Media giant Paramount Skydance (PSKY) is finalizing a deal to acquire The Free Press, a news site founded by journalist Bari Weiss. According to the online news outlet Puck, the potential purchase price is expected to be between $100 million and $200 million. As part of the deal, Weiss is expected to take on a senior editorial position at Paramount’s CBS News division, a move that has sparked internal backlash.
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The potential deal follows the recent $8 billion merger between Skydance Media and Paramount Global, which ended decades of Redstone family control and placed CBS News under the leadership of David Ellison.
Brief Background on Weiss’ News Venture
Bari Weiss launched The Free Press in 2022 after her high-profile departure from The New York Times (NYT), which she publicly criticized for its “illiberal environment.” Her venture quickly gained traction with a subscriber-driven model, featuring essays, interviews, and commentary that often challenge mainstream narratives.
Weiss’ podcast, Honestly, has hosted figures across the political spectrum, including Senator Ted Cruz and tech leaders like Elon Musk.
Editorial Shake-Up Sparks Tension at CBS News
Weiss’s potential arrival is seen by some as the next step in Ellison’s plan to modernize CBS News and reverse a trend of declining ratings. However, the news has already caused internal ripples, probably due to her background in opinion journalism, rather than traditional news-gathering.
Some journalists have reportedly threatened to resign if Weiss takes charge, citing concerns over her editorial style and political leanings. It must be noted that Paramount anticipated resignations as a result of Weiss’s new role, according to sources.
Is PSKY Stock a Buy, Hold, or Sell?
On TipRanks, PSKY stock has a Hold consensus rating based on two Buys, nine Holds, and five Sell ratings. The average Paramount Skydance price target of $12.37 implies 17.3% downside potential from current levels.
