Just when staffers at CNN thought the news giant’s path to the future was becoming more clear, new fog has set in.
In recent weeks, the Warner Bros. Discovery outlet appeared to have found its groove. Yes, its linear ratings are down noticeably from the era when it won notice for its aggressive coverage of President Trump’s first term, and there’s serious questions about whether they will ever come back. But the company appeared to be making some gains with digital audiences with its recently launched “CNN All Access” subscription service, where CNN has been testing new programming formats. On the traditional side, despite the viewership challenges, CNN has seen personnel like Abby Phillip and Harry Enten gain some traction. Warner Bros. Discovery projected in a filing with the U.S. Securities and Exchange Commission earlier this year that CNN will generate $600 million in profit in 2026 on $1.8 billion in revenue.
A new corporate parent, Paramount Skydance is set to take the reins of CNN in October, and with that change of control could come entirely new goals — and means of executing them.
Even Mark Thompson, chairman and CEO of CNN, seemed to not know much about next steps. “Over the coming days you’ll hear much more about what this means for CNN, including the date of the close,” he told staffers Monday.
The mood at CNN is “like a funeral,” says one person familiar with the operation.
CNN personnel have reason to worry. Paramount’s management of CBS News has been controversial, and has not been good for the business of the news unit. Changes made under Bari Weiss, installed last year as editor in chief, have brought unnecessary scrutiny to news reports, and anchors have made public entreaties on Instagram when people post notes suggesting that Weiss’ background as a digital entrepreneur and provocative opinion writer have muddied the newsgathering at the network. Tweaks made at “CBS Mornings” and “CBS Evening News” are still too nascent to make final judgement, but both shows continue to lag their rivals in the ratings, with the morning show suffering significant erosion. Weiss’ decision to overhaul “60 Minutes,” widely considered the jewel of CBS and of TV-news overall, has left the venerable newsmagazine open to criticism and backlash.
Whether Paramount can serve as a good steward for CNN remains to be seen. There is some encouragement being taken by a decision by CBS News to participate in a broader decision by the TV networks to not take White House pool duties while the Trump administration bans CNN from its regular duties tied to that coverage.
But staffers are also concerned about the company’s business plans being changed — yet again. “What an enormous loss and disruption it would be to shuffle leadership for the umpteenth time in the midst — finally — of reshaping the business,” says one CNN staffer.
CNN employees have reason to wring their hands. Warner Bros. Discovery has changed streaming strategies for the outlet in major ways since taking control in 2022. The company scuttled a streaming product known as CNN+ that went heavy on new shows and new personalities, feeling the investment in the property was too much. Then it tested a product called CNN Max, a streaming subset built for viewers of HBO Max. And then Thompson was hired — and executive Alex MacCallum was re-hired — to chart a new (well, new-ish) way forward with a subscription product that aimed to lure younger consumers with interactive formats and special content not available on CNN’s linear feed.
The changes in mission have set CNN back on its feet while rivals stepped past it. NBC News has launched a portfolio of streaming products, including a bespoke service tied to “Today,” a FAST channel built from “Dateline,” a free, ad-supported daily live-streamed outlet called NBC News Now, and a subscription product featuring newsletters and contributions from correspondents like Steve Kornacki and Rebecca Keegan.
Fox News has developed the subscription outlet Fox Nation into an add-on product that gives viewers of its flagship property documentaries, comedy, movies and lifestyle content. Meanwhile, Fox has found that younger viewers are finding Fox News on its Fox One subscription service that was originally thought to be a primary draw for sports fans.
Disney’s ABC News has been experimenting with new formats for streaming viewers that try to address the topics and stories being searched most online. CBS News has tested a number of different strategies since launching a service once known as CBS All Access in 2014. In recent months, it launched a national “whip around” news program making use of reports from CBS local stations and programs focused on work by the CBS News Washington Bureau.
Without a boost from new digital revenue, CNN’s business will likely decline, according to projections from Kagan, a market-research unit of S&P Global Intelligence. CNN’s cash flow is seen falling to $735.3 million in 2027, according to Kagan, down nearly 10% from $815.9 million in 2025. A projected spike in 2026 is due to midterm election coverage, which typically draws broader audiences. Advertising is projected to fall about 6.6% to $457.6 million in 2027, according to Kagan, compared with $489.8 million in 2025. Cash from distribution, however, is expected to keep rising.
CNN must also grapple with how much independence it will have under Paramount. Paramount Skydance CEO has put CBS News into unorthodox situations by holding a private dinner with personnel from the news division and the Trump administration and by hiring a factotum ombudsman to monitor CBS who has staunch partisan ties. News rivals wonder why CBS News seems so eager to put U.S. Defense Secretary Pete Hegseth into so many of its programs — he was a big “get” interview during Tony Dokoupil’s first “CBS Evening News” telecast and appeared on last week’s season premiere of “60 Minutes” — when Hegseth’s Pentagon has been so hostile to traditional press outlets.
The solution — for now — is to be found in the formation of a board designed to govern both CNN and CBS News. Under the terms of an agreement unveiled Monday between Paramount and a set of attorneys general who were blocking the merger, this board is expected to set up guiding principles for “accuracy, independence, fairness and journalistic integrity.” And it will aim to resolve disputes between staffers and news management around any violations of those principles. Members of the board will be appointed by Paramount, a fact that already makes their allegiance suspect.
Such bodies have proven largely ineffectual in the past. Rupert Murdoch created a similar structure when he purchased The Wall Street Journal from its longtime owners, the Bancroft family, in 2007 for $5 billion. But there is little mention of such an entity today when the giant news outlet grapples with legal or operational matters. An oversight committee staffed by journalism experts, academics and executives that holds regular meetings with senior operators might have some bite. A group led by a motley group of friends and acquaintances that rarely engages with operating officers might be seen as toothless.