ATLANTA, Ga – Paramount Skydance, led by CEO David Ellison, has locked in a blockbuster deal to buy Warner Bros. Discovery (WBD), CNN’s parent company, for about $111 billion.

The agreement came together after Netflix suddenly stepped out of the drawn-out bidding contest in late February 2026. Now, the Ellison family, backed by Oracle co-founder Larry Ellison‘s deep pockets, is set to take control of a massive mix of entertainment and news brands.

The purchase values WBD at roughly $110 to $111 billion in enterprise value, with cash terms near $31 per share. It covers major properties like HBO, Warner Bros. studios, DC Comics, and, most importantly for journalists, CNN.

The deal still needs sign-off from the Department of Justice and other regulators. If approvals come through, the merger could close later in 2026, possibly in the third quarter.

Inside CNN, the reaction has been tense. Many employees fear a reset of the network’s editorial tone, a possible tie-up with CBS News, and another round of layoffs. People familiar with the mood describe it as “horrific,” “devastated,” and “beyond bleak.” On top of that, the ownership’s political associations have added to staff unease.

CNN’s Falling Ratings and Trust Problems

CNN has struggled for years as the cable news audience splinters and streaming pulls viewers away. At the same time, Fox News, MSNBC, and a flood of digital outlets have squeezed prime-time attention. As a result, CNN’s ratings have slipped hard, and the network often trails its main rivals in key audience groups. Compared with its highs in the late 2010s and early 2020s, the drop has been steep.

Many critics also say CNN has damaged its reputation. They point to perceived bias, public stumbles, and more programming that feels like opinion rather than straight reporting. In turn, some former viewers say they stopped watching because they don’t trust the coverage anymore. All of this leaves CNN exposed while media habits keep changing.

• Steep ratings slide: CNN’s audience share has dropped sharply since the 2020 highs.
• Trust concerns: Ongoing claims of political tilt have pushed some viewers away.
• Money pressure: Debt from earlier deals and weaker ad sales keep squeezing the business.

Fear Inside CNN, and Fewer Places to Go

At CNN headquarters and in its newsrooms, worry has turned into open dread. Reports describe staff as “shaken” and “panicking,” with many expecting job cuts soon after the merger closes. Since CNN has already gone through multiple layoffs under prior ownership, employees say they feel worn down and exposed.

There’s another problem, too. Traditional media jobs have been drying up, so plenty of experienced producers and reporters don’t see many safe exits. That’s why talk of consolidation, especially a possible blend of CNN and Paramount’s CBS News operations, has hit so hard. If leaders combine teams, overlapping roles could disappear fast.

• Layoff anxiety: Many staffers expect “brutal” cuts as owners chase savings.
• Limited options: Mid-career employees often see few openings elsewhere.
• Low morale: People describe the atmosphere as “depressing” and “horrific,” even as leaders ask for patience.

CNN CEO Mark Thompson has urged employees not to “jump to conclusions.” He has also pointed to CNN’s strong reporting operation. Still, those messages haven’t calmed many nerves.

The Ellison Angle, Trump Links, and Editorial Worries

The financial force behind the deal, Larry Ellison, has openly praised Donald Trump and supported him politically. Meanwhile, David Ellison now runs Paramount Skydance following its merger with Paramount. For CNN staff, that mix raises a sensitive concern: whether the new owners will push CNN’s coverage in a different direction.

For years, CNN has taken a tough line on Trump. Now, some employees fear a shift toward more centrist or conservative framing, especially if the owners want a tone that fits their views or business ties. That’s why promises of independence, even when stated clearly, have not erased the skepticism.

David Ellison has said CNN will keep editorial freedom. Speaking on CNBC, he said, “we want to be in the truth business,” and he framed the deal as good for both CNN and CBS News. Even so, doubts linger, in part because CBS News has seen disruptions tied to leadership changes and the placement of voices that criticize mainstream coverage.

At the corporate level, a CNN and CBS News partnership could bring shared resources and cost savings. However, it could also blur CNN’s identity if teams and priorities merge too tightly. Executives have discussed possible “synergies” in private, highlighting CNN’s global reach while also looking for efficiencies.

What Happens Next for CNN, and Why It Matters

The deal now moves into a review phase, including antitrust scrutiny and other oversight that could shape final terms. If regulators approve it, the combined Paramount-WBD company would control a huge library of shows and films, major streaming services, and a powerful set of news brands. That kind of consolidation could change how competitors fight for viewers, ad dollars, and distribution.

For CNN employees, the near-term outlook feels unstable. David Ellison talks about investing in news, but merger math often brings cuts. Add in weaker ratings and the politics around the new ownership, and many staffers expect a rough stretch. People want clarity, yet they’re preparing for disruption.

This takeover also reflects a bigger pattern in media. Legacy companies keep combining, wealthy owners carry more influence, and politics keeps shaping trust in journalism. Whether CNN comes out stronger or simply different may be one of the biggest media stories of 2026.

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CNN Host Abby Phillip Forced to Apologize Over New York Attack Claims

WASHINGTON, D.C. – President Donald Trump said late Friday that U.S. forces launched a large bombing operation on Iranian military positions on Kharg Island, a small but high-value site in the Persian Gulf.

In his statement, Trump claimed the strikes “totally obliterated every MILITARY target” on what he described as Iran’s “crown jewel.” He also warned that Kharg’s key oil facilities could be hit next if Iran threatens shipping routes.

“Moments ago, at my direction, the United States Central Command executed one of the most powerful bombing raids in the history of the Middle East, and totally obliterated every MILITARY target in Iran’s crown jewel, Kharg Island,” Trump wrote on Truth Social.

He said U.S. forces did not hit oil infrastructure “for reasons of decency.” Still, he added that he could reverse that choice if Iran interferes with maritime traffic. “Should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider this decision.”

The statement landed as the two-week U.S.-Israel war against Iran grows sharper. Reports described blasts on the island and heavy smoke over the struck areas, while Iranian officials promised a response. U.S. officials said the operation focused on military assets, and for now, the oil export terminal remains intact.

What Is Kharg Island? A Key Link in Iran’s Oil Exports

Kharg Island is a dry, compact island of about 20 square kilometers (around 7.7 square miles). It sits roughly 25 to 30 kilometers (15 to 19 miles) off Iran’s southwestern coast in Bushehr province. It’s often called the “forbidden island” because of tight security and long-standing military restrictions. For decades, it has served as the core of Iran’s oil export system.

• Main oil export terminal: Kharg handles 90 to 95% of Iran’s crude exports. Under normal conditions, it can move about 1.3 to 1.6 million barrels per day. In recent months, reports said volumes surged as high as 3 million barrels per day during war preparations.
• Major infrastructure: The island includes deepwater jetties that can load supertankers, large storage tanks holding millions of barrels (including backups up to 18 million barrels), and pipelines tied to key onshore and offshore fields.
• Why it matters to Iran’s finances: Oil sales, mostly to China, bring in cash that supports government spending and activities tied to the Islamic Revolutionary Guard Corps (IRGC). If Kharg goes offline, Iran’s economy could take a severe hit, and money for military operations could shrink.

Analysts often describe Kharg as Iran’s most exposed economic target. One expert called it “the artery connecting the Iranian economy to the global economy.” The facilities can load up to 10 supertankers at once, placing it among the world’s largest offshore crude terminals.

Kharg rose to global importance during Iran’s oil growth years in the 1960s. It also took damage during the Iran-Iraq War (1980 to 1988) but continued operating. Even with newer options, including Iran’s push to expand capacity at terminals like Jask outside the Strait of Hormuz, Kharg remains central to Tehran’s energy plans.

Why the U.S. Hit Kharg’s Military Defenses

Kharg is more than an oil hub. Iran also stations defensive forces there to shield the export system. Reports from multiple sources said U.S. strikes hit air defenses, command sites, and other military positions tied to protecting the island.

• Why start with military targets? Many analysts see this as a measured step. It shows U.S. reach and firepower, while avoiding an immediate shock to global oil supply by holding off on strikes against export facilities.
• A direct message on the Strait of Hormuz: Trump tied future decisions to Iran’s behavior around the waterway, where about 20% of global oil flows. Iran has reportedly placed mines and threatened disruptions as the wider conflict unfolds.
• How this fits the broader campaign: The attack follows U.S. and Israeli strikes on Iranian military and nuclear sites, and some energy-related targets. Until now, Kharg had not been hit, and many experts have warned that damaging it could trigger severe economic fallout and raise the risk of rapid escalation.

Trump said U.S. Central Command (CENTCOM) carried out the operation, which he described as historic in size. At the same time, the U.S. is sending more forces into the region, including 2,500 Marines and an amphibious assault ship. That has fueled talk about possible ground action, although Trump has said taking the island isn’t “high on the list.”

What This Could Mean for Oil Prices and the Risk of Escalation

Energy markets reacted quickly. Oil prices have already risen about 40% since the war began, and they could climb again if Kharg’s oil terminal becomes a target. Because Kharg plays such a large role in Iranian exports, a long disruption could squeeze supply, even if most Iranian crude goes to China.

• Early warnings from Iran: Iranian leaders have warned they could strike U.S. and allied energy assets if Iran’s own facilities are attacked.
• More signs of a widening conflict: The strikes came alongside reports of explosions in Tehran and public rallies showing defiance against the U.S.-Israel campaign.
• Growing international concern: Many analysts warn that hitting Kharg’s export infrastructure could set off a chain reaction, including regional instability and serious humanitarian consequences.

Iranian officials, including parliament speaker Mohammad-Bagher Ghalibaf, have previously said attacks on southern islands like Kharg would end “all restraint.”

What Comes Next for Kharg Island

As the war moves into its third week, Kharg Island is now a central pressure point. Trump’s warning leaves open the possibility of new strikes, while Iran’s next steps may decide whether the “crown jewel” keeps operating or turns into a direct battlefield target.

For now, the world is watching closely because this small island in the Persian Gulf could shape the direction of one of the biggest Middle East crises in decades.

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NEW YORK – CNN anchor Abby Phillip was forced to issue a public apology Wednesday after she misstated key details about an ISIS-inspired attempted attack in New York City. Phillip said on air that the incident targeted Mayor Zohran Mamdani. In fact, investigators said suspects threw improvised explosive devices into a crowd of anti-Muslim protesters gathered near Gracie Mansion, not at the mayor himself.

Phillip’s comment aired Tuesday on CNN NewsNight and quickly drew criticism online. Viewers and media watchers said the wording blurred the facts in a tense story already tied to political arguments about Islamophobia.

Before a commercial break, Phillip teased the segment by saying: “Two Republicans say Muslims don’t belong here after an attempted terror attack against New York’s Mayor Zohran Mamdani, and the House Speaker, Mike Johnson, says nothing, really, to condemn those comments.”

That line made it sound like the mayor was the target. Mamdani is New York City’s first Muslim mayor, so the framing also carried added weight in the broader debate over anti-Muslim rhetoric.

Phillip Issues a Clarification and Apology

Later that day, Phillip corrected herself on X (formerly Twitter). She wrote that her wording was wrong and that she missed the error before it aired.

“I want to correct something I said last night. The bombs thrown in New York City over the weekend by ISIS inspired attackers was thrown into a crowd of anti-Muslim protestors and not specifically targeted at Mayor Mamdani. That wording was inaccurate and I didn’t catch it ahead of time. I apologise for the error.”

Phillip did not share more details about how the mistake happened. Still, people familiar with TV production often point out that show teases come together quickly, sometimes minutes before air.

What Happened Outside Gracie Mansion

Authorities said the attempted attack took place Saturday during a protest outside Gracie Mansion in Manhattan. Anti-Muslim demonstrators were gathered near the mayor’s official residence when two suspects allegedly threw homemade IEDs into the crowd.

Officials said no one was hurt. Even so, the situation raised alarms because investigators described the devices as potentially deadly.

Key details released by law enforcement included:

• Suspects: Emir Balat, 18, and Ibrahim Kayumi, 19, both US citizens from the Philadelphia suburbs.
• Charges: Federal authorities charged both men with terrorism-related offenses. Investigators said one suspect yelled “ISIS” during the arrest. They also said the other admitted he pledged allegiance to the Islamic State.
• Investigation: The NYPD and FBI labeled the case “ISIS-inspired terrorism.” One device reportedly ignited but did not fully detonate. Authorities said the explosives could have caused serious injury or death.
• Motive: Court documents say the suspects wanted an attack bigger than the 2013 Boston Marathon bombing, which killed three people.

Afterward, Mayor Mamdani condemned the attempt as “heinous” terrorism and praised first responders. At the same time, his early remarks avoided the phrase “radical Islamic terror,” a choice that echoed older political fights over language and blame.

Wider Fallout and Media Pressure

The on-air mix-up landed during intense coverage of Mamdani, a progressive Democrat who took office in January 2026. He is also described as the city’s youngest mayor in more than a century, plus its first Asian American and Muslim leader. Since his election, his rise and policy agenda have drawn both support and pushback, including remarks from some Republicans about Muslims in American public life.

CNN also faced criticism in related coverage of the New York terror attack. The network deleted a social media post and added an editor’s note to an online story after critics said the framing minimized what happened. CNN said the original presentation did not meet its editorial standards.

Phillip’s correction sparked mixed reactions. Some commentators demanded stronger accountability, including calls for her to be pulled off the air. Others treated it as a standard correction and said she handled it the right way by addressing it quickly.

Media analysts often warn that breaking-news pressure can lead to mistakes, especially when early details shift and politics heat up fast. Still, critics argue that terrorism coverage leaves little room for sloppy wording, because small errors can change how the public understands what happened.

Mayor Mamdani has not addressed Phillip’s remarks directly. He has continued to stress a focus on stopping extremism and hate across the city.

In the end, the episode shows how quickly a single line can reshape a story, and why accuracy matters most when reporting on terrorism and public safety.

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