Paramount CEO asks CNN chief to stay on after acquisition

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Paramount Chief Executive David Ellison has asked CNN CEO Mark Thompson to remain at the helm of CNN after the completion of the Warner Bros. Discovery acquisition. A person familiar with the matter confirmed this to Reuters on the first of the month. The two have discussed a new contract over the past few weeks aimed at keeping Thompson on, but they have not yet reached agreement on terms. Thompson places great importance on editorial independence and is said to be seeking guarantees that he can retain broad authority over CNN's news coverage. The acquisition will bring CNN and CBS News under the same corporate umbrella, and Paramount executives are continuing to examine how the two outlets will work together after the merger. CBS News editor-in-chief Bari Weiss is expected not to be involved with CNN after the deal closes. On September 30, a U.S. federal district court approved a settlement between Paramount and 12 states led by California that had sued to block the acquisition, issuing an order allowing the deal to proceed. Under the settlement, the combined company must establish a "news editorial independence committee" to protect the editorial autonomy and fact-based reporting standards of CBS News and CNN.

Impact on assets 2

Communication Services▲ · 2 stocks
Paramount Skydance Corporation
PSKY
▲ PositiveCapitalrelevance

Paramount's acquisition of Warner Bros. Discovery cleared a federal court settlement, allowing the deal to proceed and bringing CNN and CBS News under one umbrella.

Warner Bros Discovery Inc
WBD
▲ PositiveCapitalrelevance

The court-approved settlement lets Paramount complete its acquisition of Warner Bros. Discovery.

Off-coverage companies 1

CNNPrivate± Mixed
Regulationrelevance

Paramount CEO asks CNN chief Mark Thompson to stay, with editorial-independence guarantees and a new editorial independence committee required under the settlement.

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