A new takeover attempt targeting Warner Bros. Discovery has pushed CNN and several major cable networks into another prolonged phase of uncertainty. Paramount Skydance’s hostile bid — announced on Monday — comes just days after Netflix revealed plans to buy Warner’s studio and streaming divisions.
The Netflix deal initially brought relief inside CNN, since the cable networks were excluded from that agreement. But Paramount’s sudden offer has reopened questions about the future of CNN, Discovery, HGTV, TLC, the Food Network, and other cable properties that Netflix did not want.
Industry experts say the networks may face extended management limbo, especially if a merger between CNN and CBS News becomes possible under Paramount’s ownership.
A New Wave of Uncertainty for CNN
The ownership turmoil adds to a challenging era for CNN, whose dominance in the 1990s under founder Ted Turner has long faded.
Ross Benes, senior analyst at eMarketer, described the situation as a stark contrast to CNN’s earlier stability:
“Those days feel like a century ago,” he said.
Former CNN president Tom Johnson echoed concerns, saying the competing bids from Netflix and Paramount have deepened anxiety among workers and former leaders.
Political Angle: How Trump’s Views May Influence the Bid
Paramount’s takeover proposal must still be approved by shareholders and regulators. President Donald Trump, who has close ties to Paramount Skydance CEO David Ellison and Oracle founder Larry Ellison, could view the bid favorably.
However, Trump publicly criticized the company this week after a “60 Minutes” segment that featured former Representative Marjorie Taylor Greene. He accused the new corporate leadership of failing to stop what he viewed as unfavorable coverage.
Cable Networks Were Already Set for a Spinoff
Before last week’s announcements, Warner Bros. Discovery had planned to spin off its cable networks into a separate company called Discovery Global. Streaming growth has sharply reduced the value of traditional cable TV, making these networks less attractive compared to digital-focused businesses.
CNN’s ratings have slipped to third place behind Fox News and MS NOW. CEO Mark Thompson has responded by investing heavily in digital expansion and a new subscription strategy.
In a memo to employees, Thompson acknowledged the uncertainty but said Discovery Global had already approved its 2026 budget to support CNN’s digital transition.
Could CNN and CBS News Combine?
Since Paramount took over CBS News earlier in 2025, the network has shifted its editorial tone to appeal more to conservative audiences. Bari Weiss, founder of The Free Press, was appointed editor-in-chief, and the network has begun hosting more right-leaning discussions and guests.
Asked on CNBC whether he would combine CBS News and CNN’s news operations, David Ellison replied, “Yeah,” though he did not elaborate on what the merger would look like.
Ellison emphasized a goal to build a “scaled, trustworthy news service” aimed at the political center of America.
Regulatory Hurdles Mean a Long Wait
Even before Paramount entered the competition, analysts predicted the Netflix deal would take a year or more to navigate regulatory review. With two major bidders now in the mix, the timeline could stretch even longer.
“CNN will remain in limbo no matter who wins,” said analyst Ross Benes.
If Netflix ultimately succeeds, experts believe the cable networks under Discovery Global could still be sold to another media group.
What’s at Stake for Journalism
Tom Johnson, former CNN president, stressed that whichever company takes control must prioritize independent, fact-based reporting.
“There is a real need for unbiased news,” he said. “I hope the new owners understand that this must be CNN’s mission moving forward.”
