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6:45 PM ET, February 27, 2026

Mediagazer

 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:
Bloomberg:
How Paramount's David Ellison deployed financial backing and political lobbying, including his well-connected chief legal adviser, to beat Netflix and win WBD  —  After the board of Warner Bros. Discovery Inc. concluded a meeting Thursday afternoon, Chief Executive Officer David Zaslav called David Ellison …
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 …
Variety:
The international film community sees Paramount's potential WBD acquisition with optimism for theatrical windows and worry about a reduced number of film buyers  —  Late Thursday night at around 10.30p.m. in London at the world premiere afterparty for Warner Bros.' all-star gothic romance …
Discussion: The Wrap, Slate, Reuters, Esquire and Deadline
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.
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
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
RELATED:
Rob Waugh / Press Gazette:
SEO agency Clickout bought The Escapist and two other UK-based gaming sites, fired and replaced staff with AI, and filled the sites with content about casinos  —  Everything about writers Brian Merrygold and Callum Mercer is fake.  —  A network of prominent gaming sites has fired multiple human staff …
Discussion: Computerworld
Jeremy Barr / The Guardian:
Memo: another CBS News producer leaves, after 46 years, and says, “We've been told to aim our reporting at a particular part of the political spectrum”  —  Mary Walsh, leaving after 46 years, says staffers told to ‘aim our reporting at a particular part of the political spectrum’
 
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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:

Bailey Lipschultz / Bloomberg:
Filing: SpaceX aims to raise $75B in its IPO, selling 555.6M shares at $135 each, which would value the company at almost $1.77T

Katherine Blunt / Wall Street Journal:
Alphabet upsized its equity raise to $84.75B, including $35B in underwritten public offerings, up from a planned $30B; a source says it contacted ~75 investors

Carl Franzen / VentureBeat:
Google introduces Gemma 4 12B, a unified, encoder-free open multimodal model that can run locally on devices with 16GB of VRAM or unified memory
 
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