CEO and President of American commercial broadcast television and radio network CBS Wendy McMahon has announced she will step down from her role, which comes as a lawsuit from United States President Donald Trump looms over the network.
CBS's news division and Paramount Global controlling shareholder Shari Redstone have been locked in a battle of wills over the independence of the networks' journalists and shows such as 60 Minutes, which Trump has a US$20 billion lawsuit against, launched over an interview with then Vice-President Kamala Harris.
Paramount Global co-CEO George Cheeks and McMahon had reportedly faced increasing pressure to disclose details about 60 Minutes ahead of airing which led to the resignation of the show's veteran executive producer, Bill Owens, just weeks before McMahon.
In a segment on the show outlining his resignation, correspondent Scott Pelley told viewers that Owens felt he no longer could run the show independently.
“Our parent company Paramount is trying to complete a merger. The Trump administration must approve it. Paramount began to supervise our content in new ways,” Pelley said on 27 April.
The show aired its season finale last weekend, with new episodes scheduled for September.
Owens refused to apologise for the episode Trump is suing her over and according to several colleagues and McMahon told associates she opposes any settlement on the matter.
Now, in her own resignation letter, she said her decision to stand down was due to leadership differences.
“The past few months have been challenging. It’s become clear that the company and I do not agree on the path forward," McMahon wrote.
"It’s time for me to move on and for this organization to move forward with new leadership.”
At the time of reporting, Paramount Global Class B's (NASDAQ: PARA) stock price closed at US$11.78, up 8 cents (0.68%) today.
After hours, it traded at $11.71, down 0.63%. Its market cap is approximately $8.39 billion.
