Paramount and WBD Join Forces to Create Skydance, Keeping CNN’s Leadership in Place

Mark Thompson will continue to lead CNN as the news network transitions under the umbrella of the newly formed Skydance, following Paramount’s $110 billion acquisition of Warner Bros. Discovery. In a memo to staff, Thompson expressed confidence that the merged entity will uphold the independent news values that CNN has always championed. This announcement comes alongside details about the executive structure of the combined company.

David Ellison, CEO of Paramount, will head Skydance, working alongside Ynon Kreiz, the former head of Mattel. The merger has sparked discussions about CNN’s future, especially with both CNN and CBS News now operating under the same corporate roof. As part of a settlement with 12 states, Skydance is required to establish a news editorial independence board.

The new executive team also includes Casey Bloys, CEO of HBO, who will take on the role of chief content officer for Skydance’s streaming division. Josh Greenstein and Dana Goldberg will oversee the film studios, while George Cheeks will manage the television sector. Bari Weiss, who became editor-in-chief of CBS News last year, will retain her position despite a decline in ratings.

The acquisition is anticipated to finalize on Tuesday.