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5:45 PM ET, February 27, 2026

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 Top News: 
Bloomberg:
Paramount pays the $2.8B breakup fee owed to Netflix; NFLX closes up 13.8%, and PSKY closes up 20.8%  —  Paramount Skydance Corp. has paid the $2.8 billion breakup fee owed to Netflix Inc. after the streaming company dropped its planned deal to buy parts of Warner Bros. Discovery Inc., according to people familiar with the move.
RELATED:
Alex Weprin / The Hollywood Reporter:
Paramount agrees to acquire Warner Bros. Discovery, paying $31 per share in cash, giving WBD an enterprise value of $110B  —  Netflix backed away from its $87.2 billion deal on Thursday. … The two companies formally unveiled the deal Friday after Netflix formally bowed out of the running a day earlier …
Sara Fischer / Axios:
Since bidding for WBD began in September, its stock price has risen 148% and Paramount raised its bid by 63%, a testament to David Zaslav's dealmaking abilities  —  In repeatedly rebuffing takeover offers from Paramount Skydance, Warner Bros. Discovery's board managed to create one of Hollywood's …
Deadline:
One analyst says European regulators are unlikely to block a Paramount-WBD deal; another says it's likely that regulators would slow down the approval process  —  Hollywood's boardroom battle of the decade has ended with P aramount dramatically snatching Warner Bros. Discovery from Netflix.
Ted Johnson / Deadline:
US Senator Elizabeth Warren calls a potential Paramount-WBD merger an “antitrust disaster” and questions the influence of the Trump White House on the deal
CNN:
CNN employees and viewers have serious concerns about whether Ellison will uphold CNN's editorial independence amid severe political pressure  —  Viewers and readers of CNN might be wondering the same thing that CNN employees are asking right now: What will Paramount's ownership mean?
RELATED:
Winston Cho / The Hollywood Reporter:
California AG Rob Bonta says Paramount-WBD “is not a done deal” as CA DOJ “has an open investigation” and the companies haven't “cleared regulatory scrutiny”  —  If the Justice Department and foreign regulators approves the deal, it'll be up to state attorneys general to challenge the merger.
Chris Gardner / The Hollywood Reporter:
Equalpride, parent company of LGBTQ+ outlets like Out and The Advocate, cuts staff, including the EICs of Pride.com and The Advocate  —  Commenting on the latest round of cuts, a source tells THR, “These brands mean a lot to people, and we need to be telling our stories now more than ever.”
Discussion: The Wrap
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Kristin Robinson / Billboard:
Suno CEO and co-founder Mikey Shulman says the AI music company hit 2M paid subscribers and $300M ARR; pitch deck: it had 1M paid subscribers in November 2025  —  The AI startup reports rapid growth, strong retention rates and rising engagement. … On Wednesday, Suno CEO …
 
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 More News: 
Anna Nicolaou / Financial Times:
Conde Nast revenue in 2025 was ~$2B, Google accounted for only ~25% of visits to its sites in 2025, and its seven largest brands make up 85% of revenue
Discussion: The Wrap
Christine Wang / Axios:
TMTG says it is in talks to spin off Truth Social into a public company, following the close of its previously announced merger with nuclear fusion startup TAE
Arijeta Lajka / New York Times:
An analysis of 1,000+ YouTube Shorts videos recommended to kids: the algorithm pushes bizarre, often nonsensical, AI-generated videos, and many lack disclosures
Reggie Ugwu / New York Times:
A look at the appeal of video podcasts for Netflix: they're cheap to produce, may attract viewers interested in topical news, and could fuel Netflix's ad tier
 Earlier Picks: 
John Koblin / New York Times:
Nielsen: ~32.6M viewers watched Trump's State of the Union address, not including people who watched via streaming; Fox News led with 9M+ viewers
Ted Johnson / Deadline:
Memo: CNN CEO Mark Thompson urged employees to avoid jumping to conclusions after Netflix pulled out of the WBD deal and to focus on serving CNN's audience
Jill Goldsmith / Deadline:
WBD reports Q4 revenue fell 6% YoY to $9.46B, net loss narrowed 49% to $252M, streaming revenue rose 4% to $2.8B, and streaming subs hit 131.6M, up 3.5M from Q3
 

 
From Techmeme:

@secwar:
Defense Secretary Pete Hegseth directs the DOD to designate Anthropic as a supply chain risk, barring military contractors from doing business with the company

CNBC:
OpenAI raised $110B at a $730B pre-money valuation, up from $500B in a secondary financing in Oct.; Amazon invested $50B, Nvidia and SoftBank invested $30B each

Axios:
Sam Altman says OpenAI shares Anthropic's red lines with respect to AI use by the military, which are “an issue for the whole industry”
 
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