Warner Bros. Discovery appears poised to accept an offer from Paramount Skydance to purchase the company, including CNN.
On Thursday, WBD revealed that it found the updated purchase price from Paramount Skydance — $31 per share, compared to the $30 per share offered by Netflix — superior. Netflix subsequently shared it would not match that offer, paving the way for Paramount Skydance to purchase the company.
Following that announcement, many pointed to the fact that Larry Ellison — the chairman of the company — was the preferred buyer of Warner Bros. Discovery by the White House. Reportedly, Ellison and his son, David, had met with President Donald Trump to discuss what programming changes they would make to CNN should they acquire the network as part of the deal. Trump has been a frequent critic of the cable news brand for its coverage of him.
CNN CEO Mark Thompson sent a memo to employees Thursday evening attempting to assuage any concerns.
“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 wrote. “And secondly let’s not forget our duty to our audience. We’re still near the start of what is already an incredibly newsy year at home and abroad, one that will culminate with critical U.S. midterm elections and who knows what else. Let’s continue to focus on delivering the best possible journalism to the millions of people who rely on us all around the world.”
It remains to be seen if Paramount’s purchase of Warner Bros. Discovery will be approved by government regulators. It is also unclear when the company would begin operating the CNN brand should that approval be granted.
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Thompson’s message is the same one that every company chief delivers to employees before the company is taken over. He’s telling them not to jump ship. The crew is needed to safely bring the ship to port. Once that’s done, many of the sailors will be tossed overboard – and they know it.