The Powers That Be: Daily Media Monday: Ellison Carnage & Politico Pivots
Mar 2, 2026
They unpack Paramount Skydance’s surprise victory for WBD and why Netflix walked away. They trace the deal’s financial strain, synergy claims, and likely waves of layoffs. They parse political and regulatory pushback and what regulators might do. They shift to leadership shifts at Politico and Axel Springer’s strategic rethink.
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Paramount Won Because The Industry Is Consolidating To Survive
- Paramount's bid for Warner Bros. Discovery reflects consolidation driven by survival rather than dominance.
- Jon Kelly and Peter Hamby note Netflix balked due to shareholder resistance while the Ellisons moved quickly to lock the deal despite heavy debt and synergy bets.
Peter Was Surprised Netflix Backed Out Due To Shareholder Pressure
- Peter Hamby recalls being surprised Netflix didn't win and attributes it to Netflix shareholders' reluctance.
- He notes Netflix's pristine balance sheet image clashed with investor wariness about the deal's risks.
The Merger Would Consolidate Nearly All Major Cable Networks
- The deal would aggregate nearly all major cable networks under one roof, recreating a near-total cable portfolio.
- Jon Kelly lists assets from BET and Nickelodeon to HBO and Food Network as evidence of that concentration.
