“Well, fuck,” one CNN journalist texted me after it became clear on Thursday evening that David Ellison was poised to secure Warner Bros. Discovery. The news, precipitated by Netflix’s decision to abandon its pursuit of the asset, immediately catalyzed a Cat-5 freakout among many of the network’s journalists, and for myriad reasons. A Paramount Skydance takeover—yes, pending regulatory approval—is likely to usher in historic layoffs across the company that will further diminish an already beleaguered newsroom. It will also mark the third ownership change in less than a decade. And both David and his father, Larry, have signaled their intention to make their news outlets more conservative.