As of today, February 27, 2026, Paramount Skydance and Warner Bros. Discovery just announced a definitive merger agreement: Paramount is acquiring 100% of WBD (including CNN, HBO Max, Warner Bros. studios, DC, Cartoon Network, TNT, etc.) for $31 per share in cash — that’s roughly $81B equity value / $110B enterprise value.
Boards of both companies unanimously approved it. Expected close: Q3 2026, subject to WBD shareholder vote (early spring) and regulatory approvals (DOJ, FCC, etc.). Netflix shockingly bowed out yesterday after failing to match the bid, so Paramount is the clear winner.
CNN isn’t “owned” by Paramount this exact second (transfer happens on closing), but the deal is signed and locked in — media outlets are already calling it “Paramount taking over CNN” and staff are treating it as done. CNN CEO Mark Thompson sent a memo telling everyone not to freak out yet.
The hilarious 2026 energy comes from the context:
- New boss = David Ellison (Skydance/Paramount CEO, son of Larry Ellison — big Trump ally).
- They’ve already been remaking CBS News in a more centrist direction (hello, Bari Weiss rumors).
- Talks of potentially folding CBS News + CNN together.
- Trump literally said it was “imperative” CNN get new owners.
Left-leaning outlets and CNN insiders are in full panic mode (“disaster,” “end of Ted Turner’s network,” job-cut fears).
Right-leaning corners are popping champagne. The memes are writing themselves.
