surprising fact
Paramount’s assurances for editorial independence from its news networks come after CEO David Ellison wrote in an op-ed for The New York Times that scrutiny of his firm’s deal for Warner Bros. had focused on “whether I can be trusted as a steward of Warner’s CNN.” Ellison said there had been “speculation about my politics, my loyalties, my intentions,” and while “I can’t give anyone a view into my heart and mind,” he had “regularly” voted for candidates on either side of the aisle and that he holds some views “that would be called conservative and others that would be called liberal, just like most Americans.” He wrote, “Our journalists will continue to answer to the facts and to all the people they serve—not to any party or cause.”
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big number
More than $1.9 billion. That’s the amount in ticking fees that Paramount agreed to pay if its deal for Warner Bros. has not cleared by June 2027.
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key background
Regulatory clearance in the U.K. marks another milestone for Paramount’s $110 billion deal for Warner Bros., following the European Union’s approval last month. The European Commission said Paramount’s deal—announced in February after Netflix pulled its own offer—had “fully [addressed]” competition concerns after the legacy media firm agreed to concessions, including an agreement to divest its stake in a film distribution joint venture with United International Pictures in Europe. The merger has faced broad scrutiny, including from the Writers Guild of America and 12 attorneys general—both groups that sued to block the transaction. Paramount agreed to push back its deal to 2027 until a judge decides in the antitrust lawsuit filed by 12 states, which argued the deal would result in “higher prices, lower quality and less content for film and television.”
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further reading
ForbesDavid Ellison Says Paramount-Warner Bros. Discovery Scrutiny Is About ‘Whether I Can Be Trusted’ With CNNBy Ty Roush