Paramount considering oversight board for CNN as WBD merger faces scrutiny: Report

Paramount Skydance is considering establishing an oversight board for CNN as the company works to complete its $110 billion acquisition of Warner Bros. Discovery, according to The Wall Street Journal.

The proposal is aimed at addressing concerns about CNN’s editorial independence after the network becomes part of the combined Paramount-Warner Bros. Discovery company. Discussions about an oversight board began before a coalition of 12 state attorneys general sued to block the merger, according to people familiar with the matter cited by the Journal.

Paramount confirmed it has been examining potential changes, saying it remains open to internal measures designed to strengthen journalistic integrity.

David Ellison says WBD-Paramount deal would strengthen industry

The idea comes as Paramount CEO David Ellison faces increased scrutiny over how CNN and CBS News would operate under his leadership. Ellison recently defended the proposed merger in a New York Times essay, arguing that the states’ challenge is driven in part by concerns over his potential control of CNN rather than traditional antitrust issues.

Ellison said he does not intend to impose his personal views on either CNN or CBS News and maintained that CNN would continue to operate independently and base its reporting on facts.

Ari Emanuel, executive chairman of WME Group and a business partner of Ellison, publicly suggested a similar approach last week. During an appearance on CNBC, Emanuel proposed creating an editorial board at CNN as a way to resolve concerns surrounding the network while allowing the combined company to focus on its entertainment businesses.

The merger remains stalled by the lawsuit filed by the state attorneys general, with a trial scheduled for March. Paramount has agreed not to close the transaction until five days after the trial is resolved or June 1, 2027, whichever comes first. Ellison and Paramount chief legal officer Makan Delrahim have said the company is considering multiple options to secure approval for the deal.

Ellison has also threatened to move Paramount’s operations out of California if state Attorney General Rob Bonta does not engage in settlement negotiations by Oct. 1. Beginning that month, Paramount is expected to incur a 25-cent-per-share fee tied to delays in completing the merger, amounting to about $7 million a day.

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Bonta rejected the threat this week, describing it as “blackmail.” He said California remains willing to discuss a settlement but indicated that Paramount would need to offer structural concessions, such as asset sales, rather than relying primarily on operational commitments. Bonta also said selling CNN by itself would not resolve the states’ objections to the transaction.