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.
