Paramount signed a $110 billion deal to buy Warner Bros Discovery on Friday — handing news channel CNN over to ‘MAGA-friendly’ David Ellison, the son of multi-billionaire Oracle co-founder Larry Ellison. The massive leadership shakeup has triggered speculation that the news platform (often decried as “fake news” by US President Donald Trump) will now alter its reporting style. And so, CEO Mark Thompson sought to assuage staff fears about an uncertain future on Friday, urging them to avoid “jumping to conclusions.”
After Paramount’s new “superior proposal” for the media company, Netflix bowed out of the high-stakes bidding war and its decision to buy Warner Bros Discovery. The month-long battle for the legendary Hollywood studios (which is home to iconic brands and products like Warner Bros Pictures, Discovery Channel, HBO Max, CNN, DC, TBS, Animal Planet, HBO, Eurosport and more) has now ended with Paramount Skydance’s deal worth around $111 billion taking the upper hand.
While the regulatory approval for the deal is still pending, it will essentially hand over Warner Bros’ wide-ranging portfolio to David Ellison, whose Paramount already controls CBS News and formally announced the closure of the much-loved The Late Show With Stephen Colbert last year.
The US news media outlet has often gotten the rough end of the stick when it comes to earning a favourable ground in the eyes of US President Donald Trump, owing to its infamous identity as the MAGA leader’s most-hated network.
CNN CEO Mark Thompson’s message to staff after Paramount takeover
Attempting to manage his employee’s anxieties, the 68-year-old Thompson sent a message to the CNN team Thursday night (US time). As the network braces to be acquired by a major Trump media ally, the CNN CEO urged his the workers to continue to focus their energy on delivering the “best possible journalism” in the meantime.
Thompson’s note, as obtained by The Wrap, begins: “Many of you will have already heard and seen our reporting about today’s two significant pieces of news: First that the board of our parent company Warner Bros. Discovery has decided that Paramount Skydance’s offer to purchase WBD is now the best offer in front-of them, and second that Netflix has decided not to increase its own latest offer.”
He then turned the attention to how Warner Bros Discovery CEO and President David Zaslav was set to hold a WBD Town Hall on Friday to discuss the development. Adding to that, Thompson said that their own CNN Town Hall would be announced soon after that as well to discuss “next steps,” while encouraging the staff to air their grievances at these two events in the coming days.
“I want to end this note with two thoughts,” Thompson went on. “Despite all the speculation you’ve read during this process, I’d suggest that you don’t jump to conclusions about the future until we know more. And secondly let’s not forget our duty to our audience.”
Re-directing his team’s attention to what’s in front of them, Thompson noted, “We’re still near the start of what is already an incredibly newsy year at home and abroad, one that will culminate with critical US midterm elections and who knows what else. Let’s continue to focus on delivering the best possible journalism to the millions of the people who rely on us all around the world,” as per The Wrap.
Panic consumes CNN employees – Report
According to multiple US reports, CNN staffers are “devastated” after the major corporate shift that could alter the network’s future in the coming months. A Variety article published on Friday quoted a source emphasising that “no one is happy” about Warner Bros Discovery’s decision to let go of a potential Netflix deal.
The report also described “palpable dread” among employees who worry the new decision could take a toll on CNN’s editorial autonomy.
What’s next for CNN under Trump-friendly Paramount?
A previously published Wall Street Journal report suggested that the David Ellison, who is significantly cosy with Donald Trump along with with father Larry, told the MAGA leader’s admin that he would initiate big changes at CNN if Paramount’s bid to acquire Warner Bros goes in their favour.
On the flip side, a recent New York Post exclusive pressed that Paramount’s hostile takeover wouldn’t automatically result in a full-fledged MAGA makeover of CNN, and the concerns being raised may be overblown.
One person inside Paramount Skydance told the outlet, “Yes, I know people are scared but we’re looking to produce a news product that appeals to 70% of the country that is either center left or center right. Why be scared of that?”
In light of the new changes and the hefty deal it just won over, Paramount is likely to make way for cost-cutting. Alluding to CBS New editor in chief Bari Weiss, the New York Post stated, “If you have Weiss, why do you need Thompson? Top producers could get axed because better ones might be found at CBS; the same goes for some of CNN’s anchors.”
All these questions have yet to be formally addressed by the official parties.