Paramount-Warner Deal Moves Closer to Completion, Putting CNN Under Ellison-Led Media Group if Judge Approves

September 23, 2026 — A settlement with 12 states and Hollywood writers has removed a major obstacle to Paramount’s takeover of Warner Bros. Discovery, but claims that “Trump donors have officially bought CNN” overstate what has happened.

Paramount’s planned acquisition of Warner Bros. Discovery moved substantially closer to completion Monday after 12 states and Hollywood writers agreed to settle antitrust lawsuits challenging the $81 billion transaction.

The deal would combine Paramount’s CBS, Paramount+, Nickelodeon and film studio with Warner Bros. Discovery assets including CNN, HBO, HBO Max, Warner Bros. Pictures and major cable networks.

Despite viral claims that CNN has already been “bought,” the transaction has not fully closed. The settlement still requires judicial approval before the companies can complete the merger.

California Attorney General Rob Bonta, who led the states’ challenge, said the agreement secured concessions intended to protect workers, consumers, domestic film production and editorial independence.

One of the most significant provisions requires the combined company to create a News Editorial Independence Board overseeing CNN and CBS, an effort designed to limit improper corporate interference.

Paramount must also negotiate carriage agreements for current Paramount and Warner basic-cable channels separately for five years, a remedy the states say could reduce risks of higher consumer prices.

The company agreed to invest $1.5 billion in additional domestic film production over five years and establish a $47.5 million fund supporting workers displaced by merger-related restructuring.

Paramount also promised a five-year production schedule of 30 films annually for the first two years and 32 thereafter, including at least four independent films each year.

Failure to meet those production commitments could trigger significant consequences, including a possible sale of Miramax and a $30 million payment to union health and retirement trust funds.

Paramount CEO David Ellison welcomed the settlements, saying they represented “complete clearance” for the transaction, although the court must still approve the agreements before closing can proceed.

Paramount says the Ellison family and RedBird Capital would retain majority governance of the combined company, while large Gulf sovereign wealth fund investments would carry no voting rights.

The FCC last week approved Paramount’s request allowing indirect foreign equity participation from Saudi, Qatari and Emirati funds, while accepting the company’s assurances those investors would not control broadcast decisions.

Political scrutiny has intensified because Oracle co-founder Larry Ellison, David’s father and a major financial backer of the deal, has developed a close relationship with President Donald Trump.

The Wall Street Journal reported in June that Larry Ellison gave roughly $45 million to a nonprofit supporting Trump’s 2024 election effort, deepening questions about political influence.

David Ellison’s own donation history is more mixed: in 2024 he contributed $929,600 to the Biden Victory Fund, according to federal fundraising reports cited by The Washington Post.

That history makes the viral phrase “Trump donors buy CNN” an oversimplification. If the merger closes, CNN would become part of an Ellison-led conglomerate, not Trump’s organization.

The timing is especially sensitive because Trump barred CNN from the White House on September 18, accusing the network of unfavorable coverage, a move that prompted First Amendment criticism.

The merger settlement does not establish that Trump will control CNN’s journalism, and no public evidence reviewed here shows the White House receiving authority over CNN editorial decisions.

Critics nevertheless remain concerned about consolidation. The Writers Guild said it still believes the merger could harm writers and the industry, while analysts have warned about reduced competition.

If the judge approves the settlement and the transaction closes, CNN’s corporate ownership will change significantly; until then, claims that control has already officially transferred are premature.

Related Images