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A year ago, David Ellison was viewed as a white knight poised to save Paramount.

Hollywood embraced billionaire Larry Ellison’s son, figuring he had the means and the mettle to revive the faded studio after decades of neglect.

But now, as the 43-year-old tech scion works to close his $111-billion deal to buy Warner Bros. Discovery — which would mark his second major studio acquisition in less than a year — a large swath of Hollywood has soured on the budding mogul and his audacious bid to build a new media colossus.

More than 5,000 artists and industry workers — including J.J. Abrams, Javier Bardem, Lin-Manuel Miranda, Kevin Bacon and Tiffany Haddish — have signed an open letter opposing the union of two century-old studios.

“Our industry is already under severe strain,” the group wrote.

Many anticipate the U.S. Justice Department will rubber-stamp the deal because President Trump is friendly with Larry Ellison, co-founder of software giant Oracle. Trump and his team want David Ellison to make sweeping changes at CNN, one of Warner Bros. Discovery’s premier properties.

David Ellison has spent the last year courting the president and his allies, including hosting a black-tie gala to honor Trump and attending state dinners and the president’s State of the Union address.

Ellison’s perceived coziness with the administration, along with controversial changes at CBS, has sullied his reputation in a town where image is everything.

Should the merger clear its regulatory hurdles, the Ellison family would control CNN and CBS News in addition to holding a significant stake in TikTok, the hugely influential social media app.

“When power is concentrated in fewer and fewer hands, the stories that get told and the livelihoods of the people who tell them become hostage to whoever that power serves,” Jane Fonda, the Oscar-winning actor who is helping lead the opposition, told The Times. “We are not going quietly.”

Paramount declined to comment. Ellison previously has pushed back on fears that Paramount’s takeover of Warner Bros. would be bad for Hollywood. Instead, Ellison envisions building a stronger company to boost the industry, including movie theaters.

If the Warner Bros. Discovery deal is finalized, Ellison would control two legendary news organizations and two iconic studios. His determined White House outreach to speed approval of the Warner Bros. deal has aroused deep suspicion among many in Hollywood, which has long been considered a liberal bastion.

“They got too close to Trump,” said Norm Eisen, executive chairman of Democracy Defenders Fund, one of the groups coordinating the opposition campaign. “People in Hollywood are concerned that the Ellisons are going to do to CNN what they did to CBS.”

One of Ellison’s first moves after taking over Paramount was to hire journalist Bari Weiss, who had no TV news experience, as CBS News editor-in-chief. Weiss, who built her reputation being a contrarian voice, along with her recently installed evening news anchor Tony Dokoupil got off to a rocky start.

During his inaugural week, Dokoupil awkwardly saluted Secretary of State Marco Rubio (a fellow Floridian). “CBS Evening News” viewership fell 9% this season. The program, which attracts 4.1 million viewers, musters less than half the audience for ABC’s “World News Tonight with David Muir.”

Ellison is aiming to get his deal done by September.

“The projected merger timeline would have Ellison in control of CNN before November,” Fonda said, noting the high stakes this fall because the midterm elections will decide control of Congress.

“If this merger goes ahead, the administration will have yet another lever to cast doubt on results it does not like,” Fonda said. “This is about corruption, not optics.”

Her group has urged California Atty. Gen. Rob Bonta to file a lawsuit to try to block the merger. Bonta has said his team is reviewing potential antitrust concerns with the deal, which he said has “red flags everywhere.”

Some in Hollywood favor Ellison’s takeover, saying it would lift two middling players to create more robust competition to Netflix, Disney and Amazon.

“This deal will set up an environment where we will have four competitive streaming services, and that’s a good thing for the creative community,” said Ari Emanuel, executive chairman of WME Group and Ellison’s agent.

Ellison is pressing ahead, working to secure government approvals in Britain, Europe and the U.S. Prominent Democrats in Congress have decried the deal and Ellison’s proposed ownership structure, which would include the royal families of Saudi Arabia, Qatar and Abu Dhabi as significant, but passive, investors.

Paramount leaders have tried to keep their heads down by focusing on their businesses. This year, the company has signed deals with Kim Kardashian, Neil Patrick Harris, Tituss Burgess and Kinetic Content, the reality TV firm behind Netflix’s “Love Is Blind.”

Hollywood opposition

But the “block the merger” campaign has picked up prominent Paramount and Warner Bros. talent, including Oscar-winning filmmaker Adam McKay (“The Big Short”); “South Park” co-creator Trey Parker; and Emmy Award-winning actors Noah Wyle (“The Pitt”) and Mark Ruffalo, a stalwart of critically acclaimed HBO productions, including “Task.”

Some filmmakers have privately discussed whether to steer clear of Paramount, according to people knowledgeable of the discussions who were not authorized to comment. Taylor Sheridan, the prolific producer behind “Yellowstone” and “Landman,” last fall opted to switch teams. He eventually will make new shows for NBCUniversal instead of Paramount.

CBS late-night host Stephen Colbert’s sign-off Thursday night has added to the hand-wringing.

Colbert learned he was getting the boot in July, two days after he called Paramount’s $16-million settlement with Trump “a big fat bribe” during a show monologue. Paramount had agreed to pay the money to end Trump’s lawsuit over edits to a “60 Minutes” interview, a payout blasted by 1st Amendment advocates who viewed the Trump suit as frivolous.

Paramount settled because it needed Federal Communications Commission approval as part of its sale to the Ellison-owned Skydance Media. Paramount’s CBS has blamed declining revenues for its decision to oust Colbert, which came just before Ellison officially took the keys to Paramount.

This week, for the first time in 18 years, CBS will fall short of claiming the largest live audience in broadcast TV. NBC snagged the ratings crown, thanks to its sports-heavy lineup, prompting NBC late-night comedian Seth Meyers to crow about his network’s victory.

“We have taken down CBS,” Meyers told advertising buyers last week in New York. “Well, the Ellisons did, but I like to think we helped.”

Ellison’s supporters view the anti-merger campaign as politically motivated.

“So much of the criticism and negative sentiment originates from [Ellison’s] apparent relationship with Trump,” said one observer who was not authorized to speak publicly about the topic.

But interviews with numerous industry insiders reveal that concerns over Paramount’s proposed purchase of Warner go well beyond anti-Trump sentiment — or worries about CNN’s future.

The merger comes during an existential crisis for the industry, and for Los Angeles, as the shift to streaming has upended established business models.

“Whether it’s Ellison, Amazon, Apple or Netflix, these are essentially tech companies that are gaining increasing control over what has been a cultural and entertainment sector,” said Dominic Asmall Willsdon, executive director of the International Documentary Assn.

Amazon founder Jeff Bezos and Apple’s outgoing Chief Executive Tim Cook also have openly embraced Trump, which some see as a pragmatic move to curry favor in Washington to advance their sprawling businesses, which include film and TV operations in Culver City.

Much of the angst over the Ellison deal is driven by economic uncertainty. L.A.’s film industry has been decimated by a flight of production to other locations.

“L.A. has already had a taste of things to come,” Eisen said. “There’s less competition so the artists get hurt, and so do the working people who have long been an integral part of Hollywood.”

A combined Warner-Paramount would instantly become the largest employer for union writers, said Michele Mulroney, president of the Writers Guild of America West. It would control HBO, CBS, CNN, Comedy Central, HGTV, Animal Planet and two of the largest film and television studios.

“This media behemoth would have enormous leverage to reduce content, raise prices, increase control of production, suppress our members’ compensation and silence the voices of our members,” Mulroney said.

Jessica J. González, the L.A.-based co-chief executive of the 1st Amendment group Free Press, said: “This isn’t just about David Ellison. It’s about what David Ellison did with his last merger and how he uses his power.”

Ellison’s wealth and privilege have also fueled resentment among the rank and file who are struggling amid America’s growing economic disparity. Said one veteran executive: “We’re living in a new gilded age.”

For many, the prospect of more job losses is most unsettling.

Ellison and his team have vowed to make $6 billion in cuts following the merger. Those cuts are expected to include sizable layoffs on top of nearly 2,000 in job cuts at Paramount since last fall.

Hollywood has a troubled track record with mergers, including two failed takeovers of Warner Bros.

AT&T misfired with its 2018 acquisition of Time Warner, and within four years, the phone company had unloaded the firm to David Zaslav’s smaller Discovery. That transaction saddled Warner with more than $50 billion in debt, and Zaslav and his team laid off thousands of workers and cut dozens of projects to dramatically reduce the company’s debt and keep the company solvent.

Walt Disney Co.’s $72-billion acquisition of much of Rupert Murdoch’s 21st Century Fox in 2019 led to thousands of layoffs as one of the industry’s original studios all but disappeared.

“We have seen from that merger the earnings and employment numbers for screenwriters significantly reduced,” Mulroney said.

Emanuel, the power agent, pointed to Ellison’s commitment to keep the Warner and Paramount studios largely intact, with each entity releasing about 15 films into theaters each year.

“He’s going to be making a minimum of 30 movies a year for theatrical release plus content for both their own and other platforms because that’s the only way to generate revenue,” Emanuel said.

Still, critics question whether Ellison will be able to keep his commitment due to the $79-billion debt load he will take on.

“I’m sure [Ellison’s] intentions are genuine,” Mulroney said. “But a promise like that’s not enforceable, and there are no consequences if you don’t meet the quota that you’ve set for yourself.”

On Wednesday, S&P Global Ratings agency said Paramount Skydance will remain on a negative credit watch due to balance sheet concerns.

S&P also cited worries about Ellison’s prospects “given the immensely complicated endeavor of combining two of the largest global media companies and the limited track record of PSKY’s management team in integrating and transforming such companies.”

Emanuel and others say Ellison’s image won’t suffer long-term damage.

The two sides, he predicts, will eventually work together.

“Here’s a guy who’s willing to put a lot of money on the line and take huge risks to make our environment more competitive,” Emanuel said. “The one thing about David is that he’s not a vindictive person. He always does what’s best for the project.”

The 69th Grammy Awards will take place Feb. 7 at Crypto.com Arena in downtown Los Angeles, organizers said Tuesday during Disney’s annual upfront presentation to advertisers. The show will be the first to air on Disney’s ABC network (and stream on its Hulu and Disney+ platforms) since the Recording Academy ended its half-century-long partnership with Paramount’s CBS.

Nominations for the 2027 ceremony — which will recognize recordings released between Aug. 31, 2025 and Aug. 28, 2026 — are set to be announced Nov. 16. Final Grammys voting will open Dec. 10 and close Jan. 7.

A host for the show hasn’t been announced. Trevor Noah, who began hosting the Grammys in 2021, said his gig at February’s 68th ceremony would be his last.

Big winners at the 2026 Grammys included Bad Bunny, whose “Debí Tirar Más Fotos” was named album of the year; Kendrick Lamar and SZA, who won record of the year with “Luther”; Billie Eilish and her brother, Finneas O’Connell, whose “Wildflower” took song of the year; and Olivia Dean, who was named best new artist.

Among the albums and songs already thought to be in contention for high-level nods next year are Taylor Swift’s “The Life of a Showgirl,” Noah Kahan’s “The Great Divide,” Bruno Mars’ “The Romantic,” Rosalía’s “Lux,” Ella Langley’s “Choosin’ Texas” and Sienna Spiro’s “Die on This Hill.”

In recent months, movie theaters have seen the likes of Elvis Presley, Billie Eilish, BTS and Michael Jackson take on the big screen. Whether it’s in the form of a concert film, a documentary or a biopic, music-based theatrical releases have delighted audiences — and both major studios and record labels are taking note.

Paramount Pictures and Warner Music Group are joining forces to make movies featuring top talent on Warner’s roster, the companies announced Thursday. The multi-year, first-look deal will feature some of Warner’s most recognizable artists like Madonna, and the late David Bowie and Frank Sinatra — as well as contemporary pop stars like Charli XCX and Dua Lipa.

Together, the companies hope to combine WMG’s vast music catalog and Paramount’s theatrical experience to create more music-themed live-action and animated films.

“Every artist deserves to tell the stories behind their life and music in their own creative way, and we’re excited to partner with our incredible talent and world-class filmmakers to bring these stories to the big screen, growing their audiences around the world,” Robert Kyncl, WMG’s chief executive officer, said in a statement.

WMG will work with its production partner, Unigram and Paramount to develop each project in conjunction with the artists or their estates. The collaboration aims to give music artists more latitude when their work is used in feature films or when storylines are based on them.

Unigram co-founder Amanda Ghost said the deal “finds new ways to empower iconic artists and to bring their creative worlds to the screen with music as a central character.”

The announcement comes after Paramount celebrated the premiere of the Billie Eilish concert movie “Hit Me Hard and Soft: The Tour” at the Westwood Village Theater on Wednesday night. The 3-D feature, co-directed by Eilish and James Cameron, is set to hit theaters this weekend and follows her most recent stint of performances.

Music continues to be a huge draw for movie theaters as the industry navigates rough waters amid hopes of a durable postpandemic recovery. Major releases like the box-office-topping biopics like “Michael,” and documentaries like “EPiC: Elvis Presley in Concert” continue to draw sizable and enthusiastic theater audiences.

In recent years, Paramount also helped bring movies like the Bob Marley biopic “One Love” (2024) and Elton John’s “Rocketman” (2019) to theaters.

Earlier this week, movie theater chain AMC revealed its theaters will begin rolling out a new kind of immersive concert experience in June. The concept will feature acts like Paris Hilton and Kim Petras performing on a remote stage as the show is beamed into theaters around the country. Though unlike a typical livestream, new technology allows artists to see, hear and respond to the theater audience, in effect turning the local AMC into a virtual concert venue.

Two press freedom groups that own shares in Paramount Skydance are demanding to see the company’s books and internal documents, citing allegations that the company’s leaders may have promised favors to the White House to win approval for Paramount’s deal to acquire Warner Bros. Discovery.

The letter, sent Thursday to Paramount chief legal officer Makan Delrahim, says that media reports alleging that Paramount owner David Ellison and others promised favors to the Trump administration “create credible concern that Paramount leadership has offered, solicited, or effectuated a corrupt exchange,” which the groups argue would “constitute a breach of fiduciary duties” and open the company up to a “range of potential civil and criminal penalties.”

The letter cites Delaware law that allows stockholders to inspect the company’s books and records “for any proper purpose.”

Paramount declined to comment on the letter.

Among the issues raised in the letter are promises reportedly made by David Ellison and his father, Oracle billionaire Larry Ellison, that they would make “sweeping” changes at the news network CNN, which is owned by Warner Bros. Discovery.

The Ellison family acquired Paramount, which includes CBS and the storied Melrose Avenue film studio, last summer.

The letter cites changes implemented in CBS since their acquisition, including their decision to end late night television house Stephen Colbert’s show days after he characterized a settlement Paramount reached with Trump as a “big fat bribe.”

Under Ellison’s ownership, the letter says, numerous high-profile reporters have left the network and its ratings have dropped to “historic lows.”

Larry Ellison, who is backing the financing of Paramount’s proposed takeover of Warner, reportedly told White House officials that Paramount would “implement the CBS playbook” at CNN if the merger is approved, and remove anchors and commentators at the cable news network that Trump doesn’t like, according to the letter.

The effort comes just two weeks after Warner Bros. Discovery shareholders overwhelmingly approved the proposed merger. Investors have supported the Larry Ellison family takeover, which would become the biggest Hollywood merger in nearly a decade. The deal would pay Warner stockholders $31 per share — four times the stock price a year ago.

The letter was written on behalf of the Freedom of the Press Foundation, which develops secure communication tools for journalists and tracks violations of press freedom, and Reporters Without Borders, which tracks press freedom globally.

The organizations are being represented by former federal prosecutor Brendan Ballou, who established the Public Integrity Project this year to challenged alleged government corruption, as well as Delaware attorney Ronald Poliquin.

The missive, which could be a precursor to a lawsuit, opens another avenue of attack against the controversial $111-billion deal, which would transform the smaller Paramount into an industry titan.

With Warner Bros. Discovery, the Ellisons would also control HBO, TBS and the vast film and TV library of Warner Bros., which includes the Harry Potter, DC Comics, and Scooby-Doo, in addition to CNN.

Paramount, led 43-year-old David Ellison, wants to finalize its Warner Bros. takeover by the end of September. President Trump favors the deal; he has long agitated for changes at CNN.

But the proposed merger would saddle the combined company with $79 billion in debt, stoking fears that Paramount would be forced to make steep cost cuts to juggle such a large debt load.

Politicians, unions and progressive groups separately have pressed California Atty. Gen. Rob Bonta to scrutinize the proposed merger, hoping that he brings an antitrust lawsuit in an attempt to upend the deal.

More than 4,000 film industry workers, including Ben Stiller, Bryan Cranston, Ted Danson, J.J. Abrams, Jane Fonda and Kristen Stewart, have signed an open letter imploring Bonta and other regulators to block the merger. The group lamented the proposed tie-up, saying it “would reduce the number of major U.S. film studios to just four.”

Opponents fear the consolidation would lead to massive layoffs and diminish the quality of programming that Warner Bros., CNN and HBO are known for.

Hollywood has sustained thousands of layoffs over the last seven years since Walt Disney Co. swallowed Fox’s entertainment assets in another huge merger. In addition, the film production economy hasn’t recovered from shutdowns during the 2023 labor strikes. An estimated 42,000 entertainment industry jobs were lost from 2022 and 2024.

On Thursday, 34 California Democrats in Congress also sent a letter to Bonta, encouraging him to look closely at the merger.

The deal is expected to become one of the largest leveraged buyouts ever.

Ballou, who is working with the press freedom groups, previously served as a Justice Department special counsel with expertise in private equity transactions.

He resigned from the Justice Department in January 2025 when Trump returned to office. In his book, “Plunder: Private Equity’s Plan to Pillage America,” Ballou examined large leveraged buyouts and found that many of which resulted in bankruptcies.

Paramount Skydance Chairman David Ellison defended his commitment to release 30 movies a year once his media company swallows Warner Bros. Discovery — a goal that some industry observers view as overly ambitious.

During a Monday call with analysts to discuss Paramount’s first-quarter earnings, the tech scion said the target was achievable because his management team would maintain current levels of production. Paramount has doubled its film release capacity to 15 films this year, matching the number of theatrical releases planned by competing Warner Bros.

“The two companies are actually making 30 films to date,” Ellison said. “We really view our pending acquisition of Warner Bros. Discovery as a powerful accelerant to our strategy.”

The company said it was on track to finalize its Warner takeover by the end of September. The $111-billion deal would transform the smaller Paramount into an industry titan with prestigious programming, including Harry Potter, “Game of Thrones,” “Euphoria,” as well as its current slate of Taylor Sheridan-produced franchises, including “Yellowstone” and “Landman.” The combined company also would own dozens of popular TV networks, including CBS, CNN, Comedy Central, Food Network and HGTV.

But the proposed merger would saddle the combined company with $79 billion in debt, stoking fears that Paramount would need to make steep cost cuts to balance such a large debt load. During the quarter, Paramount lined up banks and other institutional investors to provide bridge financing to help pull off the transaction, the company said.

“We’re pleased with the momentum and will continue to take the necessary steps to bring this deal to completion,” Ellison told analysts.

Late last month, Warner Bros. Discovery stockholders overwhelmingly voted in favor of the deal, which will pay $31 a share to Warner investors. The company now must secure regulatory approvals in the U.S. and abroad, and that process is well underway, Paramount said.

Paramount has asked the Federal Communications Commission for permission to exceed a cap on foreign ownership for U.S. media companies. Ellison’s company is expecting $24 billion from three Middle Eastern royal families, who would become part owners of the combined entity. Those total funds will represent about 49% of equity in that new company, exceeding the current foreign ownership cap of 25%.

More than 4,000 filmmakers, actors and industry workers, including Bryan Cranston, Connie Britton, Kristen Stewart, Jonathan Glazer and Jane Fonda, have signed an open letter asking California Atty. Gen. Rob Bonta and other regulators to block the deal, saying it “would reduce the number of major U.S. film studios to just four.”

Late last week, a small group of consumers sued to block Paramount Skydance’s acquisition of Warner Bros. Discovery and unwind Ellison’s Skydance Media’s takeover of Paramount, alleging that both deals reduce marketplace competition.

For the January-March quarter, Paramount’s earnings beat Wall Street’s expectations. Revenue grew 2% to $7.3 billion compared with the first quarter of 2025.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $1.1 billion, helped in part by growth in its streaming services unit. Paramount+ increased its revenue by 17% to nearly $2 billion, compared with the year earlier period when it generated $1.7 billion. The service added 700,000 subscribers, bringing the total to nearly 80 million.

With Warner’s HBO Max streaming platform, the combined service would boast more than 200 million subscribers.

Paramount reported first-quarter net earnings of $168 million, or 15 cents per share, compared with $152 million in 2025, which occurred before Skydance acquired the media company in August.

Executives pointed to “Scream 7,” a late February release that has topped $200 million in global ticket sales, as a success story. Studio revenue grew 11% to $1.28 billion for the quarter.

Television networks revenue declined 6% to $3.7 billion as Paramount’s cable channels continue to contend with the loss of cable cord-cutters, which reduces the company’s collections from pay-TV providers. Nonetheless, Paramount pointed to the strength of Sheridan’s “Landman,” starring Billy Bob Thornton, Ali Larter, Sam Elliott and Demi Moore, and the strength of the CBS television network, which currently has 13 of the broadcast industry’s top 20 prime-time shows, including “60 Minutes,” “Marshals,” and “Tracker.”

The company told analysts it would achieve $30 billion in revenue for the full year and $3.8 billion in adjusted EBITDA. Paramount said it would also make $2.5 billion in cost-cuts by the end of this year and reduce expenses by $3 billion in 2027.

Paramount said it ended the quarter with $1.9 billion in cash and cash equivalents. It also was carrying $15.5 billion in debt. The company had to draw $2.15 billion from its revolving credit facility to pay Netflix a $2.8-billion termination fee that Warner Bros. Discovery had agreed to pay under a previous deal to sell the company to Netflix.

Paramount released its earnings after Monday’s trading day. Its shares closed at $11.13, basically unchanged.

Paramount Skydance’s proposed takeover of Warner Bros. Discovery cleared a major hurdle Thursday as Warner stockholders overwhelmingly embraced the $111-billion deal.

Approval was expected. Paramount Chairman David Ellison’s proposal would pay Warner investors $31 a share — four times the price of the company’s stock a year ago. Warner Bros. officials did not disclose the precise vote count during the nine-minute special shareholder meeting beyond saying the merger “received sufficient votes and has overwhelmingly passed.”

Paramount offered the generous premium to compete with, and ultimately triumph over, Netflix, which withdrew from the auction in late February after Ellison’s father, Oracle billionaire Larry Ellison, agreed to guarantee the financing of his son’s deal.

The merger would create a new Hollywood behemoth by giving Paramount, which owns CBS and the Melrose Avenue film studio, such valuable assets as HBO, HBO Max, CNN, TBS, Food Network and Warner Bros.’ film and television studios in Burbank. Warner controls beloved TV shows, franchises and movies, including “Casablanca,” Harry Potter, D.C. Comics, “Game of Thrones,” “Euphoria,” “The Pitt,” and “Rooster.”

“Shareholder approval marks another important milestone towards completing our acquisition of Warner Bros. Discovery, building on our successful equity and debt syndications and progress across regulatory approvals,” Paramount said Thursday in a statement. “We look forward to closing the transaction in the coming months and realizing the creation of a next-generation media and entertainment company that better serves both the creative community and consumers.”

Paramount now must secure regulatory approvals in the U.S. and abroad. Ellison, who is poised to honor President Trump with a dinner Thursday evening in Washington, hopes to complete the deal by late summer.

Shareholders, however, made known their disdain for Warner Chief Executive David Zaslav’s proposed golden parachute, which could swell to $887 million, depending on when the transaction closes. His cash, stock and options would be valued at more than $550 million. Warner board members also agreed to pay his tax bill, which could approach $330 million, should the merger be completed by year’s end.

Shareholders, in a non-binding vote, voted against Zaslav’s package.

Paramount’s deal has encountered significant opposition in Hollywood and beyond.

More than 4,000 filmmakers, actors and industry workers, including Ben Stiller, Bryan Cranston, Ted Danson, J.J. Abrams and Kristen Stewart have signed an open letter asking California Atty. Gen. Rob Bonta and other regulators to block the deal.

Opponents fear the consolidation would be lead to massive layoffs and diminish the quality of programming that Warner Bros., CNN and HBO are known for. Hollywood has sustained thousands of layoffs over the last six years; the film production economy hasn’t recovered from shutdowns during the 2023 labor strikes.

“This is already an incredibly consolidated industry where writers have seen merger after merger leave fewer and fewer companies in control of what our members can get paid to write,” Michele Mulroney, president of the Writers Guild of America West, said Wednesday during a press briefing organized by Free Press and other progressive groups that oppose the merger.

“A combined Warner Bros. and Paramount would create a media behemoth with tremendous leverage to reduce content, to raise prices, to increase control of production, to suppress member compensation, worsen working conditions and silence the voices of our members,” Mulroney said.

Trump has long agitated for changes at CNN, and few expect his Justice Department to block the transaction. Defense Department Secretary Pete Hegseth echoed the sentiment. “The sooner David Ellison takes over that network the better,” Hegseth told reporters in March.

It’s unclear whether Bonta or other state attorney generals will file a lawsuit to try to stop the deal. Bonta previously told The Times that his office is reviewing the consolidation.

“This deal can get blocked. I personally think it will get blocked — or undone,” Alvaro Bedoya, former Federal Trade Commission member who now serves as a senior adviser to the American Economic Liberties Project, told reporters Wednesday. He pointed to other proposed mergers that unraveled due to fierce opposition, including the proposed combinations of grocery giants Kroger and Albertson’s.

David Ellison has promised to keep HBO entact and the Paramount and Warner Bros. movie studios humming. He promised cinema owners last week that a combined Paramount-Warner Bros. would release 30 movies into theaters each year.

“This transaction uniquely brings together complementary strengths to create a company that can greenlight more projects, back bold ideas, support talent across multiple stages of their careers,” Paramount said in a statement to push back on the opposition. The company would have the power to “bring stories to audiences at a truly global scale — while strengthening competition by ensuring multiple scaled players are investing in creative talent.”

To finance the Warner takeover, Ellison’s billionaire father, Larry Ellison, has agreed to guarantee the $45.7 billion in equity needed. Bank of America, Citibank and Apollo Global have agreed to provide Paramount with more than $54 billion in debt financing.

Paramount has enlisted a former Trump administration official, lawyer Makan Delrahim, who served as Trump’s antitrust chief during the president’s first term.

In a confident move, Delrahim filed to win the Justice Department’s blessing in December — even though Paramount didn’t have an agreement with Warner Bros. Discovery’s board at the time. In February, a key deadline for the Justice Department to raise issues with Paramount’s proposed Warner takeover passed without comment from the Trump regulators.

Paramount Skydance Chief Executive David Ellison made his case directly to theater owners Thursday, pledging to release a minimum of 30 films a year from the combined Paramount and Warner Bros. Discovery company during a speech at the CinemaCon trade convention in Las Vegas.

“I wanted to look every single one of you in the eye and give you my word,” Ellison said in a brief on-stage speech, adding that Paramount has already nearly doubled its film lineup for this year with 15 planned releases, up from 8 in 2025.

He also said all films will remain in theaters exclusively for 45 days, starting Thursday. Films will then go to streaming platforms in 90 days. The amount of time that films stay in theaters — known as windowing — has been a controversial topic for theater owners, as some studios reduced that period during the pandemic. Theater operators have said the shortened window has trained audiences to wait to watch films at home and cuts into theater revenues.

“I have dedicated the last 20 years of my life to elevating and preserving film,” said Ellison, clad in a dark jacket and shirt with blue jeans. “And at Paramount, we want to tell even more great stories on the big screen — stories that make people think, laugh, dream, wonder and feel — and we want to share them with as broad an audience as possible.”

Ellison’s CinemaCon appearance comes as more than 1,000 Hollywood actors and creatives have signed a letter opposing Paramount’s proposed acquisition of Warner. Supporters of the letter have said the deal would reduce competition in the industry and “further consolidate an already concentrated media landscape.”

Some theater operators have also questioned whether the combined company could achieve its goal of releasing 30 films a year, particularly after the cost cuts that are expected after the merger closes.

“People can speculate all they want — but I am standing here today telling you personally that you can count on our complete commitment,” Ellison said. “And we’ll show you we mean it.”

The speech came after a star-studded video directed by “Wicked: For Good” director Jon M. Chu that was shot on the Paramount lot on Melrose Avenue and showcased directors and actors including Issa Rae, Will Smith, Chris Pratt, James Cameron and Timothée Chalamet that are working with the company.

The video closed with “Top Gun” actor Tom Cruise perched atop the Paramount water tower.

“As you saw, the Paramount lot is alive again,” Ellison said after the video. “And we could not be more excited.”

CBS hasn’t given up on producing an original late-night show — despite easing Stephen Colbert out the door.

“The Late Show With Stephen Colbert” ends next month after CBS canceled the popular program, citing financial pressures. The network’s top two executives told reporters during a press briefing in Hollywood on Wednesday that the network still wants to be a player in the 11:35 p.m. hour.

CBS struck a one-year deal with media mogul Byron Allen to bring his “Comics Unleashed” syndicated show to the prominent time slot once occupied by David Letterman until Colbert took the mantle a decade ago. President Trump, in social media posts, has taken credit for getting Colbert, whom he dislikes, tossed off the air.

Colbert’s final broadcast will be May 21.

Beyond the stop-gap arrangement with Allen, network executives acknowledged they don’t have a long-term plan for the late-night hours — but development executives are working on it.

“We are still going to develop other ideas, other concepts,” said George Cheeks, whose role as chair of TV Media at Paramount includes running CBS. He added that Allen’s programs, including “Funny You Should Ask” at 12:35 a.m., will allow the company to immediately turn a small profit — an increasingly critical mandate as CBS prepares to absorb the high cost of keeping NFL football on its schedule.

“If we are going to go back into that space, we have to go back into that space with a different financial model,” Cheeks said, in contrast to a show set in a theater with a band, live audience and large group of writers and support staff to stage a nightly show with numerous guests.

“I grew up in late night — I believe in late night,” Cheeks said. “The reality is that the reach is still there, but the reach is primarily on YouTube.”

It’s become increasingly difficult for CBS or other major networks to make money on a topical show when the majority of the audience, particularly younger viewers, watch snippets on YouTube.

CBS Entertainment President Amy Reisenbach acknowledged the network wasn’t actively developing a replacement late-night show; instead the effort was in the brainstorming stage. “They’re just conversations at this point,” she said.

CBS can make money on “Comics Unleashed” because Allen pays CBS for the hours and covers production costs. In return, Allen’s company receives most of the commercial spots in the programs, which his company can sell to advertisers to defray its costs.

Cheeks dismissed concerns that Allen’s programs, which have been in syndication for years, would not be viewed as “CBS-level quality.” He called Allen “a great partner.”

“Comics Unleashed” has run at 12:35 a.m., but CBS is moving it one hour earlier on the schedule, where it will have more exposure and benefit from running immediately after TV stations’ local late news. “Funny You Should Ask” will air in the 12:35 a.m. time slot.

“I actually think the shows are strong. … They have a point of view,” Cheeks said of Allen’s programs. “It’s a change in format … a change from what people are used to.”

It’s been a rough year for CBS.

The last 12 months have included a nasty spat with Trump over a “60 Minutes” segment with Kamala Harris, which Paramount ended by paying the president $16 million. Then came the tempest over Colbert’s cancellation just days after he called the Trump settlement “a big fat bribe.”

The network got new owners — David Ellison and Skydance Media — in August and Ellison promptly installed a new boss at CBS News, Bari Weiss, who has made talent moves to shake up the division.

Six weeks ago, Paramount prevailed in the bidding war for Warner Bros. Discovery — a deal that will bring more turmoil to Paramount, CBS and Hollywood production.

Because of last year’s Paramount change in ownership, the NFL has the ability to reopen the network’s TV license deal, which is expected to increase the cost of retaining the NFL by as much as $1 billion a year, potentially cutting into CBS’ programming budget.

“Capital allocation is always a major consideration,” Cheeks said. “But I would harken back to something that David Ellison said recently, which was content investment was mission critical to the future of this company.”

CBS unveiled its new fall schedule Wednesday, announcing that fan-favorite LL Cool J was returning to star in a new show, “NCIS: New York,” with Scott Caan, and the introduction of a new legal drama, “Cupertino,” from hit-making executive producers Robert and Michelle King. CBS will serve up two other new shows, including a comedic drama, “Einstein,” and a half-hour vampire family comedy, “Eternally Yours.”

Cheeks also acknowledged that, for the first time in 18 years, CBS would not end the television season in first place in viewers. This year, that honor goes to NBC, which broadcast a blockbuster February with the Super Bowl and the Winter Olympics.