The Great Unknown: Fear and Uncertainty Loom as Paramount-Warner Bros. Merger Nears, with CNN's Future Hanging in the Balance

The impending merger of Paramount Skydance and Warner Bros. Discovery has left many inside CNN's newsroom bracing for a seismic shift that could potentially redefine their future. With an acquisition deal worth $79 billion looming, staffers are expressing concerns that the new owners might disregard the very people who make CNN tick. In its heyday under the leadership of entrepreneur Ted Turner and media executive Jeff Zucker, CNN was a powerhouse in the news industry, captivating audiences and generating substantial profits. But times have changed, and with an ever-increasing number of platforms vying for attention, the network has struggled to maintain its grip on the audience it once commanded. While the merger is expected to bring financial relief to Paramount, with CNN projected to generate a staggering $600 million in profit in 2026, the news giant could prove to be a valuable asset in helping the company navigate its enormous $79 billion net debt. With plans to eliminate more than $6 billion in costs and grappling with declining advertising revenue and cable networks losing subscribers, every penny counts for Paramount. Yet, within CNN's hallowed halls, there is a growing sense of unease about the new leadership's understanding—or interest—in managing the news giant for long-term success. One staffer shared their concerns, stating, "I don't see any reasons for hope." Both Paramount Skydance and CNN declined to comment on the matter. The unease is not unfounded, as CBS News—which will become part of Paramount following the merger—has been embroiled in controversy since its acquisition by the company last year. Under Bari Weiss, who now serves as editor-in-chief, credibility has waned, ratings have continued to plummet at "CBS Mornings," and several prominent journalists and executives have opted to leave. The senior staff of "60 Minutes" has been decimated despite the show's 9% increase in ratings during the most recent TV season. Rumors are swirling that Weiss could be entrusted with overseeing operations at CNN, sparking concerns about a potential shakeup. Inside CNN, signs of discontent have already begun to surface. Last week, Paula Reid—a well-regarded legal affairs correspondent—announced she would not renew her contract due to the chaos and uncertainty surrounding the impending merger. Reid is expected to join MS NOW, which has emphasized enterprise reporting, particularly in Washington, D.C., under its top executive, Rebecca Kutler. A merged Paramount-Warner Bros. would still rely heavily on cable revenue, making CNN's financial health crucial. The network serves as a cornerstone in Warner's negotiations with distributors ranging from Charter to Roku, providing invaluable in-the-moment coverage of critical national and world events. Weiss lacks experience managing such a property, and her tenure at CBS News has not inspired confidence among some within the industry. One source close to CNN's operations noted that the network is "a very complex asset. It is global, multiplatform. There are cameras in every country. It has a huge army of talent." Mismanagement could potentially harm the business, as audiences and advertisers might be turned off by drastic changes to the network's programming. David Zaslav, CEO of Warner, has already mandated that CNN scale back its crusading, Trump-centric standpoint under Jeff Zucker. While some hoped this shift could win over Fox News viewers, ratings have yet to recover substantially, and current staffers remain skeptical about Weiss's potential leadership. Sources familiar with CNN's business suggest that Weiss may have some room for maneuverability if she focuses on making minor adjustments rather than an overhaul of the network's programming lineup. Under current chief Mark Thompson, CNN has made efforts to maintain popular programs like "NewsNight" and spotlight conservative commentator Scott Jennings. Paramount has expressed interest in pairing Weiss with an executive to help manage the business aspects of its news operations. However, those involved in talks have been told that any potential partner would be subordinate to Weiss—a condition that has deterred many from considering the role. Could Mark Thompson be one of them? Thompson is "a man of conviction," says a CNN staffer, and journalists at the company have put faith in him as he's articulated a bigger push into digital and streaming media. Teaming with Weiss could require Thompson to cede duties he has already won. Without a boost from new digital revenue, CNN's business is projected to decline, according to market research firm Kagan. The network's cash flow is seen falling to $735.3 million in 2027, down nearly 10% from $815.9 million in 2025. A projected spike in 2026 is due to midterm election coverage, but advertising revenue is expected to drop by about 6.6% to $457.6 million in 2027. Cash from distribution, however, is expected to keep rising. The scrutiny on Weiss's management will only intensify should she move to CNN, according to one of the people familiar with its operations. "I think her problem isn't going to be the business," says this source. "People you actually want are not going to make a leap of faith to join when it's too noisy, it's too messy." In the event of a radical shift at CNN, some believe that the network's spirit could find a new home elsewhere—perhaps at MS NOW. Kutler, who thrived during the Zucker era and had a hand in the success of anchors like Abby Phillip and Van Jones, now leads MS NOW. The network has attracted top journalists like Carol Leonnig, known for her tenure at The Washington Post, and has made efforts to soften its harder-left edge in favor of a more center-left disposition. If Paramount-Warner Bros. decides to overhaul CNN, at least one rival still sees value—and profit—in the old formula. It remains to be seen whether Weiss can navigate the choppy waters ahead and restore CNN's former glory or if the network's spirit will find a new home elsewhere.