Paramount Skydance to Acquire CNN, Raising Staff Concerns Over Future Direction

Paramount Skydance will assume ownership of CNN in October, ending Warner Bros. Discovery’s tenure as the network’s parent. The transition follows a filing that projected CNN to earn $600 million in profit on $1.8 billion of revenue by 2026.

CNN executives told staff that further details about the deal would be disclosed in the coming days. One employee described the atmosphere at the network as “like a funeral.”

The acquisition raises questions about the future of CNN’s digital strategy. The network has recently launched a subscription service, “CNN All Access,” and experimented with streaming products such as CNN+ and CNN Max, but those initiatives were discontinued after Warner Bros. Discovery deemed them financially unsustainable. Competitors including NBC News, Fox News and ABC News have expanded their own streaming and subscription offerings, putting additional pressure on CNN’s audience growth.

Analysts at S&P Global’s Kagan unit project a decline in CNN’s cash flow, forecasting $735.3 million in 2027, down from $815.9 million in 2025, with advertising revenue expected to fall about 6.6 % over the same period. The merger agreement includes the creation of a joint oversight board for CNN and CBS News, tasked with upholding standards of accuracy, independence, fairness and journalistic integrity, though its members will be appointed by Paramount.

Industry observers note that Paramount’s handling of CBS News has attracted criticism, and staffers worry that repeated leadership changes could disrupt ongoing efforts to reshape the business.