Netflix wanted to acquire WB-Discovery as an act of monopolization, to acquire the whole WB library, the DC and Harry Potter IPs, and HBO shows to increase their market share on the streaming side. They didn't care much for CNN.
Skydance wants WB-D primarily for CNN (conjecture on my part), to increase the reach of Trump and MAGA friendly news and opinions. They'll find another Bari Weiss to sit on top of that outlet, maybe even Weiss herself.
So, we're kinda f*cked either wa, but I think we're f*cked on a whole different scale with the Skydance offer. There are political implications to giving that Ellison nepo baby more power (note that the worst of the worst, when it comes to the uber rich are the nepo babies, who were born into wealth and grew up with a sense of entitlement that regular folks like us can't even imagine).
Capturing the news media is a standard go to move in the modern dictator's handbook. It was originally practiced by Putin, I believe: letting some oligarch who supports you acquire most media outlets to ensure that the only news and opinion that's out there is what's supportive of you and your agenda. Putin also used to bully companies to stop placing ads on newspapers and tv stations he wanted his oligarch allies to capture. We haven't gone there yet, but the Ellisons have emerged as the oligarchs willing to do that work for Trump.
Change in media ownership in Turkey allowed Erdogan to extend his rule to 20 or so years in that precise manner. The businessman who owned most of the newspapers and TV stations in the country recently started selling them off, only after he had a falling out with Erdogan (not that I follow Turkish news all that much but that's what appears to be a relatively recent development; recent on my timescale at least). And what do you know? Erdogan's grip on power seems to be fading out finally. As he grows older, more feeble, and more oppressive (his major rival in the upcoming presidential elections is still under arrest, pending terrorism charges; so it's not just journalists and Kurdish leaders at this point).
Anyway. So we have two choices: either acceleration towards end state capitalism, or further solidification of autocracy.
Land of the Free indeed.