Warner Bros. Discovery, a giant in the world of mass media, seems to be channeling the spirit of a Times Square souvenir shop with its latest announcement: it’s time for a massive sell-off.

This media titan, known for its complicated history and frequent restructuring, is now facing significant challenges. The company, which also owns CNN, appears to be at a crossroads. Meanwhile, David Ellison, the influential CEO of Paramount Skydance and son of Oracle co-founder Larry Ellison, is eyeing a potential opportunity.

In recent weeks, Paramount has reportedly approached Warner Bros. Discovery with three acquisition offers. As of Tuesday, the company has officially declared itself open to being sold.

This development raises questions about the future for CNN and its prominent figures like Anderson Cooper, Kaitlin Collins, and Jake Tapper. Kaitlin Collins, for one, might want to reconsider splurging on a new vacation property in Nantucket until the dust settles.

Having witnessed the rise of other media titans, such as MTV, I can offer some perspective on these shifts. Interestingly, Ellison’s company already owns MTV, and insiders suggest that the network may not have a long future ahead.

Ironically, Ellison’s company already owns MTV. A network insider tells me that it’s a question of when, not if, the brand is shut down for good.

‘Everything is on the table,’ my source says, including turning MTV into an all-streaming platform with zero cable real estate. Or the channel could also be sent to the great TV junkyard in the sky, which would be utterly heartbreaking.

I was at MTV during its 90s golden age, and the idea that something once considered an American cultural institution could go dark is unthinkable.

Nepo-baby wunderkind David Ellison (right), chairman and CEO of Paramount Skydance and son of Oracle co-founder Larry Ellison (left), sniffs a deal

So, what does this mean for the House that Wolf Blitzer built – not to mention Anderson Cooper, Kaitlin Collins and Jake Tapper?

MTV created moments that defined a generation – and I was there for them, from Nirvana Unplugged (yes, that was me who yelled out ‘Rape Me’ when the band asked for requests) to slumber parties with Nine Inch Nails and the Chili Peppers, to the MTV Beach House with bikini babes Jenny McCarthy and Daisy Fuentes.

It was a nonstop party that we all assumed would go on forever. But by next year, MTV will have shut down five of its UK channels and – it seems to me – it’s only a matter of time before these Skydance folks do a jig on the channel’s grave.

Was this inevitable? Perhaps. But it certainly didn’t need to be this way for CNN. It isn’t for Fox News, which has pivoted energies to digital, streaming and podcasts (including a delightful show called ‘Kennedy Saves the World’ which is a real gem, I’m told!).

In addition to serving existing audiences, Fox News has also sought out new ones, while CNN has withered into a little-watched parody of itself. Since last November’s election, half of CNN’s audience has abandoned them.

Was MTV’s fate inevitable? Perhaps. But it certainly didn’t need to be this way for CNN

The anchors, hosts and bosses there got infected by Trump Derangement Syndrome and promised their viewers that the Bad Orange Man was unelectable. But they ended up driving their credibility straight off a cliff and it’s sad that throngs of well-meaning journalists and producers may suffer the consequences.

David Ellison has paid unorthodox editor Bari Weiss handsomely for her Free Press website and invited her to remake the CBS newsroom (which he also now owns) in her image.

Ellison is betting that she will right the ideological wrongs that have tarnished the Tiffany Network. So, if he scores the WBD deal too, I’m highly doubtful that he’ll fall back on the leftist Jeff Zucker/Don Lemon playbook at CNN. Or maybe Ellison swallows Warner Bros. whole but spits out CNN along with the pits. If so, the network will have to fend for itself in a rapidly consolidating media industry.

Here’s the harsh truth: much as you might want your MTV, these media titans want a return on their investment.

Flying his freak flag

Alexander Skarsgard showed up to the ‘Pillion’ red carpet last week in a white halter top and leather pants so tight they nearly showed off his Swedish meatballs.

But his subversive suit was hardly the freakiest ensemble there.

He walked one of his costars (dressed as a dog) on a leash.

Woof…

Alexander Skarsgard showed up to the ‘Pillion’ red carpet last week in a white halter top and leather pants so tight they nearly showed off his Swedish meatballs

Nobody wants this

Kristen Bell recently penned an anniversary tribute to hubby Dax Shepard: ‘Happy 12th wedding anniversary to the man who once said to me: ‘I would never kill you. A lot of men have killed their wives at a certain point.”

Fans flipped out and reminded her that October is Domestic Violence Awareness Month.

Well, Bell-Brains can top herself during November’s Alzheimer’s Disease Awareness Month.

‘Dear Dax, I forgot how much I love you!’

Kristen Bell recently penned an anniversary tribute to hubby Dax Shepard: ‘Happy 12th wedding anniversary to the man who once said to me: ‘I would never kill you. A lot of men have killed their wives at a certain point”

Forget about it!

Speaking of forgetful, Joe Biden’s former press flak Karine Jean-Pierre can’t seem to remember what a senile disaster her old boss was.

She told Stephen Colbert: ‘The man that I saw nearly every day was someone who was engaging, understood policy, and was always putting the American people first.’

Yes, he put them first: right after naps, ice cream and talking to dead people.

Freed Fraudster

Former drag queen and disgraced ex-congressman George Santos was sprung from the hoosegow thanks to President Donald Trump, who commuted his sentence last week.

After his release, Santos took to X to thank loved ones, Trump and Jesus Christ.

Not since Washington crossed the icy Delaware river has a George been so relieved to make it to the other side.

Face card declined

Kim Kardashian went full Kanye at the Academy Museum Gala last week when she completely covered her face with what looked like fabric fished out of the Skims dumpster.

Now their marriage makes sense.

It was the blind leading the blind.

Kim Kardashian went full Kanye at the Academy Museum Gala last week when she completely covered her face with what looked like fabric fished out of the Skims dumpster

Bone to pick

Another attendee in a nightmarish gown with husband problems was newly minted billionairess Hailey Bieber.

She had a corset so long and unforgiving she couldn’t sit during the festivities.

If only she had Justin on a leash that tight, maybe he wouldn’t be such a public disaster.

She had a corset so long and unforgiving she couldn’t sit during the festivities

Face value

Ashton Kutcher is boohooing about being too good looking to be cast in serious role. ‘Sometimes it’s frustrating,’ he told a New York Comic Con panel.

Apparently, it’s never entered Ashton’s pretty little head that it isn’t his washboard abs that have held him back, it’s his acting.

Crapshoot

During the ‘No Kings’ protests last weekend, President Trump posted an AI-generated video of himself as a fighter pilot, wearing a crown, bombing feces over uber-lib protesters.

Cue the tiresome left reacting like it was napalm.

Calm down. Trolling is also protected speech.