Paramount to buy Warner Bros. Discovery in $110 billion deal
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The deal is among Hollywood's biggest media shake-ups and will create one of the largest film studios in the world.
Employees at the company had started to warm to the idea of Netflix as its corporate owner. Now they face the prospect of major cuts under Paramount.
With Paramount in a position to take over Warner Bros. Discovery’s studio and streaming business, elected officials and Hollywood figures have strong opinions. Sen. Adam Schiff of California is calling for the potential deal to be subject to the “highest levels of scrutiny” while actor Mark Ruffalo fears it could hurt competition.
WBD CEO David Zaslav addressed employees at a town hall Friday after Paramount won the bidding war over Netflix. He called the process "whiplash-y."
Amid Paramount and Netflix acquisition talks, Warner Bros. Discovery reported its latest earnings results and new HBO Max subscriber numbers.