Paramount WBD merger talks proceed even because the Ellisons’ CBS triggered the Streisand impact with some clumsy censorship.
UPDATE Feb 18, 15:30: Added some quotes from Matt Stoller’s BIG Publication under.
The choice by the Ellison-owned Paramount and/or Trump’s FCC to dam Texas US Senate candidate James Talarico’s look on the Stephen Colbert’s The Late Present has royally backfired, if the purpose was to stunt James Talarico’s candidacy that’s:
James Talarico is having fairly a second in Texas after the Colbert interview – and in accordance with Google Tendencies, Texans are actually looking his identify at a really excessive price simply in time for early voting. pic.twitter.com/gGnDjx5xUM
— Logan Phillips (@LoganR2WH) February 17, 2026
New from @ForecasterEnten:
Following the Colbert interview, Talarico has jumped from 61% to 75% likelihood to win the first on Kalshi.
It is a stark distinction to the polling on this race, which has it very shut. https://t.co/vHi7LURDo3 pic.twitter.com/RbMtxDTP5i
— Jaron Zhou (@ZhouJaron) February 18, 2026
Let’s speak in regards to the ongoing merger makes an attempt first.
WBD’s Board Permits Paramount One Extra Spherical
The NYT has the fundamentals:
Warner Bros. Discovery stated on Tuesday that it could restart the deal talks with Paramount Skydance that it resulted in December, giving the corporate one other likelihood at besting Netflix for a deal. Paramount could have till Feb. 23 to barter its greatest and last supply.
Warner Bros. Discovery final yr rejected Paramount’s supply to purchase the whole firm for $108 billion in favor of a deal to promote solely its streaming and studios enterprise to Netflix for $83 billion. Warner Bros. Discovery stated on the time that Netflix supplied the higher deal for shareholders. Paramount disagreed and shortly made its case to shareholders by a hostile bid.
Within the roughly two months since then, Paramount has amended its supply twice, every time addressing a few of the considerations that Warner Bros. Discovery’s board had raised. Paramount’s chief govt, David Ellison, has additionally raised questions in regards to the Netflix bid, together with whether or not its deal can go regulatory scrutiny.
CNN’s Brian Stelter had Paramount’s prickly response:
“Though the Board’s actions are uncommon, Paramount is nonetheless ready to interact in good religion and constructive discussions. On the similar time, we are going to proceed to advance our tender supply, preserve our solicitation in opposition to the inferior Netflix merger, and proceed with our intention to appoint a slate of administrators on the upcoming WBD annual assembly.”
The information has the prediction markets revising their bets on Parmount WBD & Netflix:
And now Paramount is favourite to purchase HBO
*NETFLIX CO-CEO SAYS ‘WE HAVE A STRONG BUSINESS’ WITHOUT WARNER https://t.co/VYIxj2rGN5 pic.twitter.com/yWn5zwz2sx
— zerohedge (@zerohedge) February 17, 2026
Netflix fired again about Paramount WBD, per Deadline:
“All through the strong and extremely aggressive strategic evaluation course of, Netflix has persistently taken a constructive, responsive method with WBD, in stark distinction to Paramount Skydance. Whereas we’re assured that our transaction gives superior worth and certainty, we acknowledge the continued distraction for WBD stockholders and the broader leisure business attributable to PSKY’s antics. Accordingly, we granted WBD a slim seven-day waiver of sure obligations underneath our merger settlement to permit them to interact with PSKY to completely and at last resolve this matter,” Netflix stated.
“This doesn’t change the truth that we now have the one signed, board-recommended settlement with WBD, and ours is the one sure path to delivering worth to WBD’s stockholders,” it insisted, zeroing in on regulatory approvals.
“Netflix is assured that our transaction, a largely vertical merger of complementary property, has a transparent path to well timed regulatory approval,” it stated. Netflix and WBD have every submitted their Hart-Scott-Rodino filings and are “engaged constructively” with competitors authorities globally together with the DOJ, state Attorneys Common, the European Fee, and the UK Competitors and Markets Authority.
“In contrast, PSKY has repeatedly mischaracterized the regulatory evaluation course of by suggesting its proposal will sail by, deceptive WBD stockholders about the true danger of their regulatory challenges world wide. WBD stockholders shouldn’t be misled into considering that PSKY has a neater or quicker path to regulatory approval – it doesn’t,” stated the streamer led by Ted Sarandos and Greg Peters.
It ridiculed Paramount for publicizing “routine checkpoints” to magnify “progress.” “For instance, PSKY cited securing German FDI clearance on January 27, 2026, as proof of their ‘regulatory certainty.’ In truth, Netflix acquired German FDI clearance on the exact same day.”
It anticipated scrutiny on overseas funding behind PSKY’s bid – specifically the Center East sovereign wealth funds that will probably be passive buyers. It insisted regulators will concentrate on horizontal overlaps (two of the 5 main Hollywood studios, two main information networks) and the affect on competitors, job losses, lowered output, and downward stress on wages for movie and tv staff –- with ache set to outcome from the excessive debt of the mixed firm.
Matt Stoller has some evaluation of what’s occurring at BIG:
…a contact let me on to one thing odd in regards to the Paramount method: the corporate says it has largely accomplished the intensive authorized paperwork vital to accumulate WBD. And that’s each very bizarre and crucial, for causes I’ll get into, as a result of it suggests Paramount’s folks imagine the repair is in, on their behalf.
…
The corporate’s essential antitrust lawyer is a savvy and cynical operator named Makan Delrahim. Delrahim is an in depth confidante of David Ellison, the son of Oracle founder and billionaire Larry Ellison, who’s financing the deal. And Delrahim’s purpose is to get the deal by earlier than enforcers know what hit them.
…
Delrahim is aware of how this course of works, and so he’s had Paramount do one thing uncommon for an buying celebration. His firm has filed an HSR type with out signing a merger deal and even profitable the bid for the corporate with whom it’s making an attempt to mix. And never solely has Paramount filed an HSR type, it has already “considerably” fulfilled the second request for info from the DOJ. That’s astonishing. It means Paramount paid tens of tens of millions to legal professionals to comb by paperwork on a rush job. It additionally doubtless implies they did no negotiations by any means with the federal government, and simply gave them every thing they requested for. I’m instructed that’s unprecedented.Why take such cumbersome and dangerous steps if Paramount is just not even assured victory within the bidding battle? Effectively, there’s a particular timeline concerned in the event that they make a money tender supply. If the Netflix deal falls aside and Paramount wins the bidding battle, then the antitrust enforcers have simply fifteen days to hurry a criticism out to a courtroom to ask to pause the merger.
This information bought the enterprise/gossip press a twittering.
Charles Gasparino of Fox had a savvy tackle Paramount WBD with a number of reward for WBD CEO David Zaslav who is about to money out large after an in any other case disastrous tenure on the firm he shaped in 2022 when Uncover acquired the storied Warner Brothers:
I’ve coated loads of offers, however this one takes gamesmanship to a different stage, and Zas is enjoying it completely. Zas is aware of Paramount (PSKY) wants what he has; he additionally is aware of Netflix wants a progress technique and
WBD is the proper automobile had been it not for the regulatory uncertainty and it’s super.The renegotiation with PSKY–if it occurs and most assume it should — isnt the results of any of those activist buyers you retain studying about. It’s about an ideal storm for Zas that he helped stoke: He by no means reduce off PSKY regardless of the looks of unhealthy blood. He embraced Netflix however I do know he is aware of it’s dealing with a wall of uncertainty about getting its deal by Trump land.
PSKY wants WBD or its future is shaky at greatest, and Netflix has satisfied itself it simply cant stroll away at this level even when everybody I do know contained in the administration thinks the co is considerably downplaying its regulatory hurdles.
Taken collectively and Zas he can play a bit rooster to get his last quantity up between $31-$33 a share, taking the valuation of his firm to shut to $90 billion (it was barely $30B when this started in September). He’s primarily threatening each side that he’s simply tremendous if has to stroll away from $NTFLX and working a largely debt free studio and streaming service w $5.8 billion breakup in money from Netflix, whereas telling PSKY the time is working out by yourself melting ice dice of a media firm.
Aged pop-rocker Paul Anka of all folks had a Paramount WBD take so savvy that Deadline recycled some quotes from their current interview him for a brand new story:
Cripple the enterprise? The movement image enterprise has been completely run out of the state of California. There’s no movie enterprise as we knew it, it doesn’t exist. It’s over.
I used to be with [David] Zaslav at his home not too long ago, he threw a celebration for me when HBO launched the documentary. Very brilliantly, they created a bidding battle. John Malone is sensible.
Now, it’s in all probability going to get held up in courtroom two years as a result of the Ellisons usually are not going to let it go simply. You’ve bought Trump behind them, and the Arab cash. Who is aware of?
Ted Sarandos (Co-CEO of Netflix) may be very shut with Zaslav. Generally these guys do one another a favor, it’s an outdated Vegas trick.
You wish to promote a resort? You go to your buddy and say, give me a proposal. Simply fake you’re within the sport. And so they float it on the market and it begins this bidding battle. I nonetheless assume it’s going to be Paramount that winds up with it.
Ted and Netflix have by no means stepped out and bought something, it has all been constructed in-house. They’ve by no means been patrons, and Ted has been thumbing his nostril on the theatrical enterprise for years. He hasn’t made loads of pals among the many exhibition folks.
However issues are going to alter no matter who will get it. You’ll have much less locations to go to with product. We’ll be down to 3 locations, perhaps. We all know that the abroad gross sales are crucial and so they’re making movies all over the place; in Atlanta, Canada. It considerations me as a result of we don’t have the movie base and that the Hollywood we grew up in, it’s over.
The notion that the Ellisons are moneyed rubes getting performed by Hollywood sharpies within the Paramount WBD merger talks is just strengthened by their (mis)administration of CBS.
Giving Talarico and Colbert a Massive Enhance
The latest, and most excessive profile, blunder by CBS was strolling into this sh*tstorm whilst new Paramount WBD talks kicked off, per Axios:
Late-night host Stephen Colbert stated Monday night that CBS barred him from airing an interview with James Talarico, a Texas Democrat working for Senate, citing a current federal directive.
CBS has confronted mounting scrutiny in current months that its information arm and dad or mum firm, Paramount Skydance, are succumbing to stress from President Trump’s administration.
Colbert stated on air that CBS’ legal professionals instructed his present that it couldn’t have Talarico, a Texas state consultant, on the published.
“Then I used to be instructed, in some unsure phrases, that not solely may I not have him on, I couldn’t point out me not having him on,” he stated. “And since my community clearly doesn’t need us to speak about this, let’s speak about this.”
“FCC you,” Colbert stated, calling out FCC chairman Brendan Carr immediately. He added that Carr is “motivated by partisan functions.”
The FCC didn’t instantly reply to Axios’ request for touch upon Tuesday.
Nevertheless, CBS stated in a press release that the community didn’t prohibit the present from broadcasting the interview.
“The present was offered authorized steerage that the published may set off the FCC equal-time rule for 2 different candidates, together with Rep. Jasmine Crockett, and offered choices for a way the equal time for different candidates might be fulfilled,” the community stated.
The Streisand impact kicked in exhausting as soon as Colbert made it an argument, rebounding to Talarico’s profit, and presumably hurting the Paramount WBD merger.
The Late Present has been averaging round 2.3 million viewers in February, however the Talarico interview has 5.7 million views (and counting) on YouTube and one other 12 million views on Talarico’s X.com account.
I’ll have a bit extra on the Texas Senate race and why it issues in a bit, however first let end the Parmount WBD part with a evaluation a few of the different Paramount CBS personal targets.
What Bari Weiss Is Pouring Out at CBS Ain’t Going Down Easy
Whilst Paramount WBD is making an attempt to get one thing going, their golden woman at CBS retains getting in the way in which.
I’ve posted repeatedly in regards to the struggles of Bari Weiss, the Ellisons’ option to run CBS information (hyperlinks at backside of put up) however let’s run by the newest.
She’s triggered a significant expertise exodus, per Selection:
A big chunk of the manufacturing workforce behind “CBS Night Information” has opted to take buyouts that had been supplied in late January, in accordance with three folks accustomed to the matter, the newest signal of ambivalence by journalists at CBS Information concerning the plans of the unit’s chief, Bari Weiss. She not too long ago articulated a brand new imaginative and prescient that might place extra focus by the Paramount Skydance operation on streaming video and tales which can be “differentiated, which can be issues you’ll be able to’t get anyplace else.”
Roughly 11 members out of a manufacturing workers of about 40 have opted to depart, in accordance with these folks. A number of the departures come from among the many youngest members of the CBS Information workers, two of those folks say, a dynamic that has raised concern in regards to the capacity to deliver new views to acquainted routines. Not less than two workers taking the buyouts, nonetheless, had been veteran producers, who performed important roles in getting “CBS Night Information” out every weekday.
The exodus places a brand new highlight on CBS Information underneath Weiss, whose expertise is essentially tied to opinion writing and never the ins and outs of newsgathering. Weiss’ lack of know-how has resulted in a number of errors since her arrival in October, after Paramount purchased her conservative-opinion website The Free Press for $150 million. There have been entanglements with “60 Minutes”; exits by senior executives; and a tough begin for Dokoupil’s new tenure at “CBS Night Information” following feedback he made on-line about his intentions for his new job.
And the exodus contains famous person Vanderbilt heirs too, additionally per Selection:
Anderson Cooper will exit CBS Information‘ “60 Minutes” after practically 20 years of contributing to this system, in accordance with an individual accustomed to his considering…
“Being a correspondent at ’60 Minutes’ has been one of many highlights of my profession. I bought to inform wonderful tales, and work with a few of the greatest producers, editors and digital camera crews within the enterprise,” Cooper stated in a press release. “For practically twenty years, I’ve been in a position to steadiness my jobs at CNN and CBS, however I’ve little youngsters now and I wish to spend as a lot time with them as potential, whereas they wish to spend time with me.”
Cooper was stated to be in negotiations with CBS a few renewal in current weeks, however opted to place extra of his concentrate on actions at CNN.
Enterprise Insider has a enjoyable round-up of media insiders’ reactions to Cooper’s exit. TL,DR: Nobody quits these jobs to spend extra time with their household and Bari Weiss is overseeing a debacle.
Even worse, the narrative that the Ellisons try a significant takeover of American media on behalf of Trump (in some way the Ellisons’ loyalty to Israel is never talked about) has entered the mainstream consciousness. See this tweet on Paramount WBD from former FTC member Alvaro Bedoya:
Feb. 16. CBS tells Colbert to kill his interview with Texas Dem (and Senate candidate) James Talarico
Dec. 21. Bari Weiss tells 60 Minutes to drop its section on CECOT (it airs weeks later)
Dec. 10. Trump says “any deal” ought to contain restructuring CNN as a result of leaders are… https://t.co/6yAsrYkKHe
— Alvaro Bedoya (@BedoyaUSA) February 17, 2026
Johnathan Alter has the libs riled up together with his (presumably correct) conspiraversy imaginative and prescient of what’s occurring:
So right here’s what’s going to occur now: Netflix has agreed, underneath stress, to let Paramount SkyDance have a number of days of negotiations with Warner Discovery, whose board needed to go along with Netflix. However within the subsequent few days David Ellison and Larry Ellison will sweeten the bid. After which, from what I’ve heard from excellent sources, the Justice Division will announce what Republican senators have already hinted at, which is that they’ll block a merger with Netflix on antitrust grounds. Worldwide regulators might say the identical, ending Netflix’s bid.
That may be good: both of those mergers could be horrible for the inventive neighborhood, staff and the general public. However the demise of the Netflix deal would make it simpler for the Ellisons and Paramount to take over Warner Discovery, which might then give Bari Weiss and firm management not simply of CBS Information, however of CNN and HBO (Invoice Maher and John Oliver must go elsewhere). You then would have a scenario the place CBS, CNN, and Fox, to not point out TikTok, would all be underneath the management of Donald Trump.
Once more, no point out of Israel.
I think about the MSM-only information follower should discover it form of mysterious why Bari Weiss nonetheless has a lot assist in institutional and elite circle, like this:
That is so outrageous
A hate-monger who’s actually destroying journalism as we converse is being fêted at UCLA as some form of public mental pic.twitter.com/GLYj8ENFPh
— Linda Mamoun (@mamoun_linda) February 18, 2026
However let’s wrap with a bit extra in regards to the Texas race for US Senate.
Texas Might Flip the Senate Majority
As far-fetched as it could appear, the Texas Senate race is THE marquee race upon which management of the higher home relies upon.
The Democratic main can also be serving as a referendum of the nihilistic politics of “Darkish Woke” as represented by US Congressional Rep. Jasmine Crockett, the Republican Social gathering’s most well-liked Democratic nominee for the race.
She’s working in opposition to State Senator Talarico for the Dem Social gathering nomination.
Crockett’s trash-talking persona has succeeded in convincing the MSM that she represents a “Democratic Tea Social gathering” or “progressive firebrand“, regardless of her votes for navy funding for Israel and the marketing campaign cash she’s taken from tech oligarch Marc Andreessen, the Winklevoss cryptobros, Blackrock’s PAC, Lockheed Martin’s PAC, two cryptocurrency-funded tremendous PACs and “a fleet of different enterprise teams.”
The polling information (reminiscent of it’s, take with heaps of salt) appears to indicate that Crockett has the backing of Black voters and older voters (aka the Biden/Cuomo coalition) slightly than Latins and youthful voters (aka the Bernie Sanders coalition):
TX Senate Dem Major Crosstabs (Harris County solely, Dem n=2,000 LV)
• White: Talarico 61-29%
• Latino: Talarico 52-32%
• Black: Crockett 82-10%
—
• Dem: Crockett 48-43%
• Indie: Talarico 45-38%
—
• Age 18-34: Talarico 52-33%
• Age 35-54: Talarico 46-45%
• Age 55+:… https://t.co/xpd9FTA9tD pic.twitter.com/nSM7XORJHU— InteractivePolls (@IAPolls2022) February 17, 2026
The marketing campaign has actually featured loads of #KHive sort motion which is at all times a menace to tear aside the delicate Dem multi-ethnic coalition:
There’s a world the place the middle and left comply with make populist economics the Democratic tentpole and workforce as much as sideline the idpol liberals, however sadly there’s some huge cash being spent to verify the 3-way civil battle continues with a purpose to shield company pursuits. https://t.co/Pmnh7u3Vzb
— Austin Ahlman (@austinahlman) February 18, 2026
Joshua A. Cohen on the Ettingermentum Publication has extra evaluation on the significance of the race and the Jasmine Crockett issue:
For the Lone Star State’s long-beleaguered liberals, the stakes are terribly excessive. Because of yet one more tough Senate map and Donald Trump’s historic collapse in assist amongst Latino voters, the outcome this November in Texas may be very prone to be what determines which celebration wins the Senate this yr. After many years of low-energy primaries and movie star politics, Texas Democrats now have to make an exceptionally essential selection, one not too dissimilar in its stakes from a presidential main.
…this race appeared to supply one thing far realer: an precise, no-bullshit look into how actual post-2024 Democratic voters approached extremely essential races when supplied with all kinds of various tendencies to select from. And whereas left-of-center discourse remained caught on 2016-era progressive-vs.-centrist ideological debates, I noticed one thing totally different brewing in Texas…
This was the rise of Dallas’s Jasmine Crockett: second-term Home backbencher, pro-establishment liberal, and one of many defining social media phenoms of Trump 2.0.
…
When she formally entered the first in December, the celebration’s Senate nominee from the yr prior dropped out on the identical day. Nonpartisan polling already had her with an outright majority of the vote in opposition to her sole remaining opponent, all earlier than she had raised a single greenback, given a single speech or aired a single advert.
…
(Crockett) seemed to be simply wiping the ground with the entire different post-Biden liberal philosophies on supply, whether or not they be Colin Allred’s D.C.-directed centrism or James Talarico’s Bernie-lite Instagram politics.It was solely when she really entered the race that issues began to go improper.
…
The place the story again in November was the rise of a nihilistic liberal anti-politics, the story since then is how that model of politics has met its limits.
…
Very unexpectedly and fairly exceptionally, liberal content material customers had been extra prepared to offer her their hard-earned cash simply as a symbolic assertion of assist than they’re to really again an actual, significant marketing campaign. After I wrote earlier about Democrats making a distinction between cheerleaders and precise leaders, that is what it appears to be like like, and it’s a dire signal for each her and anybody else who seeks to construct an actual, viable nationwide political profession solely off of what performs nicely on social media.
Identical to with Paramount WBD, time will inform how the Texas Senate race shakes out, however for these dismissing the potential of a Democratic win in Texas, try these early vote numbers from Tarrant County, probably the most conservative city county in Texas:
There appears to be one thing taking place in Tarrant County 🧐 pic.twitter.com/0svK7s5Ezi
— Chris Tackett (aka See It Identify It Combat It) (@cjtackett) February 18, 2026
Tarrant, residence of Fort Price aka “Cowtown”, is similar county the place Dems not too long ago pulled off a surprising particular election win that noticed an exceptional 31 level swing away from the GOP from 2024 outcomes.
And all of that is taking place whereas the Interregnum of Unreality continues, whereas we await the seemingly inevitable pop of the AI bubble and a possible battle with Iran that can speed up Trump’s golden march to wreck.
Cling robust on the market.
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