Skydance merger places CNN and CBS News under common ownership

The $110 billion Paramount‑Skydance‑Warner Bros. Discovery merger closes, creating a single owner for two of America’s biggest news brands.

By Felo News Desk · Published Wed, 07 Oct 2026 02:18:55 GMT

Paramount Skydance completed its merger with Warner Bros Discovery on Tuesday, creating the new Skydance group and putting CNN and CBS News under the same corporate roof, according to Al Jazeera and The Independent.

What happened

The merger, valued at $110 billion, was finalized on 6 October 2026. The deal combines the entertainment assets of Paramount Skydance and Warner Bros Discovery and, as a result, brings together the news operations of CNN and CBS News under the Skydance umbrella.

What the reports add

Al Jazeera noted that the combined entity will be called Skydance and that the deal was settled after the company agreed to appoint an independent editorial board to oversee both news networks. The outlet also mentioned that Skydance CEO David Ellison, son of Larry Ellison, appointed Ynon Kreiz as co‑CEO.

The Independent reported that the merger was announced as an $81 billion buyout, a figure that differs from Al Jazeera’s $110 billion valuation. It added that CNN’s editor‑in‑chief Mark Thompson will remain in his role, while CBS News continues under Bari Weiss. The Independent also highlighted a recent settlement requiring the creation of a “News Editorial Independence Board” within 180 days.

What was said

Al Jazeera quoted the settlement terms that require an independent editorial board to monitor CNN and CBS News, but did not provide a direct quote from any executive.

The Independent reported that Skydance CEO David Ellison pledged to maintain editorial independence for the news outlets, and that President Donald Trump has previously barred CNN from the White House, adding political context to the merger.

How it came about

The merger follows a series of regulatory and legal steps documented in earlier Felo News coverage. On 1 October 2026, a U.S. judge cleared the $110 billion deal after a settlement with 12 state attorneys general (Felo article). Earlier, the companies announced a rebrand to Skydance on 2 October 2026 (Felo article). The deal also survived antitrust challenges and required a settlement that included the creation of a news editorial board, as noted in the October 2 Felo piece on executive exits.

Key facts

Paramount Skydance completed its merger with Warner Bros Discovery on 6 October 2026. (aljazeera.com)
The merger creates a single owner for CNN and CBS News. (independent.co.uk)
The deal’s value is reported as $110 billion by Al Jazeera and $81 billion by The Independent. (aljazeera.com)
Mark Thompson will stay on as CNN’s editor‑in‑chief. (independent.co.uk)
The settlement requires a News Editorial Independence Board within 180 days. (independent.co.uk)