Paramount CEO David Ellison reportedly told Trump administration officials that he would make big changes at CNN, a frequent target of Trump’s wrath. Last year, Paramount won US approval to buy Skydance after reaching a $16 million settlement with Trump and agreeing to install what Federal Communications Commission Chairman Brendan Carr described as a “bias monitor” at CBS.

The US Department of Justice approved the Paramount/Warner merger in June, a decision that reportedly surprised DOJ staff lawyers who were leaning toward recommending that the agency file an antitrust lawsuit to block it. In September, the FCC allowed Paramount to finance the merger by selling large equity stakes to the sovereign wealth funds of Saudi Arabia, the United Arab Emirates, and Qatar.

Reuters reports that Skydance is “expected to carry about $80 billion in debt, putting pressure on Ellison to grow streaming, preserve cash flow from cable networks and improve theatrical film performance.” The sovereign wealth funds have non-voting shares in Skydance, while the Ellison family and RedBird Capital Partners own 100 percent of the voting shares.