Mr. Zucker, who has overseen CNN for seven years, felt blindsided by a recent restructuring carried out by parent WarnerMedia, and has had friction with its chief executive, Jason Kilar, according to people familiar with the situation.

The 55-year-old’s contract expires next year and he hasn’t committed to extending his deal in meetings with WarnerMedia brass and communications with CNN employees, the people say…

If this election is Mr. Zucker’s last ride, he would leave CNN after transforming its role in the cable news landscape and becoming one of the most polarizing figures in media in the process. On his watch, the network, once accused of giving Donald Trump too much airtime during his first presidential run, has become a critic of the administration…

Some media and finance executives say CNN could be a spinoff target for private-equity investors or blank-check companies known as SPACs. AT&T has fielded interest from potential acquirers of CNN on multiple occasions, including last year, according to people familiar with the situation. But despite the headaches of owning a network the president regularly attacks, AT&T has thus far held on to it, viewing it as a valuable financial contributor.