Ellison Bets CNN Sale to Rescue a $111B Deal, But Antitrust Case Remains

Paramount Skydance’s $111 billion merger with Warner Bros. Discovery — which would place CNN under WBD’s umbrella — is facing an antitrust lawsuit over market concentration in film distribution and basic cable. Paramount reportedly floated selling CNN to appease critics, but observers say such a divestiture would not end the lawsuit. A ticking fee of about $7 million per day accrues if the deal misses the Sept. 30 deadline, and if not closed by June 4, 2027, a $7 billion breakup fee applies. CEO David Ellison has even signaled relocating Paramount out of California if the settlement isn’t reached, underscoring the political and legal pressure surrounding the deal.