Skydance CEO David Ellison reassured a nervous Anderson Cooper that CNN will retain its editorial independence in the wake of the blockbuster Paramount-Warner Bros. Discovery merger.
Cooper interviewed Ellison and his new co-CEO Ynon Kriez about life under the newborn media behemoth at a Los Angeles town hall in front of CNN staff.
“I want to start with a smaller part of this company, but it’s going to cause you headaches: news,” Cooper shakily said to laughter, according to leaked audio of the sit-down. “Asking for a friend — or frenemies, I’m not sure.”
Cooper went on to lay out criticism from some observers, who have slammed CBS News editor-in-chief Bari Weiss’ handling of the network — which was already owned by Paramount before the merger — along with the Ellison family’s Trump ties and War Secretary Pete Hegseth’s recent call for the exec to overhaul CNN.
“Are there changes you want to see in coverage at CNN, are there lessons you do or don’t want to apply from CBS News?” Cooper asked.
“I believe deeply in journalism,” Ellison replied. “In the world we live in today, having truth-based, fact-based, bi-partisan news that informs the public has never been more important.”
The exec added that both CBS News and CNN’s work is “vital to democracy” and that he supports it — while planning “to scale and transition the business digitally.”
Earlier Tuesday, Ellison and Kreiz reportedly gestured at layoffs in a memo to employees.
“Integrating two companies will bring change, including difficult decisions that affect our workforce. We are committed to handling this process thoughtfully and respectfully,” they wrote, according to Variety, though they did not detail any such plans at the town hall.
“As it relates to editorial, we believe in complete and total editorial independence,” Ellison said during the sitdown.
“We trust Mark, we trust the team,” he added, referring to CNN boss Mark Thompson, who will continue to lead the network.
“You’re pledging to not interfere with news coverage of CNN?” Cooper interrupted. He quit a side gig on “60 Minutes” earlier this year, purportedly to spend more time with family, though sources said he really left because he thought Weiss was biased.
“Correct,” Ellison said.
“Do you stand by CNN and our effort to restore access to completely cover President Trump?” Cooper asked, citing the cable network’s lawsuit against the Trump administration over the White House move to block it.
“Of course,” Ellison said.
CNN — along with co-plaintiffs MS NOW and Politico — has regained partial access to the White House thanks to a temporary federal court order, though some restrictions are still in place.
Cooper went on to tackle broader questions about the $81 billion merger that officially birthed Skydance on Tuesday.
Kreiz, the former CEO of Mattel, touted the company’s vast entertainment porfolio and future growth prospects.
“It is about engagement, it’s about fandom and we have everything it takes to be successful,” he said alongside Ellison.
The combined company will include two historic film studios and their Hollywood lots; major streaming services HBO Max and Paramount+; CNN and CBS News; live sports channels including CBS Sports and TNT Sports; and thousands of iconic movie titles.
Paramount previously said it was aiming to cut $6 billion in costs over three years, partially from layoffs – which has left staff including CNN employees panicking over a potential “bloodbath.” In August, a report from Los Angeles County’s municipal government warned the merger could eradicate 4,500 film and TV jobs.
The deal crossed the finish line after settling an antitrust lawsuit brought by California Attorney General Rob Bonta and 11 other AGs, who warned the deal could crush competition, raise consumer prices, limit choices and hurt workers.
Ellison ultimately appeased Bonta with pledges to spend an additional $1.5 billion on domestic production over the next five years and release 30 high-quality theatrical films each year.
Skydance’s Class B shares started trading Tuesday on the New York Stock Exchange under the ticker symbol “SKYD,” the company said in a press release.
WBD shareholders have received an amount in cash equal to roughly $31.02 a share, as per the merger agreement. Its shares ceased trading on the Nasdaq on Tuesday.
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