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Oct 11, 2026

Trump Ally Just Took Over CNN And Nobody At the Network Is Happy


NN officially has a new corporate owner after David Ellison’s Paramount Skydance completed its blockbuster takeover of Warner Bros. Discovery on Tuesday, placing the cable news network under the same corporate roof as CBS News.

The roughly $110 billion transaction, including debt, creates a sprawling entertainment company encompassing CNN, CBS, HBO, Paramount Pictures, Warner Bros., Paramount+, HBO Max and some of Hollywood’s best-known film and television franchises.

The combined company will operate under the Skydance name, with Ellison serving as chairman and CEO alongside co-CEO Ynon Kreiz, the former head of Mattel. Shares of the new company began trading Tuesday on the New York Stock Exchange under the ticker “SKYD.”

The transaction gives Ellison control of CNN, one of President Donald Trump’s most frequent media targets. Ellison’s father, billionair Oracle co-founder Larry Ellison, provided significant financial backing for his son’s rapid expansion into the media industry.

The elder Ellison has also maintained a relationship with Trump and supported Republican political causes, a connection that has generated considerable political attention as the family has expanded its media holdings.
David Ellison previously acquired Paramount through an $8 billion deal completed in 2025 before turning his attention to Warner Bros. Discovery. Paramount eventually prevailed in a bidding battle for Warner after the company had initially reached an agreement with Netflix.

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