CNN chief Mark Thompson to stay as Skydance closes Warner Bros. Discovery deal

Skydance-owned Paramount closed its buyout of Warner Bros. Discovery, CNN's parent company, on Tuesday, The Seattle Times reported, ending what it described as a roughly yearlong process. CNN reported that the merger of Paramount and Warner was set to take effect Tuesday, and The Verge said the acquisition was expected to close that day. On the eve of completion, the combined company — named Skydance — announced its leadership team on Monday morning, with Paramount chief executive David Ellison as CEO and former Mattel head Ynon Kreiz as co-CEO, according to CNN, Business Insider, The Verge and Reuters. [ 2 , 4 , 5 , 9 ]

CNN reported that Mark Thompson will stay on as the network's chairman and editor-in-chief, reporting to Ellison and Kreiz. In a memo to CNN staffers, Thompson wrote that he was “convinced that from David Ellison on down, Paramount Skydance leadership really does believe in news alongside entertainment as a top strategic opportunity for our new company,” and that he had “real confidence” they “will fully support the principle and practice of the kind of independent news that CNN has always stood for.” He said he would lead CNN “as an independent editor-in-chief with the same responsibilities and prerogatives that I have now.” Business Insider, which obtained the memo, carried the same quotations. [ 2 , 3 , 9 ]

The deal puts CNN and Paramount's CBS News under one corporate roof, though CNN reported the announcement signalled no immediate combination of the two newsrooms. Thompson had told staffers at a September town hall, “Don't jump to conclusions that we become one with CBS News,” according to Business Insider, which cited a person familiar with the meeting. Bari Weiss, appointed CBS News editor-in-chief last year, remains in her role even as ratings decline, The Verge reported; The Seattle Times described the two newsrooms as separate operations. [ 2 , 3 , 4 , 9 ]

Politics surround the transaction. Business Insider reported that critics were concerned Ellison and his father, Oracle billionaire and longtime Trump ally Larry Ellison, could bend the operation to be more favourable to the president, and that Ellison has broadly denied any interest in interfering politically in newsrooms under his control. The Seattle Times reported that the Trump administration moved last month to bar CNN from the White House, and that the takeover arrives less than a month ahead of the 2026 midterm elections. As part of a settlement of an antitrust lawsuit brought by 12 states, Paramount will create a News Editorial Independence Board to monitor editorial principles at both CNN and CBS News; Business Insider said it reports to the combined entity's corporate board through its chief compliance officer, and The Seattle Times said the company agreed to form it within 180 days of completing the Warner acquisition, with Skydance's corporate leaders choosing its members. The Seattle Times reported that critics are bracing for potential editorial turmoil and warn of the consequences of industry consolidation. [ 3 , 4 , 9 ]

Outlets differ on the size of the transaction: Business Insider and The Verge put Paramount's acquisition of Warner Bros. Discovery at $110 billion, while The Seattle Times described an $81 billion buyout. The documents do not reconcile the figures. [ 3 , 4 , 9 ]

The Verge reported the wider executive lineup: HBO CEO Casey Bloys as chief content officer of Skydance's streaming business, Josh Greenstein and Dana Goldberg heading the film studios, and George Cheeks running the TV business. CNN reported that Thompson held several meetings with Paramount executives last week, citing sources who spoke on condition of anonymity, and that The Wall Street Journal was first to report that David Ellison had asked Thompson to stay. [ 2 , 4 ]