'Horrendously bad': Elon Musk's possible stake in CNN and CBS sparks 'alarm bells'

Elon Musk could gain a stake in CNN and CBS News if Paramount brings him into its Warner Bros. deal, according to an exclusive Semafor report, which described the possibility as “politically fraught.”

Paramount executives have discussed asking Musk to join a group of investors putting money into the company, Semafor’s Rohan Goswami reported Wednesday. Musk is reportedly one of several wealthy people Paramount CEO David Ellison has considered approaching, though the size of any potential investment is unknown.

“But having Musk in this deal would also be politically fraught,” Goswami wrote, pointing to Democrats’ concerns about Musk’s money, political influence and control of X during the 2024 election.

“The possibility of him having even partial ownership in CNN and CBS would likely raise alarm bells in Washington, even though it is unlikely Musk would have formal input over the company’s operations,” he added.

Journalists were already reacting to the prospect Wednesday.

Media columnist Justin Baragona pointed out that an investment could give Musk a stake in both CNN and CBS News.

“Welp,” he wrote in a post on X.

Former CNN White House correspondent Jim Acosta responded with a sinking-face emoji, while Chicago newscaster Brandon Pope told his social media followers the possibility was “horrendously bad for journalism.”

“What could go wrong when oligarchs own media outlets?” asked documentary executive producer Laila Al-Arian.