After Netflix struck a deal to buy much of Warner Bros. Discovery, many at CNN breathed a cautious sigh of relief — Netflix planned to spin off CNN and its cable siblings into a separate company. Inside CNN, that looked like a chance to continue a digital transition and avoid being folded into a different corporate culture. Mark Thompson, chairman and CEO of CNN Worldwide, told staff the move “will enable us to continue to roll out our strategy to secure a great future for CNN.”
But the reprieve was short-lived. The Netflix deal leaves CNN exposed: as part of a package of cable channels with heavy debt, the network could still be sold to other buyers. And President Trump has made plain he wants a say in what happens to CNN, repeatedly attacking the network and saying it should be sold.
This account draws on interviews with seven current and former CNN staffers, including journalists and executives, who spoke on condition of anonymity because of ongoing uncertainty and job security concerns.
Corporate maneuvers put CNN in play
CNN’s position was destabilized after Warner CEO David Zaslav announced a split of the company and then opened the assets to bids. David Ellison — backed by his father, Oracle co-founder Larry Ellison — mounted a bid for the whole company and later pressed for more. Larry Ellison is an ally of Trump; David Ellison runs Skydance and recently became head of Paramount Global, which owns CBS, Paramount Studios and local TV stations.
Presidents are not supposed to steer antitrust reviews, which are handled by the Justice Department and regulators. But Trump has shown a willingness to wield influence in media deals: to help pave the way for Paramount’s earlier takeover fights, Paramount paid $16 million to settle a lawsuit Trump filed against CBS’s 60 Minutes, a move seen by outside lawyers as surprising. The FCC approved the Ellisons’ takeover of Paramount because of the company’s broadcast licenses.
Since taking control at CBS, David Ellison has made moves that staffers say are meant to appeal to conservatives and to respond to Trump’s criticisms: he appointed Kenneth Weinstein, a former conservative think-tank head, as ombudsman; named Bari Weiss, founder of the right-leaning Free Press, as editor in chief; and ended diversity, equity and inclusion initiatives. Those changes reinforced fears on the left and relief among some CNN employees when Netflix appeared set to buy Warner’s studios and streaming assets rather than the cable-news properties.
Why CNN staff felt briefly relieved
Many at CNN worried about the political and newsroom consequences of merging with Paramount and CBS. A union with CBS would likely have triggered large layoffs and operational consolidation. CNN staff also remembered the abrupt cancellation of the network’s streaming service, CNN+, in April 2022 — a decision that followed a corporate takeover and resulted in mass layoffs just a month after the product launched. Those layoffs left staff wary of any ownership change.
But the Netflix deal, while taking Warner’s studios off the table, would still leave CNN and its sister networks available for sale to other buyers — perhaps Nexstar, Sinclair Broadcast Group, an investment fund, or even Paramount itself at a later date. David Ellison has suggested the channels could be acquired cheaply; some staffers now fear a renewed bid from his group.
Trump’s public posture and possible involvement
Trump has long labeled outlets like CNN “fake news” and publicly taunted or sought to discredit their reporters. At a White House appearance, he called CNN leaders “a disgrace” and said “it’s imperative that CNN be sold.” CNN anchor Jake Tapper described the comments as “extremely unprecedented” but not surprising, noting that Trump made clear the network’s fate was motivating his view of the transaction. Former CNN reporter Oliver Darcy called Trump “a thin-skinned aspiring autocrat who wants to seize control of the media” and an obedient press.
Paramount’s bid and ties to Trump
Paramount has not withdrawn from the race. The Ellisons increased their offer and pitched a strategy to unite studios, bolster streaming and sports rights, and challenge Netflix. They argue they are better positioned to preserve creators’ roles and industry profitability than a large streamer absorbing many studios.
Paramount’s bid includes partners and advisers with close ties to the Trump administration. Its new chief legal officer is Makan Delrahim, who led the Justice Department’s antitrust division during Trump’s first term and previously tried unsuccessfully to block AT&T’s purchase of Time Warner. David Ellison has publicly acknowledged his family’s relationship with Trump; Larry Ellison recently received a significant stake in a U.S. TikTok venture arranged by Trump. David Ellison has argued the Trump administration would be more likely to approve Paramount’s approach than Netflix’s.
The financing for Paramount’s offer involves large sovereign and private investors: the Public Investment Fund of Saudi Arabia (controlled by Crown Prince Mohammed bin Salman), Abu Dhabi’s L’imad Holding Co., the Qatar Investment Authority, and Affinity Partners, a U.S. fund controlled by Jared Kushner, Trump’s son-in-law. Paramount’s filings say those backers agreed not to seek board seats, but CNN staffers worry about even indirect influence from investors tied to foreign governments or the president’s inner circle. Critics note Saudi Crown Prince Mohammed bin Salman has been implicated in the 2018 killing of journalist Jamal Khashoggi; U.S. intelligence concluded he approved an operation to capture or kill Khashoggi, a finding some Republican senators have publicly acknowledged after classified briefings.
Concerns about consolidation and influence
Lawmakers including Sen. Elizabeth Warren have raised questions about media consolidation on bids from both Netflix and Paramount. Warren said combining already-giant streaming companies risks concentrating power, squeezing workers, limiting outlets for creators and raising prices for consumers.
Analysts and some CNN staff worry that the mix of investors and political ties in a Paramount-style deal could shift newsroom priorities or lead to subtle or overt pressure. Kelly Shue, a finance professor at Yale, said investors “could be in it purely for profit” but that the potential to “control media framing and news” is also disturbing.
Possible buyers and outcomes
Even if Netflix’s deal goes through, CNN’s ultimate ownership remains unclear. Potential buyers include conservative-leaning broadcast groups such as Nexstar or Sinclair, private equity, or a future Paramount move. The auction dynamic is ongoing: Paramount has continued to press its bid, and Netflix executives expect potential new bids but remain confident their deal will hold. Paramount’s current offer is set through Jan. 8, though it could be extended.
For now, there’s no resolution: who will own or control CNN — and what influence the president or investor backers might have over its editorial direction — remains an open question. CNN, Paramount Plus, Warner Bros. Discovery and Warner Bros. Pictures are among NPR’s financial supporters.
