Takeover bid of parent company means limbo for CNN and some fellow cable networks

Paramount Skydance’s hostile takeover bid of Warner Bros. Discovery places CNN and its sister cable networks squarely back into what is likely to be an extended period of management limbo.

There was some relief at CNN with last Friday’s announcement that Netflix was buying Warner’s studio and streaming businesses, since the cable network would not be a part of that deal. But that quickly changed on Monday with Paramount’s announced bid, which includes the cable assets that Netflix doesn’t want and, if successful, opens the possibility of a combined CNN and CBS News.