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. But that quickly changed on Monday with Paramount’s announced bid, which includes the cable assets that Netflix doesn’t want and, 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 before swashbuckling founder Ted Turner sold his company in 1996. “That era might as well be the roaring ’20s for how long ago it feels,” said Ross Benes, senior analyst at emarketer.com.

The dueling bids between Paramount and Netflix now “lead to more uncertainty and greater anxiety among the current CNN staff and among those of us who served for many years as leaders of CNN under Ted,” said Tom Johnson, former CNN president in the 1990s.

Paramount’s bid, which must be approved by shareholders and regulators, could be seen favorably by President Donald Trump, who is closely allied with Paramount Skydance chairman and CEO David Ellison as well as his father, Oracle founder Larry Ellison. But Trump has already expressed anger at the company on social media for Sunday’s “60 Minutes” report on former U.S. Rep. Marjorie Taylor Greene.

Prior to Friday’s announcement, Warner Bros. Discovery had said it planned to spin off its cable television networks including CNN, Discovery, HGTV, the Food Network and TLC, into a separate company. The growth of streaming has made cable networks an unattractive business.

CNN’s television ratings have tumbled to the extent that it is firmly the third-rated cable news network behind Fox News Channel and MS NOW, formerly MSNBC. Its CEO, Mark Thompson, has aggressively moved into digital with a new subscription service and said that management of Discovery Global, the spinoff company, has already approved a 2026 budget investing in the plan.

“I know this strategic review has been a period of inevitable uncertainty across CNN and indeed the whole of WBD,” Thompson told staff in a memo Friday. “Of course, I can’t promise you that the media attention and noise around the sale of our parent will die down overnight. But I do think the path to the successful transformation of this great news enterprise remains open.”

Thompson had no additional comment on Monday, a spokeswoman said.

Since Paramount’s takeover of CBS News this past summer, the network has taken steps to appeal to more conservative viewers with the installation of Free Press founder Bari Weiss as editor-in-chief. Weiss is moderating a prime-time discussion this weekend with Erika Kirk, widow of slain conservative activist Charlie Kirk.

During an appearance on CNBC Monday, Ellison answered, “yeah,” when asked if he would combine CNN’s newsgathering operation with CBS News. What exactly that means is unclear.

“We want to build a scaled news service that is basically, fundamentally, in the trust business, that is in the truth business, and that speaks to the 70% of Americans that are in the middle,” Ellison said.

Trump has spoken highly of both Ellison and his billionaire father. But he was clearly angry about Lesley Stahl’s “60 Minutes” interview with former MAGA supporter Greene, who broke with him and recently resigned from Congress. Trump said on Truth Social that his real problem with the show is that the new corporate ownership allowed it to air.

“THEY ARE NO BETTER THAN THE OLD OWNERSHIP,” Trump said, adding he believed that “60 Minutes” had gotten worse from his perspective since the changeover.

CNN is not likely to find out soon who its new owners would be. Even before the Paramount bid, experts had predicted the Netflix deal would face more than a year of regulatory hurdles.

“There is such a need for independent, unbiased news services,” Johnson said. “I so hope that the new CNN owners will see that as their fundamental mission.”

If Netflix eventually wins, emarketer.com’s Benes predicted it would be likely that the spinoff company, Discovery Global, would be shopped around to other buyers.

“CNN will be in limbo for a while no matter which bidder purchases CNN,” he said.