David Ellison, the CEO of Skydance, provided some reassurance to Anderson Cooper regarding CNN’s editorial independence following the major merger between Paramount and Warner Bros. Discovery.
During an interview conducted by Cooper with Ellison and his new co-CEO Ynon Kriez at a town hall in Los Angeles, the atmosphere was somewhat tense, but there were moments of humor, too. Cooper, perhaps feeling the weight of his inquiry, jokingly led with a quip about news, drawing laughter from the audience.
He proceeded to voice concerns regarding the management of CBS News by editor-in-chief Bari Weiss, especially since the network was previously under Paramount’s ownership, as well as noted the Ellison family’s connections to Trump and a recent remark from War Secretary Pete Hegseth urging changes at CNN.
“Are there any changes you’re considering for CNN’s coverage? Any lessons from CBS News that you think should or shouldn’t be applied?” Cooper asked, clearly navigating a sensitive topic.
Ellison responded earnestly, stating his strong belief in the importance of journalism. He emphasized the need for factual, bipartisan news, claiming it is crucial for the public in today’s climate.
He described both CBS News and CNN’s roles as essential for democracy and expressed his support for both entities while indicating plans to advance digital transitions.
Earlier that day, Ellison and Kreiz hinted at potential layoffs in a memo to employees, acknowledging that merging two organizations would necessitate changes, including tough decisions impacting the workforce. They promised a careful approach to this process.
“As for editorial matters, we believe in complete and total editorial independence,” Ellison reassured. He expressed trust in the leadership of CNN, referring to Mark Thompson who will continue to guide the network.
When Cooper interrupted to ask if that meant Ellison wouldn’t interfere with CNN’s news coverage, he received a straightforward “Correct.”
Cooper then raised the topic of CNN’s effort to regain full access to cover President Trump, referring to a lawsuit against the Trump administration regarding restrictions placed on the network.
“Of course,” Ellison affirmed.
Notably, CNN has recently regained some access to the White House due to a temporary federal court order, though with some ongoing limitations.
The conversation naturally extended to broader themes surrounding the $81 billion merger that officially formed Skydance.
Kreiz, who previously served as CEO of Mattel, highlighted the substantial entertainment assets the newly merged company holds and its potential for future growth. He emphasized the importance of engagement and fandom as critical components to success.
This combined entity will incorporate two historic film studios, major streaming platforms like HBO Max and Paramount+, along with CNN, CBS News, and various sports channels, alongside a treasure trove of movie classics.
Meanwhile, concerns lingered about potential layoffs amidst Paramount’s previously stated goal of cutting $6 billion in costs over three years. This anxiety has stirred fears among staff, particularly at CNN, about the looming prospect of significant job losses. Recent reports even suggested the merger could lead to the loss of 4,500 positions in film and TV within Los Angeles County.
The merger moved forward after resolving a lawsuit by California Attorney General Rob Bonta and others, who had argued it could negatively impact competition, drive up prices, limit choices, and harm workers.
In an effort to appease some opponents, Ellison committed to investing an additional $1.5 billion in domestic production over the next five years and pledged to release a steady stream of 30 high-quality theatrical films each year.
Lastly, Skydance’s Class B shares began trading on the New York Stock Exchange this Tuesday under the ticker symbol “SKYD,” as per the company’s announcement.
Meanwhile, shareholders of Warner Bros. Discovery received cash shares equating to about $31.02 each, in accordance with the merger terms, as those shares stopped trading on the Nasdaq.
