Netflix drops Warner Bros Discovery bid after Paramount superior offer

CNN host Jake Tapper told viewers Thursday that the future of the network lies with Netflix and the cable channel’s parent company, Warner Bros. He summed up the situation when he said he was impressed by the decision to abandon the acquisition of Discovery.

“We have some breaking news from our national leader that is affecting everyone I look at in the studio right now,” he said as he turned his head to look around the room.

“A few minutes ago, Netflix said it was declining to raise its offer to acquire Warner Bros. Studios and HBO following the Warner Bros. Discovery board’s decision that Paramount’s interest not only applies to Warner Bros. Studios and HBO, but also to the entire enchilada, including us at CNN,” Tapper continued.

Tapper explained: “According to Warner Bros. Discovery’s board of directors, Paramount submitted a superior offer. As I stated, Warner Bros. Discovery is the parent company of CNN.”

Netflix, Warner Bros. on Thursday. It withdrew its offer to buy Discovery after the company said it was “superior” to Paramount’s last offer to buy all of its assets, including CNN.

The sale would include Paramount CEO David Ellison, who has a close relationship with President Donald Trump and has angered liberals for setting up the deal. At least Weiss As editor-in-chief of CBS News – he oversees CNN.

The mood on CNN Friday was “terrible”; network leaders were trying to calm the fears of anxious employees worried about the possible merger.

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“The mood is terrible,” a CNN insider told Fox News Digital. “People are very upset.”

A second person from CNN said employees felt “a mixture of despair, anxiety and curiosity.”

They said, “Look, I think this is a place that’s been through a lot. There’s been a lot of mergers in the last decade. There’s been a lot of ‘new’ beginnings.”

“I think there’s an underlying fear of mixing the two news divisions,” a CNN insider continued. “Who will be canned?”

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While most corporate mergers of this size come with headcount reductions, many CNN employees are aware that CBS News has experienced both layoffs and changes in direction since Ellison took over last year.

Weiss, hand-picked by Ellison, bluntly told employees that they “didn’t produce a product that enough people wanted.” He also took steps to quell the liberal bias that was prominent at CBS News before Ellison’s takeover.

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Fox News’ Joseph A. Wulfsohn and Brian Flood contributed to this report.

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