Following Netflix's unexpected withdrawal from the months-long bidding war, Paramount has now emerged as the clear victor in the acquisition of Warner Bros. Discovery, the parent company of CNN. Viewers and readers of CNN are likely pondering the same question as the network's employees: what does a Paramount takeover mean for CNN?
The answer remains unclear. Paramount executives have privately discussed the possibility of merging their CBS News division with CNN and have praised CNN's journalistic capabilities and global influence.
However, both CNN staff and its audience harbor deep concerns: whether Paramount CEO David Ellison can uphold the editorial independence of the news network amidst significant political turbulence.
After all, former U.S. President Donald Trump has long sought to undermine CNN and reportedly viewed the recent Warner Bros. Discovery bidding war as another avenue to exert influence. Trump stated last December that "selling CNN is imperative," indicating his support for Paramount's acquisition proposal.
Paramount's financing for the deal is also under scrutiny, with several Middle Eastern sovereign wealth funds involved. Journalists worry that such funding could complicate, or even suppress, CNN's reporting on that region.
Furthermore, David Ellison's father, Oracle billionaire Larry Ellison, is one of the world's wealthiest individuals and a close ally of Trump. Larry was deeply involved in the deal, approved by Trump, that allowed TikTok to continue operating in the United States.
The bidding war concluded abruptly on Thursday when Netflix declined to match Paramount's latest offer. Like everyone else, Paramount's leadership was caught off guard by Netflix's concession. Consequently, the company has not yet commented on the victory or disclosed its plans for CNN.
In recent months, however, Ellison has repeatedly stated his commitment to maintaining news operations, asserting that "the majority of Americans crave balanced, fact-based news."
On the very day he officially took over Paramount last August, he expressed high hopes for the demoralized CBS News division, stating his desire for it to "reach the broadest possible audience."
He asserted that CBS News's reporting could appeal to "70%" of Americans, covering a spectrum "from center-left to center-right"—an audience vision that aligns closely with CNN's own positioning.
Arguably, Ellison's most potent statement about the future of news came through financial action: last October, he spent $150 million to acquire The Free Press and appointed its co-founder, Bari Weiss, as the editor-in-chief of CBS News.
This decision, along with subsequent controversies that erupted at CBS News, has unsettled journalists both inside and outside the company.
More broadly, Paramount's pro-Trump posturing, aimed at currying favor with the Trump administration to secure support for business deals, has drawn accusations of corruption from Democrats, who have promised future investigations.
Former FTC Commissioner Alvaro Bedoya posted on X: "To please Trump, they canceled Colbert, obstructed the CECOT investigation, and banned Talarico. More will follow. This dirty deal must be stopped."
California Attorney General Rob Bonta stated on Thursday evening that he might seek to block the deal: "The California Department of Justice has opened an investigation, and we will conduct a rigorous review."
Nevertheless, according to a source familiar with Paramount's thinking, the company's executives believe there is a pathway to complete the merger by the end of this year.
**Paramount Under Ellison: Mixed Signals**
The internal situation at Paramount in the Ellison era is complex, with conflicting narratives about the company's direction.
This is the same company that canceled the CBS late-night show *The Colbert Report* but also renewed the contract for Comedy Central's Jon Stewart and ordered more episodes of the Trump-satirizing comedy *South Park*.
The same news chief, Bari Weiss, once delayed an episode of *60 Minutes* critical of the Trump administration, only to approve its broadcast weeks later and express regret over the ensuing controversy.
The same CEO, David Ellison, has cultivated a close relationship with Trump but had previously donated $1 million to Joe Biden's re-election campaign.
CBS News continues to produce hard-hitting investigative reports on the Trump administration and other subjects.
Weiss has confided to associates that she feels no pressure from Paramount to slant CBS News coverage toward any political party.
At an all-hands meeting last month, she told staff that her communications with Ellison revolve "only around fairness. That's it. He has never previewed any broadcast content, nor has there been any intervention of that kind."
Her description of CBS News's future closely mirrors how CNN CEO Mark Thompson has described CNN's path forward.
Weiss called CBS News "the best-capitalized media startup in the world" and spoke of a critically needed digital transformation. "We must immediately adopt a streaming mindset," she said.
However, early missteps by Weiss have raised questions and led some CBS News staff to doubt her management capabilities.
Political storms beyond her control have also negatively impacted public perception of her transformation plans.
Last December, *The Wall Street Journal* reported, citing people familiar with the matter, that "David Ellison assured Trump administration officials that if he acquired Warner, he would implement a comprehensive overhaul of CNN, which has long been a target of Trump's criticism."
Paramount did not respond to that claim at the time.
**"One Newsroom, One Mission"**
Earlier this week, while releasing quarterly earnings, Paramount stated in a letter to investors that the CBS News leadership team "is focused on building 'one newsroom, with one mission'—to deliver outstanding journalism to the widest possible audience."
"At a time when trust in mainstream news and legacy media has hit historic lows, transformation is critical," Paramount said. "The goal is to build a modern news organization fit for the digital age, grounded in facts, rigorous reporting, and audience focus."
"As part of this revitalization, we will expand the range of subjects covered and amplify more diverse voices," the company added. "We are reshaping the CBS News 24/7 channel with new formats and programming, through podcasts, newsletters, live news events, and more, while investing in core brands like *60 Minutes*, *48 Hours*, and *Sunday Morning*."
A closer look reveals that CNN is pursuing similar initiatives, such as launching a streaming subscription service.
Thanks to cable carriage fees and advertising revenue, CNN remains highly profitable, with Warner Bros. Discovery projecting annual operating profit of approximately $600 million this year. However, this business, which once yielded over $1 billion in yearly profit, is under significant pressure.
Merging CNN with CBS News—a long-discussed possibility—could face obstacles: CBS News employees are highly unionized, whereas CNN staff are not.
While merging these two legendary news brands makes logical sense, the practical execution could be extremely difficult.
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