Paramount Skydance (PSKY) is reportedly planning to acquire news site The Free Press for more than $100 million.
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David Ellison, the head of Paramount, is reportedly finalizing an agreement to purchase The Free Press from its founder Bari Weiss, a former reporter at The New York Times (NYT). Neither Paramount nor The Free Press has commented publicly on reports of a possible acquisition.
However, there’s speculation that Paramount will offer more than $100 million for the right-wing news site that supports many of the policies of the Trump administration. Reports claim that Ellison also plans to grant Weiss a leading role at CBS News, part of Paramount’s media network.
Criticizing the Left
Bari Weiss, founder of The Free Press, is a prominent critic of Democrats and left-wing politics. Focused more on commentary than news coverage, recent headlines on The Free Press’ website include “In Defense of Inequality,” “Another Reason Not to Trust the Experts,” and “Is There a Dumber Housing Policy Than Rent Control?”
Weiss made a noisy exit from The New York Times in 2020, claiming that she had been subjected to bullying and that her colleagues at the newspaper called her a “Nazi and a racist.” However, her right-leaning politics are thought to be a good fit with U.S. President Donald Trump at a time when CBS News has run afoul of the administration.
The Trump administration sued the CBS News program 60 Minutes, alleging bias in its coverage of the 2024 presidential election. More recently, CBS canceled The Late Show With Stephen Colbert, a frequent and vocal critic of President Trump.
Is PSKY Stock a Buy?
The stock of Paramount Skydance has a consensus Hold rating among 16 Wall Street analysts. That rating is based on two Buy, nine Hold, and five Sell recommendations issued in the last three months. The average PSKY price target of $12.19 implies 17.30% downside from current levels.
