2025 in Review: A tumultuous year for Paramount and CBS News
It's difficult to imagine a media company that faced as many challenges as Paramount in 2025. From a giant merger, a controversial settlement, the cancellation of a late-night show, and an overhaul of CBS News, Paramount's year was a rollercoaster that lasted until the very end of the year.
Here's a look back at Paramount's turbulent journey:
The Prologue
In the lead-up to the 2024 presidential election, CBS News aired an interview with then-Vice President Kamala Harris on '60 Minutes'. Critics noticed that an answer she gave about Israel, which first aired in a preview clip on 'Face the Nation', was mocked by conservatives for her 'word salad' comments. This answer was later swapped with a different one that aired during the primetime election special the next evening.
This led to President Donald Trump filing a multi-billion-dollar lawsuit against CBS News and Paramount, alleging 'election interference' through 'deceptive editing'. CBS and Paramount maintained that the interview adhered to editorial standards and stood by the aired content.
The proposed $8 billion merger with Skydance Media, run by David Ellison, son of Oracle founder and Trump ally Larry Ellison, was also in the works. However, the deal required approval from the Federal Communications Commission (FCC), which Trump could influence once he returned to office.
The Turmoil
After Trump's re-election, he appointed Brendan Carr as FCC chair. Carr's first major action was demanding the raw transcript and footage from the Harris interview, which CBS News refused to provide during the initial controversy. In February, the FCC released the transcript, revealing that both sets of comments came from the same answer, with CBS News using the first half in the preview clip and the latter half on '60 Minutes'.
Despite this, Trump increased the lawsuit's value from $10 billion to $20 billion. Internal strife at CBS News intensified as Shari Redstone, Paramount's controlling shareholder, wanted to settle the lawsuit to facilitate the Skydance merger, resulting in a substantial payout for her. Redstone kept tabs on '60 Minutes' segments related to Trump, leading to the resignation of '60 Minutes' executive producer Bill Owens and CBS News President Wendy Mahon.
The Settlement
In July, after months of mediation, Paramount and CBS settled Trump's lawsuit for over $30 million, including $16 million for Trump's presidential library. Trump confirmed that he expects an additional $20 million from the new owners for advertisements and public service announcements promoting conservative causes.
The Cancellation
The outrage over the settlement reached new heights when CBS canceled 'The Late Show with Stephen Colbert', sparking industry shockwaves. Colbert's allies in the liberal media accused Paramount of pulling the plug due to the settlement and merger, leading to Democratic lawmakers' vows to investigate. This sparked an uproar within Paramount, with 'The Daily Show' host Jon Stewart and 'South Park' ridiculing Trump and his administration.
The Ellison Takeover
In August, David Ellison officially became Paramount's owner and CEO, with Redstone receiving a reported $2 billion buyout. Ellison's first moves included appointing Bari Weiss as CBS News' editor-in-chief and acquiring her outlet, The Free Press, for $150 million. He also struck a $7 billion deal with the UFC and a four-year deal with the Duffer Brothers, the creators of 'Stranger Things'.
Weiss, reporting directly to Ellison, made changes, including promoting Tony Dokoupil to 'CBS Evening News' and poaching Matt Gutman from ABC News. However, concerns arose about potential ideological influence in reporting.
The Hostile Takeover
Looking ahead, the saga may continue in 2026 as Ellison launched a hostile bid to acquire Warner Bros. Discovery for $108 billion, after Netflix's $83 billion proposal. This would give him control of two major Hollywood studios and CNN, raising questions about Weiss's role in both CBS News and CNN.
Despite Trump's reported coziness with the Ellisons, he has expressed frustration with Paramount's new ownership, criticizing the '60 Minutes' interview with Marjorie Taylor Greene and demanding CNN's new ownership.
