Paramount Skydance has completed its takeover of Warner Bros. Discovery in a deal valued at roughly $110 billion, including debt. The merger brings major news organisations CNN and CBS under the same ownership while combining a broad portfolio of film, television and streaming brands.
The newly combined company includes HBO, Nickelodeon, Showtime, Comedy Central, DC Studios, Food Network, Paramount+, HBO Max and other major media properties. The size of the transaction has renewed concerns about increasing consolidation in the US media industry and the growing influence of a smaller number of companies over news and entertainment.
Company Promises Editorial Independence
Paramount Skydance CEO David Ellison has pledged to protect the editorial independence of the company’s news operations. As part of a September 2026 settlement with a group of 12 state attorneys general led by California, the company agreed to establish an independent board tasked with overseeing protections for its news outlets.
The proposed board is expected to consist of five journalists, each with at least 10 years of professional experience, and is required to be established within 180 days. However, the members will be selected by a board chaired by Ellison, and the settlement does not require the panel to make its findings public. Critics argue that these conditions could weaken the board’s independence and limit transparency.
Political Connections Draw Scrutiny
The merger has also attracted attention because of the involvement of Larry Ellison, David Ellison’s father and co-founder of Oracle, who has provided significant financial backing for the transaction. Larry Ellison has also donated to US President Donald Trump and to Israel, prompting critics to question whether political relationships could create pressure on the company’s news operations.
Media figures and press freedom advocates have raised concerns about whether the safeguards will be strong enough to prevent corporate ownership from affecting editorial decisions, particularly during politically sensitive periods. The settlement also includes commitments concerning production levels, displaced employees and protections for certain networks.
CNN and CBS Leadership
Mark Thompson continues to serve as CNN’s chairman and editor-in-chief, while Bari Weiss remains CBS’s editor-in-chief. The merger follows a period of significant changes across the media industry, including layoffs, the closure of CBS Radio and changes to the long-running programme 60 Minutes.
Paramount previously paid $16 million to settle a 2025 lawsuit filed by Trump over the editing of a 60 Minutes interview. The settlement, along with the new ownership structure, has become part of a wider debate over the relationship between political influence and media ownership. Trump publicly welcomed the merger.
Questions Remain Over Oversight
Critics say Paramount Skydance’s promises of editorial independence will ultimately have to be judged by how they work in practice. The issue could receive partic
