The US Secretary of Defense, Pete Hegseth, has launched a direct attack on CNN’s journalism, labelling its reporting on the US-Israel war with Iran as “fake news” and openly advocating for a change in the network’s ownership.
Speaking at a press conference last month, Hegseth told journalists that “the sooner David Ellison takes over that network, the better.” His comments mark a significant political intervention as the Ellison family seeks to complete its transformation into a global media titan.
The Building of a Media Colossus
That transformation is already well underway. In August 2025, David Ellison’s Skydance Media merged with Paramount Global in an $8 billion deal to form Paramount Skydance Corporation, with Ellison as Chairman and CEO. The move gave the family control of a vast portfolio including Paramount Pictures, CBS, Nickelodeon, MTV, and critically, CBS News.
Now, Paramount Skydance is in the process of acquiring Warner Bros. Discovery in a deal valued at approximately $110 billion, which is expected to close in the third quarter of 2026. Should it proceed, the Ellisons would command an unprecedented empire encompassing CNN, HBO, Warner Bros. Pictures, and CBS, making them among the most powerful media magnates on the planet.
The financial architecture underpinning this expansion is immense. The Warner Bros. Discovery acquisition is being financed through equity from the Ellison family and RedBird Capital Partners, alongside debt from major banks. Larry Ellison, David’s father and the Oracle co-founder, has personally guaranteed over $40 billion in equity. Furthermore, Paramount Skydance is in talks to secure nearly $24 billion in equity commitments from sovereign wealth funds in Saudi Arabia, Qatar, and Abu Dhabi.
Stewardship and Strategy: The CBS Blueprint
It is the family’s stewardship of CBS News that has provided the clearest indicator of their editorial vision and raised the most urgent questions about the future of CNN. Following the Paramount merger, the new leadership made two decisive moves.
First, it acquired The Free Press, the publication founded by commentator Bari Weiss, for approximately $150 million. Weiss was subsequently appointed as the first-ever editor-in-chief of CBS News, reporting directly to David Ellison—a move that caused internal unrest and concerns over a conservative editorial shift.
Second, Paramount settled a lawsuit with Donald Trump for $16 million concerning the editing of a CBS “60 Minutes” interview with Vice President Kamala Harris. Guardian columnist Margaret Sullivan has argued this settlement “set the tone for other settlements by media companies that have come afterwards.”
These actions occur against a backdrop of close political ties. Larry Ellison is known to have a close relationship with Donald Trump, whose administration is reviewing the Warner Bros. Discovery acquisition.
Why CNN’s Editorial Independence Looks Unlikely
Given this blueprint, media analysts express deep skepticism that CNN’s famed editorial independence would survive the transition. Margaret Sullivan points to the pattern established at CBS, arguing that when democracies trend toward authoritarianism, leaders seek to “diminish independence of the press.”
“Donald Trump is trying to control the message, and how do you control the message? You control the media,” Sullivan stated. “It’s a powerful force when you have the media on your side.”
The concerns are multifaceted: the direct appointment of a politically aligned editor-in-chief at a major news network, the multi-million dollar settlement with a figure who routinely disparages the media, and the financial backing of a family patriarch with demonstrated political allegiances. Together, they suggest a model where corporate and political interests could heavily influence journalistic decision-making.
CNN’s current leadership has defended its work. In response to Secretary Hegseth’s criticism, CNN Worldwide chairman and CEO Mark Thompson emphasised the network’s commitment to truthful reporting. However, the potential for change under a new owner is profound. The convergence of vast media consolidation, political connectivity, and a demonstrated willingness to settle high-profile legal claims paints a picture where, critics fear, the imperative for independent journalism may be subordinate to broader business and political ambitions. This is compounded by the potential infusion of billions in financing from foreign sovereign wealth funds, adding another layer of complexity to questions of influence and independence.
