Colbert Takes Aim at Paramount’s $108 Billion Bid for Warner Bros. Discovery — and CBS Cancelling His Own Show
December 2025
In a week already buzzing with industry shockwaves, Stephen Colbert brought both sharp comedy and biting commentary to the late-night table Tuesday night as he reacted to his parent company’s massive — and controversial — hostile bid to acquire Warner Bros. Discovery.
The deal, if successful, would see Paramount, led by new CEO David Ellison, outmaneuver Netflix, which last week announced its own blockbuster $82.7 billion agreement to acquire Warner Bros.’ film and TV assets, including HBO and HBO Max.
But now, Ellison’s $108 billion tender offer, valued at $30 per share, has stolen the spotlight — and Colbert’s monologue didn’t miss the opportunity.
“If They’ve Got That Kind of Green…”
Colbert opened his Tuesday Late Show monologue with a nod to the staggering price tag:
“Wow. I gotta say, if my company’s got that kind of green, I’m sure they can afford to un-cancel one of their best shows.”
The audience erupted into cheers.
“CBS, you heard the people — bring back The Equalizer.”
The joke was pointed — and personal.
In July 2025, just weeks before Ellison’s Skydance Media finalized its takeover of Paramount, CBS stunned the entertainment world by announcing that it would end The Late Show with Stephen Colbert after the current season, citing $40 million in annual losses as the primary reason.
Ellison’s Bid: Saudi-Backed, Sky-High
But Colbert wasn’t just roasting CBS’s budgeting decisions.
He turned his attention to a critical — and politically thorny — aspect of the Paramount-WBD offer: $24 billion in financial backing from wealth funds controlled by Saudi Arabia, Qatar, and Abu Dhabi.
“And when the dictator of Saudi Arabia gives you billions of dollars,” Colbert quipped, “I’m sure there’s no catch.”
Then, with his signature satirical flair, he delivered the line already circulating across social platforms:
“In a totally unrelated story, I’m looking forward to next season’s new CBS hit comedy: Young Mohammed bin Sheldon.”
Corporate Irony: CBS Cancels Colbert While Spending Billions Elsewhere
Colbert’s critique landed hardest in the glaring contrast between CBS’s decision to cancel a flagship late-night show over cost concerns and the parent company’s newfound willingness to drop more than $108 billion on a mega-merger.
“It’s just funny,” one audience member posted on X. “You can afford Warner Bros., but not Colbert?”
Fans and media analysts alike were quick to point out the hypocrisy, noting that The Late Show remains one of the most influential — and politically relevant — voices in late-night TV.
“If Stephen Colbert ends his run while his company is spending billions to buy HBO, it’s the entertainment version of corporate gaslighting,” tweeted one media columnist.
Streaming Wars Get Political — and Global
The Paramount bid comes just days after Netflix announced its surprise agreement with Warner Bros. Discovery — a move widely seen as Netflix’s attempt to shore up content ownership amid increasing competition from Apple TV+, Amazon Prime, and Disney+.
Paramount’s counter-offer, according to insiders, is Ellison’s moonshot effort to reshape the streaming landscape — one that depends heavily on capital from Middle Eastern sovereign wealth funds.
“This is about more than content,” said one analyst. “It’s about who gets to control the next generation of global media.”
The involvement of Saudi and Qatari investment arms has raised eyebrows, particularly in the context of rising concern about foreign influence in American cultural products.
What Happens to HBO, DC, and CNN?
If the Paramount acquisition goes through, the future of Warner Bros. Discovery properties could shift dramatically. Key questions include:
Will HBO remain independent?
What happens to the DC film universe, long plagued by reboot confusion?
Will CNN, already undergoing leadership turnover, be spun off or shut down?
Insiders suggest that Ellison sees HBO as a prestige anchor, much like Apple TV+ sees its curated drama lineup, but wants to break apart other divisions, including underperforming units.
Colbert’s Future: One Last Season — Or a Surprise Revival?
While CBS has remained firm in its public stance that The Late Show will end this season, Colbert’s fanbase continues to rally for a reversal, especially in light of the network’s lavish acquisition plans.
“They canceled Colbert to save $40 million and just offered $108 billion for WBD? Make it make sense,” read one top comment on Reddit.
As of now, Colbert has not announced future plans, though speculation includes everything from a new streaming-based show to a political media venture.
Reactions From Industry and Online
Media watchdogs, late-night alumni, and Hollywood execs are reacting to the growing tension between Colbert’s outspoken satire and the shifting priorities of network leadership.
Rolling Stone called the monologue “Colbert’s best in years.”
Deadline noted the segment “underscored the absurd contradictions of modern media ownership.”
The Atlantic posed the question: “What does it say about a media empire that it fears the price tag of truth more than the cost of silence?”
Final Take: Billion-Dollar Deals, One-Liner Consequences
As late-night television continues its existential crisis and media giants look increasingly to global capital for survival, Stephen Colbert’s monologue wasn’t just a roast — it was a warning.
“When the people signing the checks are global dictators and the talent gets shown the door,” said one observer, “you’ve got more than a streaming war — you’ve got a cultural reckoning.” Colbert, never one to shy away from the uncomfortable, gave viewers not only a laugh — but a mirror.
And in that mirror, Paramount may not like what it sees.