Paramount Skydance Corp is buying independent subscription media company The Free Press and appointing its co-founder and CEO, Bari Weiss, as editor-in-chief of its CBS News unit.
The media and entertainment company did not disclose the purchase price but Reuters quoted a source familiar with the matter as saying it was US$150 million (A$181 million).
Paramount Chairman and CEO David Ellison said he was confident 41-year-old Weiss’ entrepreneurial drive and editorial vision would invigorate CBS News.
“This move is part of Paramount’s bigger vision to modernise content and the way it connects – directly and passionately – to audiences around the world,” he said in a news release.
The company said Weiss would shape CBS News’ editorial priorities, champion core values across platforms, and lead innovation in reporting and news delivery, partnering with CBS News President Tom Cibrowski.
“Their partnership reflects Paramount’s recognition that the future of CBS News as a dynamic, multiplatform newsroom requires unified editorial leadership across television, streaming, digital, audio, social media, and events,” Paramount Skydance said.
The Free Press will maintain its own independent brand and operations, and continue to do reporting, video and audio podcasts, and events for its fast-growing community of subscribers.
Founded in 2021, The Free Press has 1.5 million subscribers, more than 170,000 of whom are paid, will maintain an independent brand and operations, and continue with reporting, video and audio podcasts, and events.
Weiss said: “This partnership allows our ethos of fearless, independent journalism to reach an enormous, diverse, and influential audience.”
Paramount Skydance shares (Nasdaq: PSKY) closed four cents (0.21%) higher at $19.13, capitalising the company at $20.97 billion.
Paramount Skydance owns entertainment brands including Paramount Pictures, CBS, MTV, Comedy Central, Nickelodeon and Paramount+.
Ellison, the son of Oracle billionaire co-founder Larry Ellison, took over Paramount in a $8.4 billion merger with his company Skydance Media earlier this year.
