Paramount and Warner Bros' deal is about merging studios, and a whole lot more

Paramount CEO David Ellison arrives with Sen. Lindsey Graham, R-S.C., before President Donald Trump delivers the State of the Union in the House chamber at the U.S. Capitol in Washington, Tuesday, Feb. 24, 2026.

The nearly $111 billion marriage would unite Paramount and Warner film studios, streamers and television properties — including CNN — under the control of the wealthy Ellison family.

(Image credit: Mark Schiefelbein/AP)