CNN future in question after Thursday’s stunning Warner Bros. Discovery sale news
Paramount’s bid for Warner Bros. Discovery puts CNN’s future and its editorial independence in question
What does the future hold for CNN?
That’s one of the big media questions following the stunning news that broke Thursday evening. Netflix has decided to withdraw its pursuit of Warner Bros. Discovery. That now paves the way for David Ellison’s Paramount Skydance to take over WBD, including cable news network CNN.
Last December, Netflix struck an $83 billion deal to buy WBD’s studios-and-streaming division only. But that didn’t stop Paramount. They launched a hostile takeover bid to buy all of WBD, including cable channels such as CNN, TBS and TNT. They elbowed their way back into the bidding process and made a revised offer of $111 billion this week. On Thursday, WBD’s board of directors said Paramount’s new offer was a “superior deal” and gave Netflix four business days to make a counteroffer.
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