Paramount’s acquisition of Warner Bros. Discovery has brought CNN and CBS News under common ownership, with financial backer Larry Ellison’s support for Israel and former British Prime Minister Tony Blair’s appointment as an adviser adding political dimensions to the media merger.

The transaction closed on Oct. 6 following the required regulatory approvals, according to the company’s completion announcement.

The combined company, named Skydance, brings together Paramount and Warner Bros. studios, HBO, Paramount+, CNN, CBS News and major sports broadcasting assets.

The agreement announced in February valued Warner Bros. Discovery’s equity at approximately $81 billion and its enterprise value, including debt, at $110 billion.

The financing plan included $47 billion in new shares backed by committed investment from the Ellison family and RedBird Capital Partners, according to a company filing.

Trump’s pressure on Netflix

The bidding contest unfolded alongside public pressure from US President Donald Trump on rival bidder Netflix.

In a February Truth Social post, preserved in an online archive, Trump demanded that Netflix dismiss board member Susan Rice, a former senior official in Democratic administrations, or “pay the consequences.”

The post also shared criticism from activist Laura Loomer urging Trump to block Netflix’s proposed Warner Bros. transaction.

Netflix subsequently announced on Feb. 26 that it would not match Paramount’s higher offer.

Co-chief executives Ted Sarandos and Greg Peters said the price required made the acquisition “no longer financially attractive.” The company attributed its withdrawal to the terms of the deal, without citing Trump’s pressure.

Ellison’s support for Israeli soldiers

Larry Ellison, the Jewish-American co-founder of Oracle and father of Skydance chairman and chief executive David Ellison, has made substantial financial contributions supporting Israeli soldiers. His family background is documented by the Jewish Virtual Library.

At a November 2017 gala, he gave $16.6 million to Friends of the Israel Defense Forces, which was the organization’s largest single gift at the time, according to Jewish Telegraphic Agency reporting citing the organizers.

The donation was designated for welfare facilities at a training campus for mixed-gender infantry units.

“We should do all we can to show these heroic soldiers that they are not alone,” Ellison said at the event.

Blair’s Gaza role and controversies

Skydance’s Oct. 6 board announcement named Blair as a board adviser acting in a personal capacity, with a role in shaping strategic priorities. The announcement did not assign him an editorial position.

Blair also holds responsibilities concerning Gaza. A Jan. 16 White House statement named him to the founding Executive Board of Trump’s Board of Peace and the Gaza Executive Board, whose responsibilities include governance, reconstruction and financing.

His involvement in Gaza planning has previously prompted Palestinian objections.

On Jan. 1, 2024, the Palestinian presidency rejected reported efforts to assign Blair a role in relocating Palestinians from Gaza and declared him unwelcome in Palestinian territories, according to an official statement carried by Palestine News and Information Agency (WAFA).

In July 2025, the Financial Times reported that two institute staff members participated in discussions on a Gaza redevelopment project involving Boston Consulting Group consultants and Israeli businessmen.

The institute said it had never authored, developed or endorsed a proposal to relocate Gazans, according to the report.

Blair subsequently endorsed Trump’s September 2025 Gaza plan in a public statement, describing it as “bold and intelligent.”

In an April 28 Security Council briefing, he advocated a transitional period of international support and disarmament arrangements acceptable to Israel, alongside reconstruction and eventual Palestinian self-government.

His institute’s relationship with Larry Ellison predates the media appointment. Its 2021 financial review described a philanthropic partnership with the Larry Ellison Foundation supporting digital infrastructure initiatives.

Binding editorial safeguards

The merger includes specific obligations concerning CNN and CBS News.

Under a settlement with 12 state attorneys general, the company must establish a five-member News Editorial Independence Board within 180 days of closing, according to its Sept. 30 regulatory filing.

The board will comprise established journalists, set guiding editorial principles and resolve specified disputes concerning bias, fairness and compliance with those principles.

David Ellison has also pledged noninterference.

“We believe in editorial independence and we will never interfere,” he said, according to CNN’s Oct. 6 broadcast transcript.

CNN also reported that Ellison supported its legal challenge against the Trump administration over press access.