CNN Doomed After Parent Company Makes Stunning Move

Netflix is set to swallow one of Hollywood’s crown jewels, snapping up Warner Bros.’ studio and streaming operations in a blockbuster $72 billion deal that could weaken legacy news network CNN.

The streamer confirmed the buyout Friday morning after offering $27.75 a share to Warner Bros. Discovery, ending a heated showdown that included bids from Paramount and Comcast. For Netflix, it’s the biggest swing yet in its long campaign to dominate global entertainment.

“Our mission has always been to entertain the world,” Netflix co-CEO Ted Sarandos said. “By combining Warner Bros.’ incredible library of shows and movies – from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends – with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we’ll be able to do that even better. Together, we can give audiences more of what they love and help define the next century of storytelling.”

The deal is expected to close in the third quarter of 2026, with the final transaction landing within 12 to 18 months. But while Netflix feasts on Warner Bros.’ massive vault of films and franchises, another corner of the empire is getting kicked to the curb.

Kaitlan Collins and Poppy Harlow attend the 16th annual CNN Heroes: An All-Star Tribute

CNN will be spun off into a separate company under Discovery’s previously announced Discover Global plan, severing the cable network from the studio that has carried it for decades. Executives have long blamed CNN and other struggling cable properties like TNT for dragging down the parent company’s stock price.

The move mirrors what happened to CNN’s rival, MS NOW, which Comcast funneled into a new company earlier this year. The rebranded MSNBC now faces the same headwinds battering every legacy news channel: shrinking viewership and falling ad dollars.

Netflix, meanwhile, is building an arsenal of brand-name IP. The purchase hands the streamer access to the DC Universe, The Big Bang Theory, HBO-related titles, and an enormous film catalog that dwarfs many of its competitors. The company already leads the streaming wars with 301.6 million global subscribers, outpacing Amazon Prime Video by more than 100 million customers.

Paramount, led by 42-year-old tech heir David Ellison, had pushed hard for its own takeover bid and had previously floated interest in CNN after Ellison’s Skydance acquired Paramount and CBS News. But Netflix outmuscled both rivals, cementing its status as the industry’s reigning heavyweight.

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