CNN, CBS News now under one roof as Paramount-Warner Bros merger closes

What the report says

Paramount Skydance completed its $110bn merger with Warner Bros Discovery on Tuesday, creating a new company called Skydance and bringing CNN and CBS News under the same corporate roof, according to Al Jazeera. The combined business also includes major entertainment assets such as film studios and theme parks. Al Jazeera reported that the new company began trading on Wall Street the same day under the ticker SKYD.

The transaction drew attention because it joins two of the best-known U.S. television news brands. Ahead of the closing, the deal faced lawsuits from unions and 12 state attorneys general. The merger was ultimately settled after the company agreed to create an independent editorial board to oversee both news networks, a step intended to address concerns about political or corporate influence over coverage.

Al Jazeera said Skydance CEO David Ellison appointed Ynon Kreiz as co-CEO. The company also said Mark Thompson will remain CNN editor-in-chief and Bari Weiss will stay as editor-in-chief at CBS News. However, the article noted that the long-term structure of the news operations has not been finalized, leaving questions about whether the networks will remain separate and whether cost-cutting or consolidation could follow.

The merger matters because it combines major media and entertainment properties at a time of pressure on traditional television news and streaming businesses. Al Jazeera reported that the new company carries substantial debt and has pledged to grow its streaming reach and produce more films, while newsroom staff and press-freedom advocates remain focused on the potential impact on editorial independence.