CNN’s CEO is attempting to manage his staffers’ alarm as the network prepares to be acquired by a major Trump media ally on Thursday night.
Mark Thompson, 68, sent a message to the CNN staff Thursday night to help mitigate panic after Paramount Skydance, helmed by nepo baby David Ellison, succeeded in the bidding war to take over Warner Bros. Discovery, the network’s owner.
“Many of you will have already heard and seen our reporting about today’s two significant pieces of news,” Thompson’s note, obtained by The Wrap, began. “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.”
Thompson mentioned that Warner Bros. Discovery’s president and CEO, billionaire David Zaslav, would host a town hall on Friday to discuss the development, and that CNN would host its own town hall to answer questions at an undetermined time.
“I want to end this note with two thoughts,” the CEO said. “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 stressed that staff should “not forget our duty to our audience,” noting that 2026 has already been “incredibly newsy” domestically and globally and will remain so through November’s midterm elections.
“Let’s continue to focus on delivering the best possible journalism to the millions of people who rely on us all around the world,” he concluded.
David and his centibillionaire father, Larry Ellison, took the lead in a months-long effort to acquire the media conglomerate after a bidding war against Netflix turned in their favor.
Its initial bid to purchase the company in its entirety for $108 billion failed after Netflix inked a deal in December to acquire HBO Max and its film studio business for $72 million, or $27.25 per share.
In response, the entertainment company, which already owns CBS News and installed MAGA-curious boss Bari Weiss as its editor-in-chief, launched a hostile takeover bid targeting Warner Bros. shareholders directly.
On Tuesday, Paramount Skydance upped its offer from $30 per share to $31 per share in all cash, which Warner Bros. Discovery board members determined on Thursday was superior to Netflix’s offer.
Netflix announced in a press release later on Thursday that it would not match the deal, saying it was “no longer financially attractive.”
In a statement before Netflix backed out of the race, Ellison said: “We are pleased WBD’s Board has unanimously affirmed the superior value of our offer, which delivers to WBD shareholders superior value, certainty and speed to closing.”
The Ellisons are cozy with President Donald Trump, who has frequently alluded to his disdain for CNN and has repeatedly said it should “be sold.”
The younger Ellison previously told Trump administration officials that, should his takeover of Warner Bros. succeed, he would make changes to the network, according to a report.
The Daily Beast reached out to CNN for comment.
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