Billionaires Battle for Control of U.S. Media and Entertainment

Two massive companies are fighting to take over another industry giant in a deal that would enrich shareholders while leaving workers worse off.

Days after the Netflix bid, Paramount announced it would pursue a hostile takeover. (Photo: Mike K Flickr)

The news that Netflix launched a bid to acquire movie powerhouse Warner Bros. earlier this month alarmed many entertainment workers, as consolidation among industry giants often harms pay, job security, and creativity, Maya Schenwar and Negin Owliaei reported for Truthout.

Workers at CNN, a Warner-owned subsidiary, initially had reason to breathe easier.

Netflix’s bid does not include CNN, unlike an earlier proposal floated by Paramount to acquire Warner Bros. in its entirety.

CNN, however, is hardly beyond criticism. The network—recently criticized for partnering with a gambling app that allowed users to bet on whether Palestinians in Gaza would be ethnically cleansed—has continued to draw controversy.

Days after the Netflix bid, Paramount announced it would pursue a hostile takeover, appealing directly to Warner Bros. shareholders to overturn the board’s decision.

If successful, the bid would place CNN under the control of Paramount’s new owner, David Ellison—the son of a centibillionaire and a former actor—who has spent recent months reshaping CBS News along lines favorable to Donald Trump.

Under Ellison’s leadership, CBS News scrapped diversity, equity, and inclusion initiatives and installed right-wing commentator Bari Weiss as editor-in-chief, moves that reportedly dismayed many staff members.