Paramount’s significant merger with Warner Bros. Discovery has received the green light, and there’s a buzz in the air about Bari Weiss potentially taking a leading role in television news.
The 42-year-old editor-in-chief of CBS News appears to have her sights set on the predominantly left-leaning CNN, especially now that Paramount’s $81 billion acquisition is progressing smoothly following an agreement with a coalition of 12 state attorneys general, led by Rob Bonta from California.
“Bari is large and in charge,” remarked a media executive this week, reflecting on the latest discussions in media circles.
However, a source close to the situation quickly countered that rumors regarding Weiss’s imminent takeover of CNN are “far from the truth.”
The speculation around Weiss’s future has lingered in the media landscape since David Ellison brought her on board to lead CBS amid his efforts to acquire Warner Bros. Discovery.
Ellison’s push stems from a belief that the news industry should adopt a less progressive stance. He hired Weiss with the intent of providing a more centrist perspective at CBS, known for its progressive leanings.
Interestingly, Ellison has remained steadfast in his support of Weiss during her contentious tenure at CBS, even amidst the upheaval at “60 Minutes,” where he has backed her unconventional hiring choices to refresh the news magazine.
Following California’s Bonta’s agreement to step back from his initial demands for significant structural changes, it seemed likely that Ellison would use his position to empower Weiss further.
What lies ahead? A spokesperson declined to comment, but one can speculate why Ellison might be cautious about assigning Weiss the challenge of managing two major news divisions.
Weiss has demonstrated her capability, having founded the successful news platform “The Free Press,” which Ellison acquired as part of her appointment at CBS. Still, her time at CBS has been marked by controversy, despite Ellison’s firm belief in the more balanced approach she represents. One major consideration remains: is this strategy effective from a business perspective?
Recent reports indicate that the second episode of “60 Minutes” under Weiss and her selected executive producer, Nick Bilton, performed decently, attracting over 6.5 million viewers recently, slightly higher than last year. Yet, it did experience an 18% drop in audience share compared to its premiere episode.
A few weeks of fluctuating ratings don’t tell the whole story, but for David Ellison and his father, Larry, along with their partners at RedBird Capital, there’s a daunting task ahead. They must navigate a company burdened with $80 billion in debt while seeking what investment bankers refer to as “synergies” between overlapping operations like CNN and CBS.
Individuals close to the Ellisons suggest that they will likely seek external management to help streamline operations. This could lead to budget cuts, with one insider remarking, “They’re going to slash and burn to make their numbers.”
The suitability of Weiss for such a role is still in question. There’s a possibility she may take on some responsibilities regarding CNN, but it seems Ellison prefers that she not get too caught up in the more challenging aspects of restructuring. As someone associated with the company noted, “she can focus on working with talent.”
However, that focus on talent doesn’t align neatly with leading two significant news divisions. So, we’ll have to wait and see.
