believes CNN should be sold.

The worries come as some unions’ major studio contracts, including the DGA, WGA and performers guild SAG-AFTRA, are set to expire next year. Two years ago, writers and actors went on a prolonged strike to push for more AI protections and better wages and benefits.

The Directors Guild of America and performers union SAG-AFTRA have voiced similar objections to the pending media consolidation.

“A deal that is in the interest of SAG-AFTRA members and all other workers in the entertainment industry must result in more creation and more production, not less,” the union said.

SAG-AFTRA National Executive Director Duncan Crabtree-Ireland said the union has been in discussions with both Paramount and Netflix.

“It is as yet unclear what path forward is going to best protect the legacy that Warner Brothers presents, and that’s something that we’re very actively investigating right now,” he said.

It’s not clear, however, how much influence the unions will have in the outcome.

“They just don’t have a seat at the ultimate decision making table,” said David Smith, a professor of economics at the Pepperdine Graziadio Business School. “I expect their primary involvement could be through creating more awareness of potential challenges with a merger and potentially more regulatory scrutiny … I think that’s what they’re attempting to do.”

Congressional Democrats are sounding alarms over the deep involvement of Saudi Arabian and other Middle Eastern royal families in Paramount’s proposed bid for Warner Bros. Discovery.

Warner Bros. Discovery owns CNN, HBO and the historic Warner Bros. film and television studios in Burbank, behind such beloved American classics as “Casablanca,” “Citizen Kane,” and Bugs Bunny, and blockbuster hits including “Harry Potter,” “Dirty Harry,” “The Matrix,” and “Friends.”

Late last week, the Larry Ellison controlled Paramount came up short in the bidding for Warner Bros., in part, over the Warner board’s concerns about Paramount’s deal financing. On Monday, Paramount launched a hostile takeover of Warner Bros., appealing directly to Warner shareholders — asking them to sell their Warner stock to Paramount for $30 a share.

Paramount’s gambit has thrown the auction, and Warner board’s selection of Netflix’s $72-billion deal, into doubt.

Paramount has long insisted that it represents the best partner for Warner Bros., in part, because of the Ellison family’s cozy relations with President Trump. The company has trumpeted its ability to gain the blessing of the Trump administration.

Paramount’s bid is heavily backed by Saudi Arabia, Abu Dhabi and Qatar’s sovereign wealth funds. The three royal families have agreed to contribute $24 billion — twice the amount the Larry Ellison family has agreed to provide in financing for Paramount’s proposed $78-billion takeover of Warner Bros. Discovery, according to regulatory filings.

Trump son-in-law Jared Kushner’s private equity firm, Affinity Partners, would also have an ownership stake.

On Wednesday, U.S. Reps. Sam T. Liccardo (D-San Jose) and Ayanna Pressley (D-Boston) called on Warner Bros. board to recognize the consequences of selling the legendary company, which includes news organization CNN, to foreign governments.

“This transaction raises national security concerns because it could transfer substantial influence over one of the largest American media companies to foreign-backed financiers,” Liccardo and Pressley wrote.

“Warner’s platforms reach tens of millions of American households through HBO, Max, CNN, Warner Bros. Pictures, Discovery, and numerous digital and cable properties,” the lawmakers wrote. “They also shape the news, entertainment, and cultural content consumed by the American public.”

Transactions “foreign investors with governance rights, access to non-public data, or indirect influence over content distribution creates vulnerabilities that foreign governments could exploit,” the lawmakers wrote.

Paramount Chairman and Chief Executive David Ellison on the Paramount lot in August.

(Paramount)

Paramount, in its regulatory filings, said the three Middle Eastern families had agreed to give up voting rights and a role in the company’s decision-making — despite contributing more than half the equity needed for the deal.

Representatives of Warner Bros. and Paramount declined to comment.

The Ellison family acquired Paramount in August. David Ellison, the chief executive, attended a White House dinner last month to celebrate Saudi Crown Prince Mohammed bin Salman.

The involvement of bin Salman was concerning to the lawmakers.

“The fund is controlled by Crown Prince Mohammed bin Salman, whom (according to the declassified 2021 report of the U.S. Director of National Intelligence) ordered the murder of U.S. resident and Washington Post journalist Jamal Khashoggi,” the lawmakers wrote.

Over the weekend, Trump said the Netflix deal, which would give the streaming an even more commanding presence in the industry, “could be a problem.”

Paramount is refusing to accept defeat in the Warner Bros. Discovery auction, launching a $78-billion hostile takeover of its rival Monday after being spurned last week in the bidding.

The move comes four days after Warner’s board unanimously selected Netflix as the winner.

Paramount has beefed up its offer with backing from Middle Eastern sovereign wealth funds, including Saudi Arabia, a Chinese firm and President Trump’s son-in-law Jared Kushner’s investment firm Affinity Partners, according to a Monday regulatory filing.

The presence of a member of the president’s family in a proposed corporate takeover, which includes news channel CNN and the historic Warner Bros. properties, immediately complicates an already fraught regulatory picture.

Last week, Netflix had offered $72 billion — or $27.75 a share — for a big chunk of the company: Warner Bros. film and television studios, which hold the rights to Batman, Bugs Bunny and Harry Potter, the expansive lot in Burbank and HBO and HBO Max. Additionally, Netflix would take on more than $10 billion in Warner Bros. debt for a total deal value of $82.7 billion.

Paramount, backed by billionaire Larry Ellison’s family, had entered the final week of the auction with a $25 a share, all-cash offer for all of Warner Bros. Discovery, according to people involved in the auction who were not authorized to comment. In the final hours, Paramount upped its offer to $30 per share — but still came away empty-handed.

Paramount confirmed Monday that it submitted its $30-per-share offer just a few hours before Netflix was announced as the winner.

“We never heard back,” Paramount Chairman and Chief Executive David Ellison told CNBC on Monday morning. “We’re really here to finish what we started.”

Despite the decision by Netflix and Warner Bros. Discovery to pursue a deal, Paramount is directly appealing to shareholders to vote on their offer in what is commonly known as a hostile takeover.

Historically, hostile takeover bids are difficult to pull off, but there have been some notable exceptions, including Elon Musk’s $44-billion acquisition of the company formerly known as Twitter in 2022. Two decades ago, Comcast failed in a hostile takeover bid for Walt Disney Co.

Warner Bros. Discovery said Monday that its board would “carefully review and consider Paramount Skydance’s offer in accordance with the terms of Warner Bros. Discovery’s agreement with Netflix.”

Warner’s board remains supportive of Netflix’s bid, the company said. Shareholders will receive recommendations from the Warner board within 10 business days. The company has long wanted the auction to be wrapped up by Christmas.

“Warner Bros. Discovery stockholders are advised not to take any action at this time with respect to Paramount Skydance’s proposal,” the company said in a statement.

Paramount began its pursuit of Warner in mid-September. It is now bypassing Warner’s board, management and bankers and appealing directly to shareholders in a hostile takeover effort. In a statement, Paramount said its bid was a “superior alternative” to Netflix’s, which will face a rigorous and lengthy antitrust review.

Netflix co-Chief Executive Ted Sarandos said Paramount’s move was “entirely expected.”

“We have a deal done and we are incredibly happy with the deal,” Sarandos said at a UBS conference, adding that he believes Netflix’s takeover of the historic company would be great for shareholders, consumers and Hollywood workers. “We’re superconfident we’re going to get it across the line and finish.”

Already, the biggest weakness in Netflix’s deal was concern that the tech company may not be able to win regulatory approval. The company has more than 300 million streaming subscribers worldwide, and adding HBO Max would more than double the number of subscribers for competing video-on-demand subscription services.

In a statement, Paramount called Netflix’s offer “inferior,” one that would expose Warner shareholders “to a protracted multi-jurisdictional regulatory clearance process with an uncertain outcome.” Paramount has long counted on its warm relationship with President Trump to smooth the regulatory process, at least in the U.S.

Warner Bros. Discovery continues to believe that Netflix submitted the best offer.

Netflix is not buying Warner’s basic cable channels, including CNN, TBS, Food Network and TLC, and Warner figures it can spin off those assets into a separate company, Discovery Global, that would be worth about $3 to $4 a share.

When adding the Discovery Global value with Netflix’s price of $27.75 a share, Warner believes that its shareholders will come away with more than $31 a share for the company — more than what Paramount has offered.

Netflix offered a cash and stock deal. On Friday, the company said it would take a year to 18 months to gain the necessary regulatory approvals. Paramount is banking on investors being concerned about a possible regulatory fallout with the Netflix deal.

“Look, we’re sitting on Wall Street, where cash is still king,” Ellison told CNBC. “We are offering shareholders $17.6 billion more cash than the deal that they currently have signed up on Netflix. We believe when [Warner shareholders] see what is currently in our offer, that that’s what they’ll vote for.”

Since mid-September, Paramount has submitted six bids for all of Warner Bros. Discovery.

Trump said Sunday that Netflix’s deal to buy Warner Bros. Discovery “could be a problem” because of the size of the streaming service’s combined market share. Trump said he “would be involved” in his administration’s decision whether to approve any deal.

Paramount said its $30 per share, all-cash offer represents a 139% premium to Warner’s $12.54 stock price on Sept. 10, the day before Paramount’s pursuit was leaked in the media. With the absorption of Warner’s cable channels and its heavy debt load, the Paramount deal would have an enterprise value of $108.4 billion.

That’s roughly what AT&T paid to buy the company, then called Time Warner Inc., in 2018 after spending nearly two years fighting in court with the first Trump administration.

A federal judge finally cleared the way for AT&T’s takeover, but after three years the phone company wanted to flee Hollywood and made a deal with Discovery’s David Zaslav, allowing his smaller company to take over in 2022.

“The Trump card is the best card Paramount-Skydance has but it could backfire in multiple directions,” New Street Research media analyst Blair Levin said Monday in a note to investors. “As they say in Hollywood, ‘stay tuned.’”

Warner and Netflix could claim that Trump’s Justice Department, if it seeks to intervene, was trying to squash their deal simply because of politics. The inclusion of Kushner in the deal also could open the door to conflict-of-interest arguments.

“Courts, and the public, in the past, have regarded Presidential involvement in antitrust challenges as problematic,” Levin wrote in his note.

Paramount’s 11th-hour offer for Warner contained “opaque” details about its financing, a person involved in the auction who was not authorized to speak publicly told The Times over the weekend. The fuzzy nature of Paramount’s backers gave the Warner board pause in contrast to the Netflix offer, which spelled out its financing, the person said.

In a Securities & Exchange Commission filing Monday, Paramount disclosed that Larry Ellison’s family has provided an $11.8-billion commitment. An additional $24 billion would come from three sovereign wealth funds from Saudi Arabia, Qatar and Abu Dhabi.

The controversial Chinese tech firm Tencent would provide an additional $1 billion, Paramount said. It said RedBird Capital Partners, an investor in Paramount, and Kushner’s Affinity Partners would also provide an undisclosed level of debt financing.

When asked about his son-in-law’s involvement in the Paramount bid, Trump told reporters at the White House: “I don’t know. I’ve never spoken with him about that. He’s really trying to work on Gaza.”

Should Paramount prevail, it would confront a heavy debt load that would bring more layoffs in an industry already reeling from downsizing. “As with Netflix, Paramount’s expected hostile bid for WBD raises significant concerns for our members and the industry,” a spokesperson for the Directors Guild of America said in a statement.

Just like with the AT&T deal for Time Warner, the Trump administration may not have the final say. If the U.S. Justice Department sues to block the Netflix deal, the matter will go before a federal judge.

However, Paramount hired Trump’s former antitrust regulator — Makan Delrahim — in the hope of steering a successful regulatory review. Delrahim joined Paramount in October as its chief legal officer.

“We believe our offer will create a stronger Hollywood. It is in the best interests of the creative community, consumers and the movie theater industry,” David Ellison said in a statement. “We believe they will benefit from the enhanced competition, higher content spend and theatrical release output, and a greater number of movies in theaters as a result of our proposed transaction.”

Paramount’s tender offer is set to expire Jan. 8, 2026, unless it’s extended.

Shares of Warner Bros. jumped 4.4% on Monday to $27.23. Paramount gained 9% to $14.57 a share while Netflix lost 3.4% to $96.79.

Times staff writers Wendy Lee and Stephen Battaglio contributed to this report.