There was a time long ago when the FCC would block the merger of two major television networks. Too much consolidation is not healthy for democracy. But under Brendan Carr, the prospect of a megabillionaire buying two networks is possible because he’s a friend of Trump.

The most stunning revelation occurs in the last paragraph.

Oliver Darcy writes on his invaluable Status blog:

Inside the halls of Hudson Yards, and across CNN’s bureaus worldwide, staffers have been anxiously whispering about the suddenly real possibility of yet another corporate takeover. The network, which has already changed ownership twice in the past decade and weathered multiple leadership shakeups, may soon be thrust into another period of upheaval as the Ellison family prepares a bid for Warner Bros. Discovery, the David Zaslav–led conglomerate that owns CNN. 

An Ellison takeover would be unlike anything CNN has seen in its 45-year history. Since acquiring Paramount, David Ellisonhas sought to steer CBS News into more Donald Trump-friendly waters, installing a MAGA-leaning ombudsman to review complaints of bias and moving to acquire Bari Weiss’ The Free Press with plans to install her as editor in chief, or something close to it. WBD already dialed back CNN’s aggressive, Jeff Zucker-led Trump reporting when it took over the network as its parent company in 2022, but an Ellison regime could go much further. In such a scenario, it’s likely that the anti-woke, anti-D.E.I. Weiss, who has spent years bashing the mainstream press, would not only wield influence at CBS News, but would ultimately be handed editorial authority at CNN itself. 

According to nearly a dozen current employees and people familiar with the mood inside CNN, that prospect has unnerved network staffers, who harbor deep unease at the idea of reporting to Weiss. The fears have only deepened by the expectation that Ellison would pursue cuts if he merges CBS News and CNN—which I understand would be the plan should he acquire WBD—to eliminate redundancies.

Mark Thompson, CNN’s chief executive, has certainly picked up on the palpable fear in his newsroom, and has spent the past week attempting to steady the ship. I’m told that he has spoken privately with senior staff and on Monday phoned into the company-wide morning editorial meeting from London, urging calm and focus. When the Ellison family’s plan leaked to the press last week, Thompson also addressed the matter in an all-staff memo, signaling the seriousness in which CNN’s leadership is digesting the situation.

“News about potential consolidation and where our broader sector is headed is an everyday part of our industry,” Thompson said in the memo, obtained by Status. “I therefore suggest that you take this story and any subsequent similar ones with a sense of proportion. The best way we can safeguard CNN’s future as an outstanding independent global news provider is to take our own destiny in our hands and execute our own strategy as energetically and successfully as we can. Our predecessors never let speculation about changes of parent company ownership–and there were more than a few–distract them from the task of building a successful CNN and I don’t think we should either.”

Still, Thompson’s reassurances have hardly erased the anxiety, given that an Ellison takeover would be no ordinary change of corporate hands, a la AT&T’s purchase of the WarnerMediaassets. Many staffers were already worried by WBD’s existing plan to spin off CNN and other linear networks into a separate company by early next year, which would be led by notorious cost-cutter Gunnar Wiedenfels. “Keep calm and carry on doesn’t cut it in this context,” one staffer told me this week. “People are very worried,” said another, noting that Weiss “seems to have a lot of preconceived and incorrect notions about CNN.” A third added bluntly, “No one knows what the hell to expect.”

“It’s quite something for an organization that has constantly been on pins and needles for several years now, wondering what new change will come next,” that staffer continued, underscoring the constant uncertainty.

There’s also a strong sense of déjà vu. CNN is preparing to launch its second standalone streamer next month, as we previously reported, just three years after Zaslav pulled the plug on CNN+ following the WBD takeover. Thompson stressed in his memo last week that CNN’s streamer will launch “on time and on budget,” no matter the speculation swirling around the company. “Indeed, we plan to double down on the whole digital plan and execute it as soon as we can,” he told staff in his memo. But if Ellison gains control, the fate of CNN’s digital strategy could be rewritten, just as it was when Zaslav gained the keys to the castle.

Of course, the necessary caveats do apply. The Ellison family may be preparing a bid, but they have yet to submit a formal offer. It also goes without saying that if the family does make a play for WBD, corporate transactions take time to shake out. And even if the WBD board immediately accepts an offer, it would still take several months to close and then more time for the Ellison family to determine next steps for the company’s pile of assets. Nevertheless, WBD’s board may not ultimately have much of a say in the matter, given its members have a fiduciary responsibility to shareholders. If they receive a good offer, it’s difficult to see how they’d reject it.

In truth, CNN’s future may soon be beyond the control of both Thompson and Zaslav. While Zaslav may hope to gin up interest from rival bidders, it’s hard to imagine there are other companies that would wish to swallow WBD’s entire portfolio of assets whole, never mind whether they have the ability or desire to outbid the Ellison family, which is said to be preparing a cash offer after seeing their wealth surge nearly $100 billion last week. For CNN staffers who never quite adjusted to WBD ownership and might still yearn for the Zucker years, the reality is sobering: yet another transformation may soon be on the horizon, one that could redefine the network’s identity in a much more significant way.

The Ellison family saw its wealth surge by nearly $100 billion in the last week. Think about it.