CNN staffers fear Bari Weiss takeover as Paramount deal nears
CNN edge staffers fear a Bari Weiss–style takeover as Paramount Skydance closes in on its Warner Bros. Discovery acquisition, Variety reports. Journalists worry the soon-to-be owner will overhaul the network despite CNN's profit engine and digital growth plans, just as the CBS News editor in chief has reshaped that division.
Key Takeaways
- Paramount's Warner Bros. Discovery purchase would create a company carrying about $79 billion in net debt.
- CNN is a major profit center, with Variety citing roughly $600 million in reasons not to disrupt its operations.
- Staffers point to ratings declines, departures, and upheaval at CBS News under Weiss as a warning for CNN.
- Paramount has pledged to cut more than $6 billion in costs while cable networks lose subscribers.
- Morale inside CNN is bleak, with one staffer telling Variety they see no glimmers of hope.
Why Are CNN Staffers Worried About Bari Weiss?
As the Paramount-Warner Bros. deal moves closer to the finish line, anxiety inside CNN has intensified. Staffers at the news giant fear the company soon expected to be their new owner will ignore their concerns, according to Variety.
There has been significant speculation that Weiss, CBS News' editor in chief, could be handed similar oversight of operations at CNN. That prospect unsettles employees who have watched her tenure at CBS unfold.
What Has Happened at CBS News Under Weiss?
Since Paramount Skydance acquired CBS and Paramount assets, CBS News has faced unending scrutiny. Under Weiss, credibility has eroded and ratings have dropped for "CBS Evening News" and "CBS Mornings," Variety reports.
Several prominent journalists and executives, including Anderson Cooper, Claudia Milne, and Scott MacFarlane, have chosen to exit. The senior staff of "60 Minutes" has been gutted, even though the show posted a 9% increase in ratings in the most recent TV season.
How Much Money Is at Stake for Paramount and CNN?
Variety frames the stakes in blunt financial terms: there are 600 million reasons Paramount Skydance should not tinker too much with CNN's inner workings after the acquisition of Warner Bros. Discovery completes.
Paramount will need that money. Its purchase will give rise to a new entity with $79 billion in net debt. CNN, which Warner Bros. Discovery said is aiming to generate an additional $100 million in revenue each year through 2030 as it builds a digital subscription offering, could help offset that burden.
What Could Paramount's Cost-Cutting Mean for CNN?
Paramount has vowed to eliminate more than $6 billion in costs and continues to grapple with declines in advertising revenue and cable networks shedding subscribers. For more on how consolidation is reshaping the TV landscape, see our Streaming & TV Alerts coverage.
Inside CNN, however, there is strong concern that Paramount executives "don't know or don't care" about managing the news giant for profit or for the future, according to one staffer. "I don't have glimmers of hope and don't see reasons for any," this person told Variety.
It's not hard to understand why some at CNN have fallen victim to ennui. With the deal nearing completion and CBS News serving as a recent precedent, staffers are bracing for a transformation they fear could come without regard for the journalism that built the network's value.