Paramount Skydance Acquires The Free Press: A Major Shift in Media Landscape

In a significant move within the media industry, Paramount Skydance has acquired The Free Press, a prominent news platform founded by former New York Times journalist Bari Weiss in 2021. Weiss, who left The Times over disagreements related to the newspaper's editorial stance and workplace culture, established The Free Press as a counter-narrative to what she described as the prevailing orthodoxy of political correctness in journalism. While the financial details of the acquisition remain undisclosed, Axios reports that the deal places a valuation of approximately $150 million on The Free Press, equivalent to nearly €130 million. As part of the acquisition, Weiss will step into the role of director for CBS News, the news arm of the CBS television network, which is owned by Paramount Skydance. In her new position, Weiss is expected to lead the editorial team and shape the network's editorial strategy in hopes of boosting its ratings. Furthermore, she will spearhead the development of a new program within CBS News, designed to mirror the debate format that has proven successful during The Free Press's live events. Industry experts speculate that this acquisition, along with Weiss's new responsibilities, may signify a strategic pivot by Paramount Skydance CEO David Ellison, aiming to reposition CBS News towards a more conservative viewpoint. Notably, David Ellison is the son of Larry Ellison, the billionaire co-founder of Oracle. Despite this new ownership, The Free Press is set to maintain its independence as a publication. Currently, the platform boasts a user base of about 15 million, with approximately 175,000 subscribers paying for its content. This acquisition could be representative of a broader trend in the media landscape, as traditional news outlets maneuver to adapt to new audience preferences and compete with alternative news sources. The interplay between media ownership and editorial independence will be critical to monitor in the coming months as Weiss takes the helm at CBS News. Related Sources: • Source 1 • Source 2