On February 26, 2026, Netflix withdrew its bid for Warner Bros. Discovery, clearing the path for Paramount Skydance — controlled by David Ellison, son of Oracle co-founder and Trump ally Larry Ellison — to acquire WBD in a deal valued at approximately $111 billion. If approved, one family will control CNN, CBS News, HBO, Paramount Pictures, Discovery, the DC Comics and Harry Potter franchises, and a stake in TikTok's US operations.
The Ellison family's relationship with Trump is not subtle. Larry Ellison is one of the richest people on the planet, a friend and adviser to Trump, and a major political donor. The Wall Street Journal reported that David Ellison “offered assurances to Trump administration officials that if he bought Warner, he'd make sweeping changes to CNN.” Trump himself said in December that he believed it was “imperative” that CNN find new owners, calling its current leadership “either corrupt or incompetent.”
CNN staffers are reportedly “panicked” and “freaking out.” One insider described the mood as “horrific.” The fear is not hypothetical — Ellison has reportedly already discussed bringing in right-leaning editorial voices, with Bari Weiss's name circulating as a potential CNN figure.
Democratic lawmakers have pushed back, with some pledging to break up the media monopoly if they return to power. But the deal requires approval from Trump's DOJ — the same DOJ that threatened Netflix with antitrust action after Trump demanded they fire Susan Rice. The regulatory process itself has become a tool of political control.
This is not a normal business transaction. A president's close ally is acquiring the largest collection of news and entertainment media in American history, with the president's explicit encouragement, subject to the president's regulatory approval. When the government decides who owns the press, the press is no longer free.