Paramount closes deal to acquire Warner Brothers Discovery

Paramount officially closed its multi-billion-dollar deal to acquire fellow media giant Warner Brothers Discovery (WBD) on Tuesday, creating the largest provider in news, sports and entertainment offerings in the world.

The deal hands control of WBD’s sprawling movie and television studios, as well as its cable channels and news outlet CNN to billionaire media mogul David Ellison, the son of Oracle founder Larry Ellison, who is also an ally of President Trump.

Tuesday’s close is the culmination of months of tension around the massive merger, which was initially agreed to late last year after Netflix, one of Paramount’s top rivals in the media sector, pulled out of a bid to acquire Warner Bros. following pushback from federal lawmakers and Trump.

Ellison’s moves at Paramount have roiled some at the company since he took the reins last month, including at CBS News where he implemented controversial journalist Bari Weiss as the outlet’s........

© The Hill