Chairman and CEO of CNN Worldwide Mark Thompson asked staff not to jump to conclusions Thursday after the news company’s parent Warner Bros. Discovery chose Paramount Skydance’s acquisition bid.
After WBD declared Paramount’s latest offer at $31 per share a “superior proposal” for its shareholders, Netflix declined to match its rival’s bid to acquire the entertainment and media giant.
If the deal passes regulatory and shareholder approval, Paramount will own all aspects of the Warner Bros. Discovery business, halting the spinoff currently planned for later this year.
“Despite all the speculation you’ve read during this process, I’d suggest that you don’t jump to conclusions about the future until we know more,” Thompson wrote in a memo to staff Thursday.
He continued: “And secondly let’s not forget our duty to our audience. We’re still near the start of what is already an incredibly newsy year at home and abroad, one that will culminate with critical U.S. midterm elections and who knows what else. Let’s continue to focus on delivering the best possible journalism to the millions of people who rely on us all around the world.”
Thompson assured staffers that next steps will be discussed in a town hall hosted by the news network, adding that WBD CEO David Zaslav is also holding a separate company-wide town hall this Friday to discuss the update.
In the wake of the news, the Freedom of the Press Foundation’s chief of advocacy Seth Stern warned that the Paramount bid paves the way for Paramount, led by David Ellison, to capitulate to President Donald Trump.
“Ellison has already shown his cards,” Stern said. “When the Trump administration unconstitutionally demanded editorial concessions from Ellison’s Skydance in exchange for government approval of its takeover of Paramount and CBS News, he obliged, even appointing a Trump loyalist as a so-called ‘bias ombudsman.’”
He added: “CBS has since repeatedly censored journalists or altered its coverage to please Trump and his allies. There is no reason to believe that this proven capitulator will behave any differently this time around – in fact, he’s already reportedly promised Trump ‘sweeping changes’ at CNN, including firing people Trump dislikes.”
The advocacy chief added that Ellison will “readily” throw the First Amendment out the window to “fatten his pockets.” He did advise, though, that WBD shareholders should take a note from CBS that censorship is “bad for business.”
“WBD executives and shareholders should recognize that selling companies that depend on the First Amendment to a censorial White House puppet is not only morally wrong but harmful to their bottom line,” he said. “And lawmakers, state attorneys general and anyone else in a position to intervene should make clear that they will not stand by as the Trump administration abuses its power to unconstitutionally extract content-based concessions from news companies.”
Craig Aaron, co-CEO of the Free Press, called the Paramount deal “even worse” than the Netflix one.
“The idea that Paramount should be allowed to control CBS and CNN should be unthinkable, especially given their track record of turning the Tiffany Network into a trash heap,” Aaron said. “The Ellisons have already promised the Trump administration that they’ll make sweeping changes to CNN given the chance, and we know what the means: firing journalists, spiking important stories and replacing the news with empty propaganda. “
The victory for Paramount CEO David Ellison’s comes after he submitted a total of 10 bids, launched a hostile takeover bid directly to shareholders and a proxy fight with plans to replace WBD’s board at the company’s annual meeting.
The latest bid was a $31 per share, all-cash offer that included a daily ticking fee equal to 25 cents per quarter beginning after Sept. 30, 2026. Paramount will pay a $7 billion termination fee to WBD in the event the transaction does not close due to regulatory matters and will cover a $2.8 billion termination fee to Netflix.
Read Thompson’s full memo to CNN staffers here:
“Many of you will have already heard and seen our reporting about today’s two signifiant pieces of news: first that the board of our parent company Warner Bros. Discovery has decided that Paramount Skydance’s offer to purchase WBD is now the best offer in front of them, and second that Netflix has decided not to increase its own latest offer.
David Zaslav is holding a WBD Town Hall Friday to discuss the news — you should already have received an invitation to that. We will hold our own CNN Town Hall as soon as possible after that to discuss next steps and to answer your questions to the best of our ability.
I want to end this note with two thoughts: Despite all the speculation you’ve read during this process, I’d suggest that you don’t jump to conclusions about the future until we know more. And secondly let’s not forget our duty to our audience. We’re still near the start of what is already an incredibly newsy year at home and abroad, one that will culminate with critical U.S. midterm elections and who knows what else. Let’s continue to focus on delivering the best possible journalism to the millions of people who rely on us all around the world.”
