After Netflix offered to buy most Warner Bros. Discovery assets, many at CNN briefly hoped for relief: the streamer proposed taking studios, archives and streaming services while spinning CNN and other cable channels into a separate company. Staffers thought a split might let CNN pursue a digital transition without being absorbed into a larger conglomerate.
That optimism faded. The proposed deal would leave CNN outside the Netflix purchase, still part of a debt‑burdened corporate group and exposed to an auction for buyers of the standalone cable business. Adding to the unease, former president Donald Trump has publicly criticized CNN’s leadership and said the network should be sold, signaling he wants a say in its future.
This account is based on interviews with current and former CNN staffers and executives who spoke on condition of anonymity because of the continuing uncertainty and concern about jobs.
How CNN was put in play
Warner CEO David Zaslav announced plans to split the company last summer. An unsolicited bid for the whole company from David Ellison, backed by his father Larry Ellison, followed. After initially resisting offers, Zaslav opened the company to an auction.
The Ellisons, who have pursued a bid that would combine studios, streaming and cable under a reconstituted media company, revived interest in buying a major media group. Netflix countered with a narrower proposal to buy most studios and streaming assets and to spin off the cable channels, including CNN.
Many at CNN still recall the abrupt shutdown of CNN+ in April 2022, a month after its launch, and the large layoffs that followed. That experience left staff skeptical that a new ownership structure would necessarily protect their editorial strategy or job security.
Who might buy CNN
If CNN is carved out as a standalone cable business, likely bidders could include large broadcast groups, conservative‑leaning media companies and private equity firms. Names frequently mentioned include Nexstar and Sinclair, owners of many local stations with center‑right and right‑leaning editorial records, as well as other strategic buyers or investment funds. Paramount could also try again to acquire the cable channels, possibly at a different price point.
Paramount’s bid and political ties
The Ellisons frame their interest as an effort to reassemble studios, sports rights and streaming to compete with streaming giants. Their moves come with political and personnel signals that have raised concerns inside newsrooms: after taking control at CBS and Paramount, some appointees and editorial shifts have been interpreted by staff as catering to conservative critics.
Paramount’s filings show financing for a major bid would include international sovereign and regional investment funds such as Saudi Arabia’s Public Investment Fund, Abu Dhabi‑linked investors, the Qatar Investment Authority, and Affinity Partners, the U.S. fund tied to Jared Kushner. Paramount has said those partners would not seek board seats, but some CNN employees are alarmed at the prospect of significant investments by parties closely connected to foreign governments or the former president’s circle.
Regulatory and legal links
Paramount’s legal team includes Makan Delrahim, who led the Justice Department’s antitrust division during Trump’s first term and previously opposed AT&T’s acquisition of Time Warner. Those legal and political links underscore how complex and politically fraught any sale would be. Senator Elizabeth Warren has criticized bids from both Netflix and Paramount, warning that consolidation would concentrate power, hurt workers and raise costs for consumers.
Trump’s interventions and reactions inside CNN
Trump has long attacked CNN as ‘fake news,’ and his recent public statements urging the network be sold are notable because presidents rarely weigh in publicly on corporate mergers or ownership contests. CNN anchors and former reporters responded publicly; anchor Jake Tapper called the remarks highly unusual. Media analysts say Trump’s comments reflect an effort to shape media ownership so that outlets might become more favorable or less adversarial.
Concerns over investors and control
Beyond editorial bias, staffers fear subtle influence from owners or investors focused on profits or political alliances. Recent examples of corporate settlements and editorial changes after takeovers fuel that anxiety, reinforcing worries about independence and newsroom morale.
What’s next
Paramount has kept pressing its offer and increased its bid; Netflix executives expect continued competition for Warner assets. Paramount’s current offer runs through Jan. 8, though it could be extended. If Netflix’s plan moves forward but CNN is spun off, the network’s fate will depend on who bids for the standalone cable business and what conditions those buyers impose.
For CNN employees, the mix of corporate maneuvering, potential owners with political ties, and a former president openly declaring interest in the network’s fate has deepened fears about editorial independence and job security. As negotiations and auctions continue, who will own CNN — and whether ownership will reshape the network’s journalism — remains uncertain.