A chance for Donald Trump to turn CNN "full MAGA" has failed following the breakdown in talks between Paramount and Warner Bros.
Paramount had been looking to merge with Warner Bros., though the studio has instead opted for a merger with Netflix, Newsweek reported. Paramount CEO David Ellison had suggested the Paramount/Warner Bros. merger had the backing of Trump, with Jared Kushner having backed the proposed $108 billion takeover bid. This has since been rejected, Warner Bros. has confirmed.
Their statement reads, "Following a careful evaluation of Paramount's recently launched tender offer, the Board concluded that the offer's value is inadequate, with significant risks and costs imposed on our shareholders."
"This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals."
"We are confident that our merger with Netflix represents superior, more certain value for our shareholders and we look forward to delivering on the compelling benefits of our combination."
An end to the possible merger between Paramount and Warner Bros. also puts an end to Trump's desire to make CNN, which is part of Warner Bros., a "full MAGA" channel. Paramount CEO David Ellison has reportedly told insiders he would influence CNN into making changes that would benefit the Trump administration.
The Wall Street Journal claimed Ellison has "offered assurances to administration officials" that CNN would receive sweeping changes should Paramount win the bidding war for Warner Bros. Discovery. Ellison made it clear what he wants from the takeover and took a shot at Netflix.
He said, "I’m incredibly grateful for the relationship that I have with the president, and I also believe he believes in competition. And when you fundamentally look at the marketplace, allowing the number one streaming service to combine with the number three streaming service is anti-competitive."
"We want to build a scaled, new service that is basically, fundamentally in the trust business, that is in the truth business, and that speaks to the 70 percent of Americans that are in the middle, and we believe that by doing so, that is for us, kind of doing well while doing good."
