Tracy Mumford

Back in December, Netflix sent shockwaves through the entertainment industry when it said it would acquire Warner Bros.

Discovery, the legacy movie studio and TV juggernaut which owns everything from HBO to Bugs Bunny.

But Paramount wanted it too.

Now, Paramount has put in an even better offer, and Netflix is backing down.

This latest turn paves the way for a major new force in U.S.

media to become even more powerful.

Paramount's owned by David Ellison, whose father is the billionaire founder of the tech giant Oracle and has close ties to President Trump.

Ellison took control of Paramount last year and immediately shook up its storied news division at CBS, pledging it would become more centrist.

His potential acquisition of Warner Brothers, which will need the approval of federal regulators, would also put him in charge of CNN, where millions more people get their news.

Overall, it is quite the story arc for Ellison, who came to Hollywood two decades ago trying to be an actor and is now poised to own a massive chunk of the entire news and entertainment industry.

Those are the headlines.

If you'd like to play the Friday News Quiz, it is just after these credits.

This show is made by Will Jarvis, Jan Stewart, and me, Tracy Mumford.

Original theme by Dan Powell.

Special thanks to Isabella Anderson, Larissa Anderson, Miles McKinley, Zoe Murphy, and Paula Schumann.

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Every week, we ask you a few questions about stories the Times has been covering.

Can you get them all?

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This week, President Trump gave a marathon-length State of the Union speech, touting his leadership and slamming Democrats.