Paramount CEO David Ellison is weighing whether to bring Elon Musk into the group of investors backing Paramount’s proposed takeover of Warner Bros. Discovery, according to a report from Semafor published Wednesday. Musk is one of several wealthy names on Ellison’s list, and the size of any potential stake remains unclear. Even a minority share, however, would give Musk a financial interest in both CNN and CBS News.
The news landed hard inside CNN’s already-anxious newsroom. Staffers were already bracing for layoffs and uncertainty over who would lead the network once Ellison completes the takeover, sources told the New York Post, and the prospect of Musk joining the ownership structure deepened that unease.
CNN Staffers Rattled, Jim Acosta Goes Silent
One CNN insider took aim at California Gov. Gavin Newsom, who supported the Paramount-Warner Bros. Discovery merger partly out of concern that Paramount might leave the state and eliminate thousands of jobs. “Amazing it comes out now, of course,” the source said. Not good for Gavin!” Former CNN White House correspondent Jim Acosta responded to the Semafor report on social media with only a melting-face emoji, offering no further comment.
The anxiety inside the network is not without basis. David Ellison’s father, Larry Ellison, already holds a major stake in CBS and Paramount and has a close relationship with President Trump. David Ellison himself reportedly met with Trump at the White House earlier this year. As part of its settlement with California Attorney General Rob Bonta, Paramount also agreed to establish independent editorial boards for both CBS News and CNN, though the company has not clarified what authority those boards will carry.
Musk’s Ties to the Ellison Family and Media Ambitions
Larry Ellison has been a consistent backer of Musk’s business ventures. He invested $1 billion in Musk’s acquisition of X, the platform formerly known as Twitter, and served on Tesla’s board of directors for years. Analysts have noted that Musk’s involvement could strengthen the newly combined company’s appeal to a dedicated investor base that follows his moves closely. You can read more about the Paramount and Musk investor report and the reaction it has generated across the media industry.
Changes at CBS News already offer a preview of what Ellison-era ownership can look like. Bari Weiss, installed as editor-in-chief after Skydance, Ellison’s company, acquired Paramount, has drawn significant criticism for removing longtime “60 Minutes” correspondents and for her broader editorial direction at the network.
What Comes Next for CNN and the Merger
The merger between Paramount and Warner Bros. Discovery has not yet closed, and it remains uncertain whether Musk will ultimately participate as an investor or at what level. The independent editorial board requirement negotiated with the California attorney general adds another variable, since any shift in ownership structure could reshape how those boards are constituted and whom they answer to.
CNN’s staff will be watching closely as negotiations continue. The combination of a Trump-aligned ownership family, a potential Musk investment, and mandatory editorial oversight boards sets the stage for a significant transformation at one of the country’s most prominent cable news networks.
