Bali Weiss is reportedly attempting to sell her news outlet, The Free Press, for a price between $200 million and $250 million.
Weiss, who revitalized the opinion section of the New York Times before launching The Free Press in 2022, was seen meeting David Ellison, CEO of Skydance Media, at a networking event in Sun Valley, Idaho. Their meeting raised eyebrows, particularly since Ellison is currently awaiting regulatory approval for an $8 billion merger with CBS’s parent company, Paramount.
Ellison seems interested in The Free Press as he envisions establishing a dynamic media presence alongside CBS News. Those familiar with the situation have noted that Weiss’s strong pro-Israel stance may have attracted Ellison’s attention.
The Financial Times also mentioned that Weiss had discussions with News Corp about a potential collaboration, although a spokesperson for the company declined to comment on the matter.
This potential sale emerges just three years after The Free Press was initially funded by prominent investors such as Mark Andreesen and David Sachs. Last year, the outlet raised $15 million from investors, reaching a corporate valuation of around $100 million.
As of April, it was reported that The Free Press had garnered 1.25 million subscribers on Substack, with roughly 155,000 of them paying for subscriptions. This comes at a time when Ellison may be planning significant changes to the media assets he will acquire through the Paramount merger.
In the broader media landscape, companies like Paramount are looking to tighten their budgets, exemplified by CBS canceling production of “The Late Show with Stephen Colbert.” Critics believe this decision may have been influenced by efforts to win favor with former President Donald Trump, a frequent target of Colbert’s humor.
Trump recently reached a $16 million settlement with Paramount following a lawsuit related to a “60 Minutes” interview he had with then-Vice President Kamala Harris. The total settlement value is claimed to be $36 million, including additional public service announcements supporting causes favored by Trump—Paramount has denied any existence of side deals.
Skydance has opted not to comment on the ongoing discussions.
Since her departure from the New York Times, Weiss has worked to establish The Free Press as an alternative to more traditional media outlets. She left the NYT in July 2020, citing a sense of being bullied for her views and expressing concerns that Twitter had become a major influence on editorial decisions at the Times.
Her resignation letter pointed out that the platform seemed to guide their narrative, reflecting a more narrow focus. She has often described her workplace experience as “hostile,” alleging that her colleagues called her derogatory names.
A request for comment from Weiss went unanswered.
