Takeover bid of parent company means limbo for CNN, some fellow cable networks

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FILE - The CNN logo is displayed at the entrance to the CNN Center in Atlanta on Feb. 2, 2022. (AP Photo/Ron Harris, File)

Paramount Skydance's hostile takeover bid of Warner Bros. Discovery, announced Monday, places CNN and its sister cable networks squarely back into what is likely to be an extended period of management limbo.

There was some relief at CNN with last Friday's announcement that Netflix was buying Warner's studio and streaming businesses, since the cable network would not be a part of that deal. Paramount's bid, if successful, opens the possibility of a combined CNN and CBS News.

The management uncertainty adds to what is already a challenging time at CNN, where there was no doubt who was in charge befo