Paramount sets Skydance leadership, retaining Mark Thompson at CNN as mega-merger closes

Executive structure and editorial leadership

Paramount Skydance has outlined its senior leadership team ahead of the formal closing of its acquisition of Warner Bros. Discovery on Tuesday, October 6. David Ellison will serve as chairman and chief executive officer of the merged entity, named Skydance, alongside co-chief executive Ynon Kreiz, the former head of Mattel. Mark Thompson, who has led CNN for almost three years, will remain in place as chief executive, chair, and editor-in-chief of the news network. Bari Weiss, who was appointed editor-in-chief of CBS News last year, will also retain her position despite falling ratings. Skydance has kept the two news organizations under separate editorial management rather than consolidating them into a single newsroom.

Additional corporate divisions will be divided between returning and newly appointed executives. Casey Bloys will serve as co-chair and chief content officer for direct-to-consumer streaming, expanding his HBO and HBO Max purview to include Paramount+ and Pluto TV. JB Perrette will take on the role of co-chair and chief business officer across both television and streaming operations. George Cheeks will serve as chair of television, managing broadcast networks and television production studios. Skydance's film studios will be run jointly by Dana Goldberg and Josh Greenstein, while Warner Bros. Motion Picture Group leaders Pamela Abdy and Michael De Luca will depart.

Editorial independence and political scrutiny

The integration of CNN into Skydance follows months of political scrutiny and concerns regarding potential editorial interference. Donald Trump and members of his administration have made repeated public statements regarding CNN's future ownership. In March, Defence Secretary Pete Hegseth expressed support for Ellison taking control of the network. During an interview in July, Trump told anchor Jake Tapper that his administration was trying to have the network follow a normal path. In September, the White House banned CNN and several other news organizations from press briefings, a measure that was subsequently lifted on a temporary basis by a federal judge.

In a memo distributed to CNN staff on Monday, Thompson acknowledged prior internal concerns regarding the ownership change before expressing confidence in the new corporate hierarchy.

Having now spoken to them at length on the topic, I have real confidence that they both understand and will fully support the principle and practice of the kind of independent news that CNN has always stood for.

To address regulatory and editorial concerns, Skydance agreed to establish a five-member board composed of journalists tasked with safeguarding the editorial independence of CNN and CBS News.

Regulatory clearances and market listing

Paramount originally agreed to the acquisition in February 2026, with source valuations ranging between $110 billion and $112 billion. The transaction secured regulatory approvals in 68 countries before resolving its final domestic obstacle through a settlement with 12 US states that had filed an antitrust suit to block the consolidation. A federal judge approved the terms of that agreement during the previous week.

The combined enterprise faces substantial financial obligations upon closing, entering the market with an estimated net debt exceeding $80 billion. Common shares of Skydance will begin public trading on the New York Stock Exchange on Tuesday, October 6, under the ticker symbol SKYD.