Paramount (PSKY) Stock: CNN Sale on the Table to Settle Warner Deal Lawsuit

TLDR

• Paramount has discussed creating an editorial board for CNN to protect its news independence.
• A CNN sale is “on the table” to resolve California’s antitrust lawsuit blocking the $81 billion Warner Bros. Discovery deal.
• California and 11 other states filed suit claiming the merger gives Paramount too much power over film and cable TV.
• Paramount’s chief legal officer publicly acknowledged the company may leave California.
• The UK has already cleared the deal; California’s lawsuit is now the last major obstacle.

Paramount (PSKY) rose 1.28% as the company signaled it may sell CNN to resolve the antitrust lawsuit standing between it and its $81 billion acquisition of Warner Bros. Discovery (WBD), which was up 2.14%.

Paramount Skydance Corporation Class B Common Stock, PSKY

Paramount’s chief legal officer Makan Delrahim said all options, including a CNN sale, are “on the table.” He was speaking at Politico’s California Agenda conference on Tuesday.

Delrahim also became the first Paramount executive to publicly confirm the company may leave California. He said there is “a point at which you have a duty, a fiduciary duty to your shareholders.”

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