CNN’s future has once again been put into doubt, as Paramount Skydance’s hostile Takeover bid for Warner Bros. Discovery reignites uncertainty around the network’s ownership and direction.

The surprise move has thrust CNN and its cable siblings back into the middle of a high-stakes corporate battle just days after Netflix’s deal appeared to offer the channel a reprieve from restructuring, according to The Associated Press.

When Netflix announced plans to acquire Warner Bros.’ studios and streaming assets, CNN seemed poised to remain outside the immediate shuffle. Paramount’s entry changes that calculus entirely, because unlike Netflix, the company wants the cable networks Warner Bros. Discovery intended to spin off — including CNN.

That puts the possibility of a merged news operation with CBS News on the table, especially since Paramount acquired CBS News last summer.

For a network long accustomed to decisive leadership in the Ted Turner era, the current ambiguity feels jarring.

“That era might as well be the roaring ’20s for how long ago it feels,” said Ross Benes, senior analyst at emarketer.com.

Tom Johnson, who led CNN in the 1990s, said the competing bids have revived a sense of instability that many inside the network hoped was fading.

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“They 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,” Johnson said.

Paramount’s proposal still requires approval from shareholders and regulators, and the political undertones are hard to miss.

President Donald Trump has close ties to Paramount Skydance chairman David Ellison and his father, Oracle founder Larry Ellison. Yet Trump also recently criticized the company after a “60 Minutes” interview featuring former Rep. Marjorie Taylor Greene.

Before the bidding war escalated, Warner Bros. Discovery had already planned to split CNN and other cable networks into a new entity called Discovery Global — a reflection of cable television’s declining value as streaming expands and advertising dollars shrink.

CNN’s ratings have slipped sharply, leaving it behind Fox News Channel and MS NOW. In response, CEO Mark Thompson has accelerated the network’s shift toward digital subscription products.

“I know this strategic review has been a period of inevitable uncertainty,” Thompson wrote to staff. “But I do think the path to the successful transformation of this great news enterprise remains open.”

Paramount’s Takeover of CBS News has already shifted that network’s tone, installing Bari Weiss as editor-in-chief. Asked whether CNN and CBS News would be combined, Ellison replied, “Yeah,” though the details remain vague.

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His broader ambition, he said, is to build a news organization that appeals to “the 70% of Americans that are in the middle.”

Still, analysts warn CNN may remain in limbo regardless of which bidder ultimately prevails. Even a Netflix victory is expected to face a long regulatory process.

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

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