CNN and CBS News enter Skydance as merger closes
The US$110 billion Paramount Skydance–Warner Bros Discovery deal brings the two US news networks under one company, with an editorial oversight board required within 180 days.
Paramount Skydance completed its US$110 billion merger with Warner Bros Discovery on Tuesday, forming Skydance and placing CNN and CBS News under the same company. Skydance began trading on Wall Street under the ticker SKYD.
Mark Thompson will remain CNN editor-in-chief, while Bari Weiss will continue in charge of CBS News. Skydance chief executive David Ellison has appointed Ynon Kreiz, formerly Mattel’s chief executive, as co-chief executive.
The merger followed legal challenges from unions and 12 state attorneys general. Under the settlement, Skydance must establish an independent editorial oversight board for the two networks within 180 days. The board is not yet in place, and its practical effect on editorial independence remains uncertain.
CNN’s integration into Skydance has not been finalised, according to a memo Thompson sent to staff. The future structure of the networks is also undecided, while concerns remain about possible consolidation and job cuts as the company seeks to reduce costs.
The deal brings together two major entertainment businesses and their newsrooms under common ownership. The oversight board’s membership and powers will shape how the settlement’s requirement operates in practice.
