Paramount Skydance chief David Ellison sought Thursday to calm fears over the future of CNN, pledging to protect the news network’s editorial independence as his company closes in on a landmark takeover of Warner Bros. Discovery.
“CNN is an incredible brand with an incredible team, and we absolutely believe in the independence that needs to be maintained, obviously for those incredible journalists, and we want to support that going forward,” Ellison told CNBC.
The remarks came days after Netflix abruptly withdrew from a months-long bidding war for Warner Bros. Discovery, leaving Paramount as the apparent winner to acquire the media giant and its crown-jewel assets, including CNN, HBO and the Warner Bros. film studio.
“Who we want to talk to is the 70 percent of Americans, and really around the world, that identify as centre-left or centre-right. And we want to be in the truth business. We want to be in the trust business. And that’s not going to change,” he added.
With a purchase of Warner Bros. Discovery, which requires regulatory approval and a vote by Warner shareholders, the Ellison family will control a constellation of media properties spanning the globe.
David’s father, Oracle billionaire Larry Ellison, one of the world’s richest men, largely financed the takeover and is also a longtime ally and financial backer of President Donald Trump.
The Ellisons’ takeover of Paramount last year saw major changes at US broadcaster CBS, with personnel moves at its news division that many interpreted as sympathetic to Republican criticism about mainstream media.
Asked about the cost-cutting that will take place after a merger is approved, Ellison said Paramount “will absolutely have to rationalize the overall corporate overhead of the company,” though he added this would not impact the company’s creative ambitions.
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