David Ellison is negotiating to keep Mark Thompson, CNN's chief executive, in place for at least the next year, according to two people with knowledge of the talks. Bari Weiss, whom Ellison picked to run CBS News, would remain in her current role and is not expected to take on editorial or operational oversight of CNN for now, though her role could eventually change.
Paramount's $111 billion acquisition of Warner Bros. Discovery will create a media giant combining CBS News, CNN, HBO, Paramount+, and two major movie studios. The deal is scheduled to close next week after a legal battle. Thompson has insisted on preserving his authority to operate the network independently, and the arrangement, if finalized, is likely to assuage critics who feared significant changes.
CNN is on track to earn $650 million in profit this year, making it a crucial revenue generator for Ellison's combined empire, which will carry $80 billion in debt. As part of a settlement, Ellison agreed to create a board ensuring journalistic independence at CNN and CBS News. Thompson was spotted at the Paramount lot this week.
Anderson Cooper, CNN's most recognizable anchor, has been put off by Weiss's leadership and told associates he did not want to work for her. CNN's profitability has slid from over $1 billion in 2016 to roughly $650 million today.
Source: New York Times Business · Summarized by HeadlinesBriefing