UPDATE: President Donald Trump has injected himself into the high-stakes battle for control of Warner Bros. Discovery, declaring it “imperative that CNN be sold.” This urgent remark came during a White House roundtable on Wednesday, as Trump criticized CNN’s news coverage and signaled his support for Paramount’s hostile takeover bid.
Trump’s comments are significant as they highlight his influence in the ongoing negotiations, particularly as Paramount, led by CEO David Ellison and backed by billionaire Larry Ellison, is the only company pursuing a complete acquisition of Warner Bros. Discovery, including CNN. Recently, Netflix secured a separate deal to acquire parts of Warner Bros. and HBO, but not CNN.
During the roundtable, Trump responded to a New York Post reporter’s question about potential changes at CNN, suggesting that the network’s current leadership is a “disgrace.” He stated, “I think it’s imperative that CNN be sold,” emphasizing his belief that the network spreads “poison” and “lies.”
Earlier reports from The Wall Street Journal indicated that David Ellison has assured Trump administration officials that his plans for Warner Bros. Discovery would include sweeping changes at CNN. Trump’s direct involvement in the matter raises concerns about the editorial independence of CNN, with journalists within the network reportedly worried about how an Ellison takeover could affect coverage.
As the acquisition landscape shifts, Warner Bros. Discovery plans to split into two publicly traded companies next summer: one for its film and entertainment assets, and another for CNN and cable channels. This split is crucial for the ongoing negotiations, as Paramount has made a $30-per-share bid to acquire the entire company. The Warner board is expected to respond to this hostile offer next week.
The implications of these developments are profound. Trump’s repeated criticisms of CNN over the years have drawn attention to his influence on corporate media, and his call for a leadership change at CNN indicates a potential shift in the network’s direction if Paramount’s bid succeeds.
Next Steps: As the situation develops, all eyes will be on Warner Bros. Discovery’s board and their response to Paramount’s offer. Media analysts are closely monitoring how this corporate tug-of-war will impact CNN’s editorial integrity and its future under potential new ownership.
With the stakes high and implications for media freedom looming, this is a story that is just beginning to unfold. Stay tuned for more updates on this developing situation.
