On Monday, Paramount Skydance launched a $108bn takeover bid for Warner Bros Discovery, the entertainment giant that owns Hollywood movie studios, along with CNN, HBO and other media businesses. The bid is led by David Ellison, son of the tech billionaire Larry Ellison – a prominent Donald Trump supporter and Republican donor.
Netflix had already prevailed over Paramount in a previous bidding competition for the purchase, but Trump announced on Sunday that he would “be involved” in his administration’s review of the Netflix deal. The president suggested the sale “could be a problem” because Netflix is already dominant in the US streaming market.
Paramount left out a significant fact in the press release announcing its offer: the bid includes funding from the private equity firm owned by Jared Kushner, the president’s son-in-law, as well as three Arab monarchies, Saudi Arabia, Qatar and the United Arab Emirates, which collectively have billions of dollars in ongoing ventures involving the Trump family business. Those details were buried in required paperwork filed with the Securities and Exchange Commission.
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