After Netflix struck a deal to buy most of Warner Bros. Discovery, many at CNN briefly felt relief: the streamer planned to acquire studios, archives and streaming services while spinning off CNN and its cable channels into a separate company. Executives and journalists hoped that separation would allow CNN’s leadership to continue a digital transition without being subsumed by a larger corporate owner.
That optimism was short-lived. The sale would leave CNN and its sister channels outside the Netflix deal — still part of a corporate family weighed down by debt from the merger that created Warner Bros. Discovery and fully exposed to whatever buyers emerged in an auction. And President Trump has signaled he wants a role in deciding CNN’s fate, attacking the network’s leadership and saying it “must be sold.”
This account is based on interviews with current and former CNN staffers, including journalists and executives, who spoke on condition of anonymity because of ongoing uncertainty and job concerns.
How CNN was put in play
Warner CEO David Zaslav announced a planned split of the company this past summer. An unsolicited bid for the whole company from David Ellison — backed by his billionaire father Larry Ellison — followed. After initial resistance, Zaslav put Warner up for auction.
Larry Ellison, Oracle co‑founder and a Trump ally, and his son David, head of Skydance and now Paramount Global, pressed to buy the company. The Ellisons later pursued a bid for the entire company that would fold studios, streaming and cable assets together under a reconstituted Paramount. Netflix countered with an offer to buy most of Warner’s studios and streaming assets while spinning off the cable channels, including CNN.
Inside CNN, memories of the abrupt cancellation of CNN+ in April 2022 — a month after launch and accompanied by mass layoffs — temper any faith that a new ownership structure would be benign. Staffers had hoped the Netflix arrangement would let them advance their strategy; instead, the network would remain vulnerable to later sale or purchase by other buyers.
Who might buy CNN
If spun out, CNN could attract buyers ranging from established local broadcast groups to conservative-leaning corporations or investment funds. Nexstar and Sinclair, owners of many local stations and with center-right and hard-right orientations respectively, are often mentioned. Private equity and other bidders could also be in the market. Paramount itself might try again to acquire the cable channels, potentially at a lower price.
Paramount’s bid and political ties
The Ellisons renewed interest in acquiring a large media company is tied to a broader strategy: unite major studios and content under one roof to compete with streaming giants. They have argued that a unified company — with beefed-up streaming, sports rights and studios — would be better positioned against Netflix.
David Ellison has publicly touted his family’s ties to President Trump. The Ellisons installed figures at CBS after the Paramount takeover that insiders say appear designed to appeal to conservative critics: Kenneth Weinstein, a former conservative think-tank head, was named ombudsman at CBS News, and Bari Weiss — known for her right‑of‑center media work — was selected as editorial leader. The network also abandoned DEI initiatives under new ownership, according to people at CBS.
Paramount’s filings show its financing for a major bid includes international sovereign and regional investment funds: the Public Investment Fund of Saudi Arabia (controlled by Crown Prince Mohammed bin Salman), L’imad Holding of Abu Dhabi, the Qatar Investment Authority, and the U.S. fund Affinity Partners, controlled by Jared Kushner. Paramount said those partners agreed not to seek board seats. Still, some CNN staff recoiled at the idea that people so closely tied to foreign governments or to the president’s family could own stakes in outlets that cover U.S. politics.
Regulatory and legal links
Paramount’s legal team includes Makan Delrahim, the former head of the Justice Department’s antitrust division in Trump’s first term. Delrahim once tried — unsuccessfully — to block AT&T’s acquisition of Time Warner, which once owned CNN. That historical irony underscores the complex legal and political ties shaping this auction.
Sen. Elizabeth Warren has voiced concerns about media consolidation on bids from both Netflix and Paramount, arguing that consolidation concentrates power, squeezes workers and hikes prices for consumers.
Trump’s interventions and reactions inside CNN
Trump has long disparaged CNN as “fake news” and frequently targeted its reporters. His recent public statements criticizing CNN leadership and saying he wants the network sold are notable because presidents typically do not involve themselves directly with corporate mergers or antitrust decisions, which are handled by the Justice Department and regulatory agencies.
CNN anchors and former reporters publicly reacted to Trump’s comments. Anchor Jake Tapper described the remarks as “extremely unprecedented” and said Trump’s focus on CNN’s fate was driving his views about who should buy Warner Bros. Discovery. Media observers warn that Trump seeks to influence media ownership to secure friendlier coverage and more compliant outlets.
Concerns over investors and control
Staffers worry not just about potential editorial shifts under a new owner but about the influence exerted by major investors with political ties. Financial and academic voices note that investors focused on profit could still shape media framing or influence coverage indirectly.
Examples in the recent past fuel that fear: a prior settlement of $16 million paid to resolve a lawsuit Trump filed against CBS’s 60 Minutes drew scrutiny, as did changes implemented after corporate takeovers that aligned with conservative criticisms.
What’s next
Paramount has continued to pursue the whole company, increasing its offer and pledging a strategy to rally creators and preserve a stronger Hollywood against streaming domination. Netflix executives have said they expect competing bids and foresee Paramount re-entering the fray, but the situation remains fluid.
Paramount’s current offer is effective through Jan. 8, though it could be extended. Netflix’s proposal to buy key Warner assets while spinning off the cable channels remains a contender, but if the spin-off proceeds, CNN’s future will likely hinge on who steps forward to buy the standalone network and what strings those buyers might attach.
For CNN staffers, the combination of corporate maneuvering, potential new owners with ideological leanings, and a president openly declaring his interest in the network’s fate has provoked deep unease about editorial independence and job security. As bids and negotiations continue, who will own or control CNN — and whether that ownership will reshape the network’s journalism — remains unclear.