Bulwark Takes: "Jared Kushner Joins Paramount’s Hostile Bid For Warner Bros."

Date: December 9, 2025
Host: JBL (The Bulwark)
Guests: Kathryn Rampel, Sonny Bunch

Episode Overview

This episode dives into the chaotic, high-stakes bidding war for Warner Brothers Discovery, highlighting the latest twist: Jared Kushner, President Trump's son-in-law, has joined Paramount’s hostile takeover attempt after Netflix appeared poised to secure the legendary studio. The panel (JBL, Kathryn Rampel, and Sonny Bunch) explores the merger's financial, political, and cultural implications, the Trump-world connections at play, and what this power struggle might mean for Hollywood and American media at large.

Key Discussion Points & Insights

1. The State of Play: Warner Brothers on the Market

[01:29–03:48]

• Sonny Bunch recaps the sequence:

  • Paramount/Skydance initially made offers to buy Warner Brothers Discovery (WBD), which were rebuffed.
  • Netflix, first seen as a “spoiler” bidder, surprised insiders by presenting a stronger offer, targeting the studio but not the cable assets.
  • Paramount, backed by the Ellisons and now joined by Jared Kushner, responded with a hostile bid, raising new questions about the deal's future.

  “All the industry watchers ... are like, Netflix is just trying to drive the price up. ... So I think people were kind of surprised when it shook out this way ...” (Sonny Bunch, 02:14)

  • Paramount wants "the whole kit and caboodle," including CNN, potentially to consolidate news operations with CBS.

2. The Politics of the Bidding War

[03:48–08:34]

• Kathryn Rampel and JBL map out new alliances:

  • Jared Kushner (Trump’s son-in-law) is now a player, supported by foreign money—including the Saudi sovereign wealth fund and Chinese interests (Tencent).
  • Trump’s inner circle and political allies (e.g., Jason Miller, Larry Ellison) are deeply invested in this deal’s outcome.

  “It is really difficult [to talk] about this without getting into these strange alliances with various grifting Nepo babies who are involved.” (Kathryn Rampel, 05:12)

  • Paramount’s hopes to leverage Trump’s influence, potentially offering him favors (like greenlighting Rush Hour 4).

  "They've basically [been] asking Trump and Trump’s DOJ to put their thumb on the scale as a favor to Larry and David Ellison." (Kathryn Rampel, 07:28)

3. Regulatory Hurdles and the “Breakup Fee”

[10:10–13:30]

• Both Netflix and Paramount included a $5 billion “breakup fee” to be paid if antitrust regulators torpedo the deal.

  • Kathryn Rampel clarifies this is unusually large but underscores the significant regulatory risks.
  • Antitrust concerns loom regardless of bidder; both Netflix-WBD and Paramount-WBD would be seismic mergers.

  "This [breakup fee] is an unusually big one and honestly, it would be a great deal for Warner Brothers ... even without Trump's involvement ... this size of a merger would likely face some antitrust hurdles." (Kathryn Rampel, 10:30)

  • Political intervention by Trump, if proven, could paradoxically strengthen legal challenges by making the case seem tainted by political retribution.

  "The fact that Trump has publicly weighed in and said he wants to intervene would be a very useful argument for the merged entity to make in court ..." (Kathryn Rampel, 11:15)

4. The Hostile Takeover Process: Where Things Stand

[13:30–16:12]

• The Netflix deal seemed near-final, but shareholders—not just the board—must approve.

• Paramount’s higher hostile offer and Trump’s public threats complicate matters. If Netflix drops out, barriers fall for Paramount; however, Trump’s involvement may actually lengthen and complicate regulatory review.

  "It may not be ultimately a good deal for shareholders ... given the folks who are involved to make it through. But, like, I don't know that it's going to work out. But that said, this may not be about profits for [the Ellisons]." (Kathryn Rampel, 16:23)

5. Motives: Dollars or Power?

[17:30–18:55]

• JBL and Kathryn reflect on the possible non-economic motivations for a Paramount/Trumpworld win:

  • Comparisons to Elon Musk’s Twitter purchase: a tool for influence, not returns.
  • The real value may be in controlling CNN and CBS, reshaping the media landscape for political advantage.

  "It's not about getting a dollar figure return ... It's about buying all of that influence with potentially CNN with ... CBS ... controlling a lot more of the media ecosystem which will help them ingratiate themselves to Trump further." (Kathryn Rampel, 18:18)

6. The Future of Hollywood: Cultural Impact

[18:55–22:29]

• Sonny Bunch warns of grim consequences for moviegoers and theatrical releases:

  • Either scenario (Netflix or Paramount winning) likely means fewer films, increased IP focus (Superman, Harry Potter franchises), and more streaming-centric content at the expense of cinemas.
  • Warner Brothers generates 16% of box office revenue; its reduction would devastate theaters and the industry.

  "Knocking out 16% of the box office take ... would be disastrous. It would lead to a bunch of multiplexes closing ... fewer movies being made for theaters. It just creates a whole vicious cycle." (Sonny Bunch, 19:15)

  • HBO’s fate is uncertain: Netflix might standardize binge releases, diluting HBO’s prestige series approach. Paramount likely no better, given historic consolidation cutbacks.

Notable Quotes & Memorable Moments

• JBL Tweaks Kushner’s Credentials:

  "The President’s son-in-law is a big media guy because he himself once ran the New York Observer ... It's his journalistic skill set, clearly." (JBL & Kathryn Rampel, 05:43-05:54)

• On Grifting Nepotism:

  "Grifting Nepo babies who are involved." (Kathryn Rampel, 05:12)

• On Political Favors:

  "Promising to distribute Rush Hour 4, which Trump and apparently no one else on earth wants." (Kathryn Rampel, 07:28)

• On What the Battle Really Means for Hollywood:

  "Everything looks like [it’s shot on a handheld] ... it's just a mess all around." (Sonny Bunch, 19:06, 22:29)

Important Segment Timestamps

• 01:29 – Main discussion begins, JBL sets the stage
• 02:14 – Sonny summarizes the deal sequence and industry skepticism
• 05:12 – Kathryn highlights Kushner’s role and the web of Trumpworld influence
• 07:28 – Paramount’s dependence on Trumpworld, favors, and "Rush Hour 4"
• 10:10 – $5 billion breakup fee and regulatory hurdles explained
• 13:30 – Hostile takeover mechanics & shareholder dynamics
• 17:30 – Analysis of motivations: money vs. influence
• 18:55 – Cultural and industry consequences, the threat to theaters
• 22:29 – JBL summarizes the bleak options ahead

Takeaways

• Stakes are extraordinarily high: The deal determines not just media ownership but the shape, diversity, and independence of American journalism and entertainment.
• Politics are inseparable: The Trump family’s involvement and the lobbying for regulatory intervention are inextricably linked.
• Who loses?: Creatives, audiences, and theater workers, with further consolidation threatening diversity and jobs in the arts and media.
• No good answers: Both deals look bad for the cinematic arts and media independence. The best hope may be for Warner Brothers to take the breakup fee and preserve some status quo, though this is unlikely.

Tone & Style

The tone is brisk, skeptical, and infused with Bulwark’s characteristic cynicism toward both Trumpworld and the tech/Wall Street takeover of legacy American institutions. The guests approach the Hollywood deal with a mix of gallows humor, sharp insights, and regretful resignation about the diminishing prospects for independent media and the arts.

For listeners and readers alike, the episode offers a concise yet comprehensive look at a takeover battle that’s about much more than money.