Press freedoms group probe Larry Ellison's reported promise to fire CNN anchors

Key Points:

• Two press freedom groups owning shares in Paramount Skydance have demanded access to the company's books and internal documents, citing allegations that Paramount leaders promised favors to the Trump administration to secure approval for Paramount’s acquisition of Warner Bros. Discovery.
• The groups, represented by former federal prosecutor Brendan Ballou and attorney Ronald Poliquin, argue that these alleged promises could constitute breaches of fiduciary duty and expose the company to civil and criminal penalties, referencing Delaware law allowing shareholder inspection for proper purposes.
• The letter highlights reported commitments by David Ellison and his father Larry Ellison to make significant changes at CNN, including removing anchors disliked by Trump, and notes recent CBS changes such as the cancellation of Stephen Colbert’s show following his criticism of a Trump-related settlement.
• The proposed $111 billion Paramount-Warner Bros. Discovery merger, supported by Larry Ellison’s family and approved by Warner shareholders, faces opposition from politicians, unions, industry figures, and press freedom advocates concerned about media consolidation, job losses, and debt burdens.
• The deal would create one of the largest leveraged buyouts in history, with critics warning it could lead to cost-cutting, layoffs, and diminished programming quality, while over 4,000 entertainment workers and 34 California Democrats have urged regulators to block or scrutinize the merger.