The Town with Matthew Belloni

Episode Title: David Ellison’s $150M Bet on Bari Weiss and a New-Look CBS News
Date: October 7, 2025
Host: Matthew Belloni
Guest: Ben Smith (Co-founder and Editor in Chief, Semafor; former media columnist, NYT; ex-BuzzFeed News chief)
Main Theme:
A deep dive into the blockbuster move by David Ellison—acquiring Bari Weiss’s media company, The Free Press, for $150M and installing Weiss as editor-in-chief of CBS News—as well as the implications for the future of CBS, the role of partisan vs. centrist news, Ellison’s real motivations, and what this means for American media.

Episode Overview

Matthew Belloni and guest Ben Smith analyze the motivations and implications behind tech heir and Paramount Global chairman David Ellison’s $150M purchase of Bari Weiss’s The Free Press, and Weiss's surprise appointment as CBS News’ editor-in-chief. They explore what this signals for CBS’s direction, media partisanship, Ellison’s business and political calculus, and the downstream impact on America’s news and cultural landscape.

Key Discussion Points & Insights

1. Why Did David Ellison Acquire The Free Press and Hire Bari Weiss?

Ellison’s Motivation:
- Belloni theorizes Ellison is motivated by pro-Israel sentiment and the politics of CBS coverage under previous owners (Redstones).
- Suggests Ellison may want to reassure supporters of Israel (including Shari Redstone and possibly Donald Trump) by controlling CBS’s coverage ([05:26]).
  - “I do believe this is a little bit of a conspiracy theory... but I do believe that he made a promise to Shari Redstone... that he will use Paramount and CBS in particular to defend Israel.” — Matt Belloni, [05:26]
- Ellison also needs to curry favor with the Trump administration for business reasons (e.g., future mergers or acquisitions).
Weiss’s Appeal:
- Ben Smith: Bari Weiss is not a traditional news executive but a media figure who appeals strongly to the billionaire, tech-mogul class ([04:47], [12:04]).
- Her Substack/Free Press caters to ex-Democrats and “radical centrists” and provides a “cover” for fiscal conservatives or pro-Israel, socially liberal circles.
- “[Weiss]…serves as an ombudsman for the billionaire class.” — Matt Belloni, [12:06]

2. Perceptions & Realities at CBS News

CBS News: A Legacy Brand in Crisis?
- Ben Smith says CBS News is a shadow of its former self, a “Titanic that has already hit the iceberg” ([08:58]).
  - “CBS News…a tiny part of CBS, 3% of the business.” — Ben Smith, [07:03]
  - “Obviously the worst managed [of the networks], in a state of rolling crisis forever.” — Ben Smith, [07:33]
- 60 Minutes remains the #1 news show by viewership, but skews heavily to older demos ([07:47]).
Is Weiss the Change Agent Ellison Wants?
- Ellison positions Weiss as a cure for toxic partisanship, but both hosts note her style is defined by embracing divisive cultural fights and engaging on one side ([14:30]).
  - “You take someone who is a candy maker and put them in charge of the President’s Physical Fitness Group.”— Matt Belloni, [14:05]
Is This a Smart Business Move?
- There is skepticism: “Will [a centrist CBS News] work? CNN tried this and their ratings are anemic.” — Matt Belloni, [14:51]
- Ben Smith responds: “In today’s media, that is the path to having no viewers.” ([17:02])

3. Business Realities and Media Trends

Does Broadcast News Have a Future?
- Belloni: “I would rather own CBS News now than CNN. At least [CBS] has the broadcast channel as its promo platform.” ([17:24])
- Ben Smith questions this, noting that cable’s cashflow might better support a digital pivot ([18:18]).
Reporting Structure and Power Dynamics
- Weiss now reports directly to Ellison, giving her massive leverage over CBS staff ([20:05]).
- Creates a potential culture clash: “She reports to the owner, and the guy running CBS News does not!”— Matt Belloni, [20:05]
- Smith: “She came in and said, ‘Let’s do the fucking news.’” ([21:07])

4. Editorial Direction and Consequences

Predicting the New Look CBS News
- Both anticipate:
  - More favorable Israel coverage ([24:29])
  - Promise of “heterodox voices” and coverage outside the mainstream's previous comfort zones.
  - Profiles of tech billionaires, countercultural right-wing figures, and “ambitious stuff” from outside the traditional sphere ([25:29]).
Will Viewers Notice?
- Smith is skeptical most traditional CBS viewers will detect a shift, unless it is telegraphed via major stories or “bombshells.” ([25:33])
- Belloni: “Everything you’re telling me about Bari Weiss suggests... she wants some major story that announces her reign at CBS News.” ([25:48])
Potential High-Profile Stories
- Expect “big, divisive deep dives”—possibly interviews with J.D. Vance, Trump, or profiles of figures like J.K. Rowling ([26:25], [27:41]).
Conflict of Interest and Perceived Bias
- Persistent concern over whether Ellison has pledged favorable coverage to Trump or curried favor for future deals ([09:10]).
- “The hardest part…is the burden of proof that they aren’t really corrupted.” — Ben Smith, [26:59]

5. Notable Quotes and Moments

On David Ellison’s Motivations:
- “Perhaps [Ellison] said to Donald Trump, perhaps he’s excited about the notion of someone who has defended some of his culture-war stuff being in that position.” — Matt Belloni, [05:26]
On Bari Weiss’s Style:
- “She’s like an ombudsman for the billionaire class.” — Matt Belloni, [12:06]
- “[The Free Press] is chaperoning people who used to be Democrats to the Republican Party.” — Ben Smith, [12:09]
On CBS News’ Challenges:
- “This is the Titanic that has already hit the iceberg that Barry is being hired to be editor-in-chief of.” — Ben Smith, [08:58]
On Broadcast vs. Cable Futures:
- “Cable has no future. Cable is the newspaper business that is going to just be milked and run into the ground.” — Matt Belloni, [17:58]
Reporting Structure Power Play:
- “She reports to the owner…She has leverage in every conversation.” — Matt Belloni, [20:05]
- “She came in and said, ‘Let’s do the fucking news.’” — Ben Smith, [21:07]
On the Longevity of the Weiss-Ellison Partnership:
- “I have predicted…she will last a year.” — Matt Belloni, [22:34]
- “It’s very on-brand for her to say fuck the money, I’m leaving...and starting a new website called The Even Freer Press.” — Matt Belloni, [22:42]
- “I think much more likely, you spend a year working at a television network and after a year your forehead is bloodied from smashing it into the wall and you throw up your hands.” — Ben Smith, [23:00]
On Editorial Changes Viewers Will Notice:
- “You’ll see…openness to right wing—not even so much political—culture. Right wing people doing interesting, ambitious stuff who had been outside the coverage space.” — Ben Smith, [25:29]

Timestamps for Important Segments

[04:44] – Introduction of Ben Smith and his background
[05:20] – Why does David Ellison want Bari Weiss?
[06:51] – Ellison’s connections to Israel and speculation on deals with Trump
[07:03] - [08:58] – CBS News’ diminished relevance, 60 Minutes’ legacy, and business reality
[12:09] – The Free Press as “ombudsman for the billionaire class”; shifting political allegiances
[14:30] – Bari Weiss as change agent or partisan actor?
[15:29] - [18:53] – Is the new CBS News business model viable? Future of broadcast vs. cable
[20:05] – Bari Weiss’s reporting structure and internal power dynamics
[21:07] – Weiss’s entrance to staff: “Let’s do the fucking news.”
[22:34] – How long will Bari Weiss last at CBS News?
[24:29] – What changes will the average person see in CBS News coverage?
[25:29] – Ben Smith’s prediction: more right-leaning, ambitious voices in coverage
[25:33] – Belloni: Weiss will want a headline-grabbing story to mark her arrival
[26:44] – What happens if Trump appears on live 60 Minutes?
[26:59] – Burden of proof: Is CBS News now unduly influenced?
[27:41] – Speculation on upcoming, possibly divisive CBS coverage
[28:04] – Closing thanks between Belloni and Smith

Memorable Moments & Tone

Frequent, candid speculation about Ellison’s and Weiss’s true motivations, often laced with cynicism or tongue-in-cheek humor (“You take a candy-maker and put them in charge of the President’s Physical Fitness Group…”).
Unfiltered skepticism about the efficacy and longevity of this strategy.
Assessment that while CBS News’ old audience may not notice subtle ideological drift, Bari Weiss’s “disruptor” style is likely to create fireworks.
Insider, lightly irreverent banter throughout—acknowledging the disconnect between media elites and the general population, and poking fun at legacy media business woes.

Conclusion

The episode provides a sharply-informed, skeptical analysis of David Ellison's eye-popping investment in Bari Weiss as CBS News’ new boss, highlighting the strategic business, political, and cultural factors at play. While there’s appreciation for Weiss’s media savvy and audience-building skills, both Belloni and Smith are doubtful about the impact on ratings, the likelihood of depoliticized news, or the long-term stability of this experiment. The discussion closes with vivid predictions on editorial shake-ups, the likely rightward tilt in CBS News coverage, and the real possibility that the arrangement's most immediate effect is to please Ellison's peers, shareholders, and political allies—rather than revitalize the CBS brand.

For listeners interested in Hollywood-business crossovers with media, the intersection of politics and journalism, and the future of legacy news brands, this episode is a rich, unvarnished must-listen.

The Town with Matthew Belloni

Episode Overview

Key Discussion Points & Insights

1. Why Did David Ellison Acquire The Free Press and Hire Bari Weiss?

Ellison’s Motivation:
- Belloni theorizes Ellison is motivated by pro-Israel sentiment and the politics of CBS coverage under previous owners (Redstones).
- Suggests Ellison may want to reassure supporters of Israel (including Shari Redstone and possibly Donald Trump) by controlling CBS’s coverage ([05:26]).
  - “I do believe this is a little bit of a conspiracy theory... but I do believe that he made a promise to Shari Redstone... that he will use Paramount and CBS in particular to defend Israel.” — Matt Belloni, [05:26]
- Ellison also needs to curry favor with the Trump administration for business reasons (e.g., future mergers or acquisitions).
Weiss’s Appeal:
- Ben Smith: Bari Weiss is not a traditional news executive but a media figure who appeals strongly to the billionaire, tech-mogul class ([04:47], [12:04]).
- Her Substack/Free Press caters to ex-Democrats and “radical centrists” and provides a “cover” for fiscal conservatives or pro-Israel, socially liberal circles.
- “[Weiss]…serves as an ombudsman for the billionaire class.” — Matt Belloni, [12:06]

2. Perceptions & Realities at CBS News

CBS News: A Legacy Brand in Crisis?
- Ben Smith says CBS News is a shadow of its former self, a “Titanic that has already hit the iceberg” ([08:58]).
  - “CBS News…a tiny part of CBS, 3% of the business.” — Ben Smith, [07:03]
  - “Obviously the worst managed [of the networks], in a state of rolling crisis forever.” — Ben Smith, [07:33]
- 60 Minutes remains the #1 news show by viewership, but skews heavily to older demos ([07:47]).
Is Weiss the Change Agent Ellison Wants?
- Ellison positions Weiss as a cure for toxic partisanship, but both hosts note her style is defined by embracing divisive cultural fights and engaging on one side ([14:30]).
  - “You take someone who is a candy maker and put them in charge of the President’s Physical Fitness Group.”— Matt Belloni, [14:05]
Is This a Smart Business Move?
- There is skepticism: “Will [a centrist CBS News] work? CNN tried this and their ratings are anemic.” — Matt Belloni, [14:51]
- Ben Smith responds: “In today’s media, that is the path to having no viewers.” ([17:02])

3. Business Realities and Media Trends

Does Broadcast News Have a Future?
- Belloni: “I would rather own CBS News now than CNN. At least [CBS] has the broadcast channel as its promo platform.” ([17:24])
- Ben Smith questions this, noting that cable’s cashflow might better support a digital pivot ([18:18]).
Reporting Structure and Power Dynamics
- Weiss now reports directly to Ellison, giving her massive leverage over CBS staff ([20:05]).
- Creates a potential culture clash: “She reports to the owner, and the guy running CBS News does not!”— Matt Belloni, [20:05]
- Smith: “She came in and said, ‘Let’s do the fucking news.’” ([21:07])

4. Editorial Direction and Consequences

Predicting the New Look CBS News
- Both anticipate:
  - More favorable Israel coverage ([24:29])
  - Promise of “heterodox voices” and coverage outside the mainstream's previous comfort zones.
  - Profiles of tech billionaires, countercultural right-wing figures, and “ambitious stuff” from outside the traditional sphere ([25:29]).
Will Viewers Notice?
- Smith is skeptical most traditional CBS viewers will detect a shift, unless it is telegraphed via major stories or “bombshells.” ([25:33])
- Belloni: “Everything you’re telling me about Bari Weiss suggests... she wants some major story that announces her reign at CBS News.” ([25:48])
Potential High-Profile Stories
- Expect “big, divisive deep dives”—possibly interviews with J.D. Vance, Trump, or profiles of figures like J.K. Rowling ([26:25], [27:41]).
Conflict of Interest and Perceived Bias
- Persistent concern over whether Ellison has pledged favorable coverage to Trump or curried favor for future deals ([09:10]).
- “The hardest part…is the burden of proof that they aren’t really corrupted.” — Ben Smith, [26:59]

5. Notable Quotes and Moments

On David Ellison’s Motivations:
- “Perhaps [Ellison] said to Donald Trump, perhaps he’s excited about the notion of someone who has defended some of his culture-war stuff being in that position.” — Matt Belloni, [05:26]
On Bari Weiss’s Style:
- “She’s like an ombudsman for the billionaire class.” — Matt Belloni, [12:06]
- “[The Free Press] is chaperoning people who used to be Democrats to the Republican Party.” — Ben Smith, [12:09]
On CBS News’ Challenges:
- “This is the Titanic that has already hit the iceberg that Barry is being hired to be editor-in-chief of.” — Ben Smith, [08:58]
On Broadcast vs. Cable Futures:
- “Cable has no future. Cable is the newspaper business that is going to just be milked and run into the ground.” — Matt Belloni, [17:58]
Reporting Structure Power Play:
- “She reports to the owner…She has leverage in every conversation.” — Matt Belloni, [20:05]
- “She came in and said, ‘Let’s do the fucking news.’” — Ben Smith, [21:07]
On the Longevity of the Weiss-Ellison Partnership:
- “I have predicted…she will last a year.” — Matt Belloni, [22:34]
- “It’s very on-brand for her to say fuck the money, I’m leaving...and starting a new website called The Even Freer Press.” — Matt Belloni, [22:42]
- “I think much more likely, you spend a year working at a television network and after a year your forehead is bloodied from smashing it into the wall and you throw up your hands.” — Ben Smith, [23:00]
On Editorial Changes Viewers Will Notice:
- “You’ll see…openness to right wing—not even so much political—culture. Right wing people doing interesting, ambitious stuff who had been outside the coverage space.” — Ben Smith, [25:29]

Timestamps for Important Segments

[04:44] – Introduction of Ben Smith and his background
[05:20] – Why does David Ellison want Bari Weiss?
[06:51] – Ellison’s connections to Israel and speculation on deals with Trump
[07:03] - [08:58] – CBS News’ diminished relevance, 60 Minutes’ legacy, and business reality
[12:09] – The Free Press as “ombudsman for the billionaire class”; shifting political allegiances
[14:30] – Bari Weiss as change agent or partisan actor?
[15:29] - [18:53] – Is the new CBS News business model viable? Future of broadcast vs. cable
[20:05] – Bari Weiss’s reporting structure and internal power dynamics
[21:07] – Weiss’s entrance to staff: “Let’s do the fucking news.”
[22:34] – How long will Bari Weiss last at CBS News?
[24:29] – What changes will the average person see in CBS News coverage?
[25:29] – Ben Smith’s prediction: more right-leaning, ambitious voices in coverage
[25:33] – Belloni: Weiss will want a headline-grabbing story to mark her arrival
[26:44] – What happens if Trump appears on live 60 Minutes?
[26:59] – Burden of proof: Is CBS News now unduly influenced?
[27:41] – Speculation on upcoming, possibly divisive CBS coverage
[28:04] – Closing thanks between Belloni and Smith

Memorable Moments & Tone

Frequent, candid speculation about Ellison’s and Weiss’s true motivations, often laced with cynicism or tongue-in-cheek humor (“You take a candy-maker and put them in charge of the President’s Physical Fitness Group…”).
Unfiltered skepticism about the efficacy and longevity of this strategy.
Assessment that while CBS News’ old audience may not notice subtle ideological drift, Bari Weiss’s “disruptor” style is likely to create fireworks.
Insider, lightly irreverent banter throughout—acknowledging the disconnect between media elites and the general population, and poking fun at legacy media business woes.

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David Ellison’s $150M Bet on Bari Weiss and a New-Look CBS News

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Summary

The Town with Matthew Belloni

Episode Overview

Key Discussion Points & Insights

1. Why Did David Ellison Acquire The Free Press and Hire Bari Weiss?

2. Perceptions & Realities at CBS News

3. Business Realities and Media Trends

4. Editorial Direction and Consequences

5. Notable Quotes and Moments

Timestamps for Important Segments

Memorable Moments & Tone

Conclusion

Summary

The Town with Matthew Belloni

Episode Overview

Key Discussion Points & Insights

1. Why Did David Ellison Acquire The Free Press and Hire Bari Weiss?

2. Perceptions & Realities at CBS News

3. Business Realities and Media Trends

4. Editorial Direction and Consequences

5. Notable Quotes and Moments

Timestamps for Important Segments

Memorable Moments & Tone

Conclusion