CNN Faces New Uncertainty as Paramount Skydance Pursues Hostile Takeover of Warner Bros. Discovery

CNN is once again facing a prolonged period of uncertainty after Paramount Skydance launched a hostile takeover bid for Warner Bros. Discovery, reopening questions about the cable network’s long-term future, its leadership, and its potential alignment with CBS News.

CNN and several of its sister cable channels were thrust back into limbo on Monday after Paramount Skydance announced a hostile bid for Warner Bros. Discovery (WBD), a move that could reshape the U.S. media landscape and trigger months—if not years—of management uncertainty. The development came just days after Netflix revealed that it would acquire WBD’s studio and streaming assets, excluding CNN from that deal and giving many employees a brief sense of relief.

If successful, Paramount’s takeover could lead to a consolidation of CNN with CBS News, reviving industry speculation about whether the two news operations might merge resources, correspondents, or editorial infrastructure. Such a scenario would mark one of the most consequential restructurings in American news media in more than a decade.

The uncertainty arrives during an already challenging phase for CNN, which has struggled with ratings, leadership turnover, and significant shifts in audience behavior as viewers continue migrating from cable to digital platforms. For many inside the network, the turbulence echoes a bygone era when founder Ted Turner was still at the helm.

Ross Benes, senior analyst at eMarketer, said the speed of corporate reshuffling has left CNN in an unfamiliar position. “That era might as well be the roaring ’20s for how long ago it feels,” he said, referring to Turner’s sale of the company in 1996.

Regulatory Hurdles and Political Undercurrents

Paramount’s offer requires approval from both shareholders and federal regulators, and analysts say the review process is likely to stretch well into 2026. The proposal is also unfolding against a tense political backdrop, with President Donald Trump publicly aligned with Paramount Skydance chairman David Ellison and his father, Oracle founder Larry Ellison.

Yet Trump has also lashed out at the company. In a post on Truth Social, he expressed anger over Sunday’s “60 Minutes” interview with former Representative Marjorie Taylor Greene—an on-air segment he claimed should never have been broadcast under the company’s new ownership. The contradiction underscores the unpredictable political dynamics surrounding the deal.

While some analysts believe Trump’s ties to the Ellison family could ease regulatory scrutiny, others caution that consolidation in the news market will draw careful examination from antitrust authorities and media-plurality regulators.

Cable Networks Under Strain

Ahead of Friday’s Netflix announcement, WBD had said it planned to spin off its cable properties—CNN, Discovery, HGTV, Food Network, and TLC—into a new company called Discovery Global. The move reflected the declining profitability of linear cable channels as streaming services continue to dominate the television landscape.

Those plans created fresh anxiety inside CNN, according to Tom Johnson, who served as the network’s president in the 1990s. “Those announcements lead to more uncertainty and greater anxiety among the current CNN staff and among those of us who served for many years as leaders of CNN under Ted,” he said.

CNN’s ratings have slipped sharply in recent years, solidifying its position as the third-ranked cable news network behind Fox News Channel and MS Now (formerly MSNBC). In response, current CEO Mark Thompson has accelerated CNN’s expansion into digital services, including a new subscription-based platform expected to become a central pillar of the network’s revenue strategy.

Thompson told employees last week that Discovery Global’s leadership had approved a 2026 budget supporting the digital transformation plan. “I know this strategic review has been a period of inevitable uncertainty across CNN and indeed the whole of WBD,” he wrote in a staff memo. “But I do think the path to the successful transformation of this great news enterprise remains open.”

The company declined to provide additional comment Monday.

Potential Merger With CBS News Raises Questions

Since Paramount completed its takeover of CBS News this past summer, the network has taken steps that observers say are aimed at broadening appeal among more conservative viewers. One notable move was appointing Free Press founder Bari Weiss as editor-in-chief. Weiss is set to moderate a prime-time conversation this weekend with Erika Kirk, widow of slain conservative activist Charlie Kirk.

David Ellison added to the speculation on Monday when he responded “yeah” on CNBC after being asked whether he intended to combine CNN’s newsroom operations with CBS News. He did not elaborate on what a combined structure might look like, offering instead a broad vision for a “scaled news service” grounded in trust and aimed at what he described as the 70% of Americans “in the middle.”

The remarks left industry analysts divided over whether a merger would lead to a centralized reporting hub or a realignment of editorial priorities across both brands.

Long Road Ahead for Any Ownership Change

Media analysts say CNN is unlikely to receive clarity anytime soon. Even without the Paramount bid, the Netflix deal was already expected to face more than a year of regulatory scrutiny. The addition of a second competing offer could extend the process even further, potentially locking CNN in operational limbo for years.

Benes, the eMarketer analyst, said a Netflix victory would likely lead to Discovery Global being offered to other buyers. “CNN will be in limbo for a while no matter which bidder purchases CNN,” he said.

Former CNN president Tom Johnson said the network’s long-term mission remains essential regardless of ownership. “There is such a need for independent, unbiased news services,” he said. “I so hope that the new CNN owners will see that as their fundamental mission.”