Paramount has had quite a tumultuous year, filled with ups and downs—mergers, lawsuits, and programming shakeups that promise to keep things interesting at least until 2025.
Prologue
As the 2024 presidential election approached, CBS News aired a “60 Minutes” interview with Vice President Kamala Harris. Some critics pointed out that her response to a question about Israel, which had been previewed in an earlier clip that got mocked as a “word salad,” seemed to change when it aired in the prime-time special the next day.
This sparked a lot of discussions about CBS’ handling of the situation, with the network standing by its editorial choices even as former President Donald Trump filed a multibillion-dollar lawsuit against them for “election interference” through misleading editing.
The perception was that Trump’s lawsuit might not hold up well legally, but the political tides shifted quickly when he ended up defeating Harris just a few days later, turning the narrative on its head.
This year, Paramount announced plans to merge with Skydance Media, helmed by David Ellison, son of Trump ally Larry Ellison. However, merging the two companies would require approval from the Federal Communications Commission (FCC). If Trump were to regain power, it raised questions about whether that approval could actually happen.
Confusion
After Trump took office, he appointed Brendan Carr as the FCC Chairman, who then asked CBS to hand over the original recordings of Harris’s interview. CBS had initially refused, stirring up even more controversy.
In February, the FCC confirmed that both clips of Harris came from the same interview answer. This contradicted Trump’s assertion that CBS had aired conflicting responses to different questions. Despite this, the lawsuit grew from $10 billion to $20 billion.
Meanwhile, tension brewed in the CBS newsroom. Word got out that Shari Redstone, Paramount’s major shareholder, wanted to settle the lawsuit to facilitate the merger, resulting in a hefty payout for herself. This corporate maneuvering led to significant staff changes, including the resignation of “60 Minutes” executive producer Bill Owens, who cited interference in the newsroom.
Settlement
Months of heated negotiations culminated in July when Paramount and CBS reached a settlement with Trump, reportedly exceeding $30 million. This settlement included a $16 million advance aimed at funding Trump’s presidential library.
President Trump indicated he expected an additional $20 million to promote conservative causes. While CBS did not issue an apology as part of the deal, it updated its editorial policies to require the release of recordings with presidential candidates.
Cancel
Shockwaves reverberated through the industry when CBS announced it would be canceling “The Late Show with Stephen Colbert,” intensifying critiques that Paramount bowed to pressure from Trump. Many on the left decried this move and called for investigations, claiming that the decision was influenced by the settlement.
Colbert himself, known for often critiquing his own network, faced the reality of cancellation while CBS cited financial woes as the driving factor behind the decision. Just a few days later, the FCC approved the Paramount-Skydance merger.
Ellison Takeover
In August, David Ellison became the official owner and CEO of Paramount, now dubbed “Paramount, a Skydance Company.” He swiftly began implementing changes, including appointing Bari Weiss as editor-in-chief of CBS News and negotiating significant deals, like a $7 billion agreement with the UFC.
Weiss also made headlines by appointing new anchors and making staffing decisions that raised eyebrows and fueled concerns about potential ideological slants in reporting.
Ellison signaled that big changes were ahead, cutting about 1,000 jobs shortly after taking over. Fear over his leadership style seemed palpable within CBS News, especially following controversial editorial decisions.
Hostile Takeover
As 2025 progressed, the tensions at Paramount did not let up. Ellison launched a hostile takeover for Warner Bros. Discovery, causing speculation about the future structure of major news networks. Whether or not this would affect the ownership or editorial independence of CBS and CNN remained to be seen.
Interestingly, Trump had a mixed response to Ellison’s Paramount, claiming he felt treated poorly by the new owners, raising questions about the future dynamics of media ownership.
Ultimately, Paramount finds itself in a precarious position, perhaps facing a stormy relationship with the political landscape ahead. We’ll see how this saga unfolds.
