A federal judge granted a preliminary injunction extending an order that restored White House press credentials for CNN, MS NOW and Politico reporters, finding the outlets "likely to succeed" on their claims.

U.S. District Judge Timothy Kelly issued the ruling Tuesday in a memorandum opinion filed in the U.S. District Court for the District of Columbia in a lawsuit over President Donald Trump's Sept. 18 Truth Social post banning the outlets from the White House.

CNN is owned by Skydance Corp. (NYSE: SKYD), Politico is owned by privately held Axel Springer, while MS NOW, formerly MSNBC, operates under independent media company Versant Media Group Inc. (NASDAQ: VSNT).

Judge Cites Due Process, First Amendment Claims

Kelly wrote that the plaintiffs are "likely to succeed not only on their due process claim, but also on their two First Amendment claims."

The opinion said, "President Trump likely banned Plaintiffs from the White House because he believes that their reporting is generally inaccurate and biased against him." The judge added that "no one should interpret the Court's decision to suggest that President Trump's concerns about accuracy and fairness in the media's reporting are unfounded, or that the government is powerless when its true aim is to protect national security when classified information is unlawfully disclosed."

After the earlier temporary order, journalists from the three outlets were initially still denied entry before being allowed back onto the grounds.

The White House did not immediately respond to MarketDash's request for comment.

Judge Questions National Security Rationale

Kelly wrote that there was "no evidence in the record that President Trump made the decision to revoke Plaintiffs' hard passes on national security grounds from the get-go." He said the later references to national security suggest it "was merely a post-hoc justification for the decision."

Kelly said the defendants "have not shown" the requirements for a stay pending appeal are met.

Price Action: On Tuesday, Skydance closed at $9.27, up 1.2%, while Versant Media Group closed at $31.06, up 1.50%. Skydance's stock was down about 18% premarket before being halted.