CNN, CBS News now under one roof as Paramount-Warner Bros merger closes

Paramount Skydance has completed its $110bn merger with Warner Bros Discovery to form Skydance.

Key points

• The newsroom can be totally overhauled in 180 days, Seth Stern, director of advocacy for the Freedom of the Press Foundation, informed Al Jazeera.
• On Monday, the firm unveiled that Mark Thompson will stay on as CNN's editor-in-chief, while Bari Weiss, editor-in-chief at CBS News.
• As The New York Times documented that his contract is up in the spring, thompson's stay may be temporary.
• Skydance CEO David Ellison, son of tech tycoon Larry Ellison.
• The road to the merger has included lawsuits from unions and 12 different state attorneys general.

Meanwhile, the accord, which closed on Tuesday, brings together two entertainment giants that own movie studios and theme parks, but additionally brings two of the United States' most influential news brands under one roof – CNN and CBS News.

Skydance CEO David Ellison, son of tech tycoon Larry Ellison. This person is additionally a close ally of US President Donald Trump, has appointed Ynon Kreiz as co-CEO. Kreiz previously led Mattel.

For context, the road to the merger has included lawsuits from unions and 12 different state attorneys general. But the accord was ultimately settled after the business agreed to appoint an independent editorial board to oversee both news networks against the backdrop of worries that the merger would lead to skewed coverage at the two networks.

On Monday, the firm unveiled that Mark Thompson will stay on as CNN's editor-in-chief, while Bari Weiss, editor-in-chief at CBS News. This person was appointed to the role a year ago on Monday, will stay in her position.

Thompson's continuation brought "a sigh of relief" among journalists at CNN, its media industry newsletter, Reliable Sources, documented.

Ever since the merger had been confirmed, there had been a wave of worries at the network that major changes would be created to CNN if the Ellisons took over.

There are still a lot of unknowns regarding what news will look like under Skydance. In a memo to staffers on Monday, Thompson remarked that "the specifics of how CNN will plug into and operate in the new company have yet to be finalized."

While the entertainment giants look to cut costs, grow their streaming footprint and have pledged to produce 30 movies per year, that means looming fears of layoffs and consolidation still weigh on both news divisions as the combined firm will carry $80bn in debt.

It is additionally not yet clear whether the networks will stay separate or combine in the long term, against the backdrop of reservations that CBS News' Weiss could be handed further charge of CNN. Previously, the network's top talent, including journalist Anderson Cooper, has threatened to leave if she came on board.

Weiss took over the network one year ago, and viewership has slumped throughout the board. Most lately, the news magazine programme 60 Minutes saw viewership slump during its season premiere last month, dropping 21 percent from the prior year and marking its worst viewership for a season premiere in 25 years, according to Nielsen ratings.

Meanwhile, the terms of the attorneys general's lawsuit settlement require an independent editorial oversight board for both the networks. Skydance has 180 days to put it together. Press freedom experts do not believe that will support maintain editorial independence.

"It doesn't take effect for 180 days. The newsroom can be totally overhauled in 180 days, " Seth Stern, director of advocacy for the Freedom of the Press Foundation, informed Al Jazeera.

It is not the first time a publication has appointed an editorial board to weigh in on reservations concerning editorial influence. In 2007, when News Corp acquired Dow Jones, the parent firm of the Wall Street Journal, the Bancroft family. It owned the publisher at the time, was concerned that new owner and media mogul Rupert Murdoch would impact the paper's editorial independence with his conservative tilt.

Notably, the paper appointed a five-person independent committee to preserve editorial integrity. But it was afterwards disclosed, including by former members of the board during a roundtable discussion hosted by the Freedom of the Press Foundation, that it did not deliver the oversight that it was originally intended to provide.

In Skydance's case, the board is to be created up of five journalists appointed by Ellison, and there is no requirement for the business to disclose its findings to the public. The terms say that no more than two individuals on the board can be affiliated with the same political party.

"The truth isn't dictated by the fifty-yard line between political parties. Sometimes neither political party is even close to the truth. As resisted to a commitment to truth-telling, totally misunderstands what news is, " Stern stated, so having a commitment to bipartisan representation.

On Wall Street, the new firm began trading under the ticker symbol SKYD. Since opening on Tuesday, the stock has dropped 2.5 percent.

For now, CNN, CBS News now under one roof as Paramount remains the part of the story worth watching, and further updates are likely as more details are confirmed.