Warner Bros. Discovery shareholders are set to vote Thursday on a $31-a-share cash deal to sell the company to Paramount Skydance, a move that would place two of the nation’s largest news organizations — CBS News and CNN — under common ownership for the first time.
The special virtual meeting, called for 10 a.m. ET, follows weeks of escalating opposition from Hollywood unions, antitrust advocates and political figures who warn the merger would concentrate unprecedented power in the hands of David Ellison, son of Oracle co-founder Larry Ellison and a close ally of former President Donald Trump.
Critics argue the combination would eliminate vital competition between two major studios, threatening jobs and creative independence across the industry. Michele Mulroney, president of the Writers Guild of America West, warned on a Wednesday Zoom press call that the merged entity would become “the largest employer of our members” and that losing head-to-head competition would “harm writers and eliminate jobs across the industry.” She added that consolidated gatekeeper power risks “diminishing American culture and our democracy” by letting a few entities decide whose stories obtain told.
Journalist and former CNN chief White House correspondent Jim Acosta echoed those fears, saying colleagues at CNN now see the merger not as a distant threat but as an imminent iceberg they are “bracing for impact.” He cited a recent remark by Defense Secretary Pete Hegseth that “the sooner David Ellison takes over that network, the better,” referring to WBD-owned CNN — a comment critics view as evidence of political alignment rather than neutral business strategy.
Outside the financial and labor concerns, opponents point to specific editorial shifts already underway at CBS under Ellison’s influence. Longtime justice correspondent Scott McFarlane reportedly left the network, disillusioned by its direction under Ellison and newly appointed conservative opinion writer Bari Weiss, who lacks prior television experience. CBS also announced last month it would shut down CBS News Radio, affecting 6 percent of its workforce.
For more on this story, see 3,000 Industry Professionals Urge Regulators to Block Paramount-Warner Merger.
Meanwhile, regulatory scrutiny intensifies. Last month, Senator Cory Booker (D-NJ) urged FCC Chair Brendan Carr to investigate foreign investment in the deal, noting participation from sovereign wealth funds of Saudi Arabia, Qatar, and the UAE, as well as Chinese investors. Across the Atlantic, Britain’s Competition and Markets Authority is preparing its own antitrust review, following a Reuters report that the watchdog will launch an investigation into the looming merger.
Supporters, including proxy advisory firm Glass Lewis, argue the combination will create a stronger, more efficient media company capable of competing in a streaming-dominated era. Ellison has pledged to ramp up film and television production while targeting $6 billion in cost savings — though he insists those cuts will span operational areas, not necessarily personnel reductions. He frames the deal as a move to build a “modern, tech-driven media company that will help grow the industry, not shrink it.”
But for many inside the newsrooms facing potential consolidation, the promise of growth feels abstract compared to the immediate threat to editorial independence. At CNN, staffers have reportedly been “shaken” by the prospect of Ellison-led leadership, particularly given the network’s history as a frequent target of Trump’s criticism and Ellison’s stated intent to deliver “sweeping changes” aligned with the former president’s preferences.
The vote itself is expected to be brief, but its consequences could reshape not only the balance of power in Hollywood and Washington but also the everyday flow of information to millions of Americans who rely on these networks for news.
What happens if shareholders approve the merger?
If approved, the deal would still require clearance from U.S. Federal regulators and antitrust authorities in the UK before it could close, a process that could take several months.
Why are writers and journalists particularly concerned about this deal?
They warn that combining two major studios and two major news outlets under one owner would reduce competition, increase gatekeeper control over content, and threaten job security and creative freedom across the industry.