Paramount Buys the Free Press, Names Bari Weiss CBS News Chief

Summary

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Bloomberg Businessweek – Episode Summary

Episode: Paramount Buys the Free Press, Names Bari Weiss CBS News Chief
Date: October 7, 2025
Hosts: Carol Massar & Tim Stenovec
Guest: Katie Fallow (Deputy Litigation Director, Knight First Amendment Institute at Columbia University)

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Overview

This episode centers on the high-profile acquisition of The Free Press by Paramount Skydance and the appointment of Bari Weiss as the new Editor in Chief of CBS News—a move that signals major shifts within legacy media, raises questions about media consolidation, editorial independence, and the pressures imposed by the current White House. The conversation dissects the implications for free speech, the media’s role in holding government accountable, and whether media companies are reshaping their coverage to navigate political or regulatory threats.

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Key Discussion Points & Insights

1. The Paramount–Free Press Deal and Bari Weiss’s Appointment

• Announcement: Paramount Skydance has acquired the online news outlet The Free Press and named its founder, Bari Weiss, as Chief of CBS News.
• Bari Weiss is noted for her outspoken criticism, especially of segments of the political left, and her departure from The New York Times over editorial restrictions.
• Paramount CEO David Ellison, recognized for his entertainment industry lineage and ties to billionaire Larry Ellison, will oversee Weiss.

Notable Quote:

“[Weiss] will oversee the editorial direction of a news division whose programs include the prestigious 60 Minutes and CBS News Sunday Morning.” (01:30, Narrator)

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2. Contextualizing the Acquisition: Media Consolidation and Political Pressure

• Media Trends: Carol Massar and Tim Stenovec discuss the broader trend of consolidation in the media industry, especially among legacy outlets.
• The merger is characterized as a case of legacy media absorbing a digital upstart started on Substack, reflecting the challenges and adaptations in today’s media landscape.

Notable Quote:

“You have to see all of this in the context of the Trump administration...the question of whether media companies are changing their news coverage in order to appease the Trump administration.” (02:34, Carol Massar)

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3. Political Influence & First Amendment Concerns

• Recent Precedents: Reference is made to Paramount’s decision to settle a lawsuit brought by former President Trump, related to 60 Minutes’ coverage of Kamala Harris.
• Regulatory Pressures: The FCC, under Chairman Brendan Carr, was also reportedly investigating CBS regarding the same coverage, increasing the pressure on Paramount.
• Implications: The sequence of settling lawsuits, making key editorial appointments (including an ombudsman from a conservative think tank), and company mergers, is interpreted as possible appeasement of the Trump administration—to avoid regulatory scrutiny and ensure smooth business operations.

Notable Quote:

“You look at all of those data points and it suggests that CBS is moving or Paramount is moving CBS in a different direction in order either to appease Trump or to not draw the ire of the Trump administration and its regulatory agencies.” (05:06, Carol Massar)

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4. The Tension Between Profit Motive and Press Freedom

• Fiduciary vs. Editorial Integrity: The hosts and guest debate the inherent conflict between a corporation’s responsibility to maximize shareholder value and its duty to resist government interference and uphold press freedom.
• White House Access vs. Press Independence: There is an explicit tension in whether media organizations should “play ball” with the administration to maintain access, and if so, whether that constitutes abdication of their watchdog role.

Notable Quote:

“Is it better in terms of protecting free speech or making sure that everybody can cover the White House, that they play ball a little bit ... or are we in doing that, giving up what is such a core of America and that is the right to freedom of speech and the free press to keep politicians accountable?” (06:18, Tim Stenovec)

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5. The Role of Media Consolidation

• Katie Fallow warns that increasing consolidation could have serious consequences for the diversity of viewpoints and the robustness of free speech.

Notable Quote:

“From the perspective of media consolidation, I think that could have a negative impact on free speech. And I think it’s really important that companies and news outlets resist that pressure.” (07:49, Katie Fallow)

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Notable Quotes & Timestamps

• “Weiss is 41 years old. She’s going to report to Paramount CEO David Ellison. He’s 42 years old. He’s a film producer. He’s the son of software billionaire Larry Ellison, who’s one of the wealthiest people in the world.”
  – Narrator (01:32)
• “Standing on its own, the decision of Paramount Skydance to acquire an upstart newsletter or appoint a new person as the head of its news division... wouldn’t necessarily be big news in my view because as a private company, they have the right to acquire whatever news outlets they want.”
  – Carol Massar (02:57)
• “But then Paramount went ahead and settled this... And I think you can see the appointment of a well known critic of at least some parts of the left, Bari Weiss... coupled with the appointment of an ombudsman who is from a conservative think tank...”
  – Carol Massar (05:06)
• “It’s true that there may be tension between the fiduciary duty or the profit seeking purpose of private companies... versus free speech, which has the goal of ensuring that people are allowed to say what they want free from government interference.”
  – Katie Fallow (06:55)
• “From the perspective of media consolidation, I think that could have a negative impact on free speech. And I think it’s really important that companies and news outlets resist that pressure.”
  – Katie Fallow (07:49)

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Timestamps for Major Segments

• 01:24–02:34: Breaking news and introduction of guest, Katie Fallow
• 02:34–03:52: Media consolidation, Trump administration influence, and corporate rights
• 03:52–05:55: Analysis of recent legal and regulatory events; implications for editorial direction
• 05:55–07:49: Balancing profit and free speech, discussion of newsroom pressures
• 07:49–08:03: Final commentary on media consolidation and free speech

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Episode Tone & Takeaways

The discussion is analytical, cautious, and deeply concerned with the implications of media consolidation and political influence on independent journalism. Both hosts and their expert guest emphasize the importance of protecting newsrooms from external pressures—whether financial or governmental—and preserving their critical role in American democracy. The episode leaves listeners with an open question: In a rapidly consolidating and politically pressured media landscape, who will safeguard the freedom of the press?

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Transcript

[Carol Massar]

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[Bloomberg Announcer]

Bloomberg Audio Studios podcasts Radio News this is Bloomberg Business Week with Carol Massar and Tim Stennevik on Bloomberg Radio.

[Narrator/Announcer]

Paramount Skydance officially announced that it's acquiring the online news site the Free Press and naming founder Barry Weiss editor in chief of cbs. It's a move likely to stir controversy inside and outside the venerable news organization. Weiss is 41 years old. She's going to report to Paramount CEO David Ellison. He's 42 years old. He's a film producer. He's the son of software billionaire Larry Ellison, who's one of the wealthiest people in the world. She will oversee the editorial direction of a news division whose programs include the prestigious 60 Minutes and CBS News Sunday Morning. For more, we bring in Katie Fallow. She's back with us. She's deputy litigation director at the Knight First Amendment Institute at Columbia University. Her specialty is threats to free speech and a free press in the digital age. She joins us from New York. More consolidation within the media industry, a media industry that is already under lots of pressure, especially legacy media. But in this case, it's legacy media marrying an upstart news organization that started on substack after Bari Weiss left the New York Times because she said she didn't have the freedom to essentially publish what she wanted. How do you look at a deal such as this, in the context of everything happening when it comes to the First Amendment. Katie?

[Carol Massar]

Yeah, I think this, the deal and the appointment of Bari Weiss to be the head of CBS News raises a number of questions about the media, media consolidation, free speech and the Trump administration, which I think you can't read out of the picture here. Standing on its own, the decision of Paramount Skydance to acquire an upstart newsletter or appoint a new person as the head of its news division, CBS News division on their own wouldn't necessarily be big news in my view because as a private company, they have the right to acquire whatever news outlets they want and appoint whoever they want to be the head of their CBS flagship news program. However, I think you need to see this in the context of a number of moves that Paramount has made in the past year. You have to see all of this in the context of the Trump administration. And I think what raises the question of whether media companies are changing their news coverage in order to appease the Trump administration.

[Tim Stennevik]

All right, so are they?

[Carol Massar]

Well, I mean, I think, you know, if you take each individual fact, maybe it doesn't prove that. But I think if you see this recent move in light of Paramount's decision before the to settle what was plainly a frivolous lawsuit brought by President Trump based on the airing by 60 minutes of an edited version of its interview with Kamala Harris and you know, by all accounts, including by CBS News accounts and their lawyers accounts, this was a frivolous lawsuit that shouldn't have gone anywhere. And CBS had a very strong First Amendment argument to get the case dismissed. And, but then Paramount went ahead and settled this after not just the lawsuit, but the Federal Communications Commission under Brendan Carr, Chairman Brendan Carr was investigating this same airing of the Kamala Harris interview. So you have pressure coming to bear from both Trump personally and from the Federal Communications Commission. And I think it's been pretty widely reported that the understanding is that Paramount settled this case in order to get approval for its merger. And I think you can see the appointment of a well known critic of at least some parts of the left, Barry Weiss, and taking that into coupled with the appointment of an ombudsman who is from a conservative think tank. You look at all of those data points and it suggests that CBS is moving or Paramount is moving CBS in a different direction in order to either appease Trump or to not draw the ire of the Trump administration and its regulatory agencies.

[Tim Stennevik]

So, you know, Katie, we've talked about this, Tim and I, about kind of the fiduciary responsibility of anybody who runs a public entity. Right. So, you know, I kind of get some of this from that side or from that angle. Having said that, one of the things that I think we've talked about certainly in our own newsroom or just among ourselves is this idea of, you know, the White House has been very specific or out there that if they don't necessarily like a media organization, they will ban you. And so is it better in terms of protecting free speech or making sure that everybody can cover the White House, that they play ball a little bit and maybe aren't as combative or are we in doing that, giving up what is such a core of America and that is the right to freedom of speech and the free press to keep politicians accountable?

[Carol Massar]

Yeah. I mean, it's true that there may be tension between the fiduciary duty or the profit seeking purpose of private companies or publicly held or whatever, just private corporations, which have one goal of maximizing profits versus free speech, which has the goal of ensuring that people are allowed to say what they want free from government interference. And as you mentioned, really critically the role of the press in covering the government in a fair and accurate way without, you know, a thumb on the scale from government pressure. So I think those could be seen in tension with one another. On the other hand, I think that. And that is something that just got 20 seconds, frankly.

[Tim Stennevik]

Yeah, go ahead.

[Carol Massar]

Oh, yeah. Frankly, from the perspective of media consolidation, I think that could have a negative impact on free speech speech. And I think it's really important that companies and news outlets resist that pressure.

[Tim Stennevik]

All right, Katie, we know we will continue with you in the future. Katie Fallow, deputy litigation director at the Knight First Amendment Institute at Columbia University, joining us here. Right on Bloomberg businessweek Daily monitoring the White House.

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