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Paramount is considering selling CNN as a potential solution to a 12-state antitrust lawsuit threatening its $110 billion acquisition of Warner Bros. Discovery (WBD), according to comments from chief legal officer Makan Delrahim.
Speaking at Politico’s California Agenda conference on Wednesday, Delrahim said a CNN sale remains “on the table,” signaling Paramount may consider major structural concessions to secure approval for the Warner Bros. Discovery takeover. The proposed merger would place CBS News and CNN under the same corporate ownership.
Paramount has also discussed creating an editorial board and other safeguards aimed at preserving CNN’s editorial independence, according to The Wall Street Journal. The company said it remains open to measures that could strengthen journalistic integrity.
Pressure is increasing ahead of a September 30 deadline set by Paramount CEO David Ellison. If the antitrust dispute remains unresolved, Ellison reportedly plans to begin moving company operations out of California on October 1. The same date would trigger approximately $7 million in daily fees payable to WBD shareholders until the transaction closes.
California Attorney General Rob Bonta and 11 other states argue the Paramount-Warner Bros. Discovery merger would give the combined company control of roughly one-third of U.S. theatrical film distribution and basic cable channels. Bonta has dismissed Paramount’s proposed safeguards as insufficient and maintains that the lawsuit is focused on competition concerns.
The deal has also attracted political scrutiny. Rep. Jamie Raskin has accused Ellison of collaborating with President Donald Trump and requested a transcribed interview regarding alleged political influence at CBS News. Ellison has rejected claims of political interference and argued that the antitrust lawsuit is effectively aimed at preventing him from controlling CNN.
Internationally, the regulatory path is clearer. Britain approved the Paramount-WBD acquisition after obtaining five-year commitments covering programming and editorial independence.
With no settlement announced, the U.S. antitrust case is scheduled for trial on March 2, 2027. Unless Paramount and the states reach an agreement before September 30, mounting daily fees and prolonged litigation could significantly increase the cost of completing the Warner Bros. Discovery acquisition.
