New takeover bid shakes up media landscape

Cable​​‍​‌‍​‍‌​‍​‌‍​‍‌ networks like CNN are not sure what is going to happen to them as a result of the attempted Paramount Skydance acquisition of Warner Bros. Discovery (WBD). It's a different story for the wired side, after the initially agreed deal of WBD's studio and streaming assets purchase with Netflix, Paramount's new bid also includes the cable side, which means that CNN and other cable networks are the ones directly affected.

Both staff and management are inside a fog of uncertainty

CNN has been losing viewership and has had decreasing ratings. Therefore, it has really been a struggle. However, the possible takeover of Paramount has made the merger between CNN and CBS News the scenario that employees have talked about the most, expressing worries about job cuts, editorial changes, and corporate restructuring.

How is it different from the Netflix deal?

When Netflix made a deal with WBD to buy the entertainment and streaming units of the company, it was understood that CNN would be spun off as a separate entity together with the other legacy cable channels. This led to the expectation of some degree of freedom and a chance to focus more on digital, first news. However, Paramount's counteroffer has led to the reopening of the possibility of consolidation under one media giant.

What they are saying and what will come next

Media experts say that the fight over the acquisition will be lengthy, and that networks such as CNN will be stuck in a waiting position. The role of the regulators and the shareholders' votes will be like the final arbiters to decide the outcome. Staff at CNN are not very hopeful about maintaining their identity and being the last employees as companies fight for control over ​‍​‌‍​‍‌​‍​‌‍​‍‌WBD.