Business
CBS chief George Cheeks pledges to support team amid chaos and Trump threats
With Paramount Global’s sale stuck before federal regulators and a potential settlement looming with President Trump in a dispute over CBS News’ “60 Minutes,” Paramount co-Chief Executive George Cheeks on Wednesday sought to project a sense of business as usual.
Cheeks and CBS Entertainment President Amy Reisenbach unveiled the network’s new prime-time schedule for reporters at Paramount’s Hollywood offices, trumpeting CBS’ prime-time winning streak of 17 consecutive seasons.
For the season that ends this month, CBS boasts eight of the top 10 prime-time shows in network TV. The broadcaster’s schedule of originals towers over competitors ABC and NBC. This past year, ratings grew 3% — a rare feat in an era of shrinking linear TV audiences.
But that strength has been undermined by the company’s high-profile tangles with Trump, who brought a $20-billion lawsuit over edits of a “60 Minutes” interview last fall with then-Vice President Kamala Harris.
First Amendment experts have described Trump’s lawsuit, which alleges the “60 Minutes” episode was fraudulent, as frivolous. But the president has remained defiant, saying CBS should be punished.
Representatives of Trump and Paramount met with a mediator last week, but there was no immediate resolution of the lawsuit. Controlling shareholder Shari Redstone’s desire to end the wrangling with a settlement remains a cloud hanging over the company and its sale.
Cheeks acknowledged the turmoil Wednesday.
“This is an unprecedented, challenging time for the industry and for our company in particular,” Cheeks told about a dozen reporters gathered in a CBS conference room. “For me, what’s most important as a leader is how you show up in a difficult time. …
“My biggest goal is to make sure that the team feels supported and that we recognize that we have to focus on what we can control,” Cheeks said. “We’re going to get through this.”
When asked whether CBS News and the group at “60 Minutes” would continue to enjoy his support, Cheeks said succinctly: “My entire team.”
George Cheeks the at Lincoln Center in New York in January.
(Kristina Bumphrey / Getty Images)
The struggles with Trump have reverberated throughout the company and prompted internal protests. The executive producer of “60 Minutes,” Bill Owens, resigned last month, citing increased corporate pressure over news coverage.
Correspondent Scott Pelley told “60 Minutes” viewers about Owens’ resignation in late April, noting that journalists had been facing increased corporate oversight.
Since Trump’s suit was filed last fall, “60 Minutes” has remained dogged in its coverage of the Trump administration’s policies.
On Sunday, Pelley reported on how Trump has used executive orders to target law firms that he accuses of “weaponizing” the justice system against him.
Redstone has expressed frustration with “60 Minutes” for months. She was unhappy with the program’s coverage of the Israel-Hamas war and its effects on Gaza. She reportedly has asked Cheeks whether there were more “60 Minutes” stories coming that could antagonize Trump.
A Redstone spokesperson declined to comment.
When asked how he would approach a potential uprising within CBS News should the company settle with Trump, Cheeks said, “I’m not going to answer that question.”
It’s been 10 months since Redstone agreed to sell Paramount, which includes the historic Melrose Avenue movie studio, Comedy Central, MTV and Paramount+, to David Ellison’s Skydance Media, a deal valued at $8 billion.
The deal would see the Redstone family vacating its perch in Hollywood after nearly 40 years. Ellison and executives with RedBird Capital Partners would take over control of the company. Cheeks is expected to stay on in a high-profile role, sources have said.
But the Federal Communications Commission has only begun preliminary steps to review the deal, which insiders had hoped would be finalized by early this spring.
The two sides face an early October deadline to gain approval and close the deal. Paramount needs the FCC to consent to the transfer of CBS station licenses to the Ellison family.
If the deal isn’t wrapped by mid-October, either side could back out. Paramount would owe a substantial breakup fee.
Early this year, FCC Chairman Brendan Carr, a Trump appointee, opened a public inquiry into the “60 Minutes” Harris interview to gauge whether the edits rose to the level of news distortion.
The results of the inquiry are pending.
During the presentation, neither Cheeks or Reisenbach addressed Trump’s bombshell announcement Sunday that he planned to impose 100% tariffs on movies that are filmed in foreign countries, saying it was premature to speculate.
Questions swirl about the feasibility of his proposal, and Trump did not say whether television shows would be included. CBS films several shows in Canada.
Cheeks and Reisenbach told reporters their team was trying to block out the “noise” to focus on developing the new fall schedule, a sense of normalcy that was welcomed within CBS’ ranks. Next week begins the annual upfront sales season when advertisers place bets on the various network schedules.
“George really creates an environment where we almost feel like we have the space and room to operate in a noise bubble,” Reisenbach said.
CBS announced eight new series, including “Marshals,” a western drama from hitmaker Taylor Sheridan. Other new shows include “CIA,” “Sheriff Country,” a comedy called “DMV” and a country music talent search show, “The Road,” with Keith Urban and Blake Shelton.
Donnie Wahlberg, who will reprise his role from the CBS hit “Blue Bloods” in the new show “Boston Blue,” made a cameo appearance at the presentation, along with Sonequa Martin-Green, who will co-star as a detective.
The Wahlberg show picks up from the beloved Tom Selleck original. “No ‘Blue Bloods’ fans will be disappointed,” Wahlberg said.
Joining them will be a cook-off called “America’s Culinary Cup” with Padma Lakshmi and “Harlan Coben’s Final Twist.”
Business
U.S. Space Force awards $1.6 billion in contracts to South Bay satellite builders
The U.S. Space Force announced Friday it has awarded satellite contracts with a combined value of about $1.6 billion to Rocket Lab in Long Beach and to the Redondo Beach Space Park campus of Northrop Grumman.
The contracts by the Space Development Agency will fund the construction by each company of 18 satellites for a network in development that will provide warning of advanced threats such as hypersonic missiles.
Northrop Grumman has been awarded contracts for prior phases of the Proliferated Warfighter Space Architecture, a planned network of missile defense and communications satellites in low Earth orbit.
The contract announced Friday is valued at $764 million, and the company is now set to deliver a total of 150 satellites for the network.
The $805-million contract awarded to Rocket Lab is its largest to date. It had previously been awarded a $515 million contract to deliver 18 communications satellites for the network.
Founded in 2006 in New Zealand, the company builds satellites and provides small-satellite launch services for commercial and government customers with its Electron rocket. It moved to Long Beach in 2020 from Huntington Beach and is developing a larger rocket.
“This is more than just a contract. It’s a resounding affirmation of our evolution from simply a trusted launch provider to a leading vertically integrated space prime contractor,” said Rocket Labs founder and chief executive Peter Beck in online remarks.
The company said it could eventually earn up to $1 billion due to the contract by supplying components to other builders of the satellite network.
Also awarded contracts announced Friday were a Lockheed Martin group in Sunnyvalle, Calif., and L3Harris Technologies of Fort Wayne, Ind. Those contracts for 36 satellites were valued at nearly $2 billion.
Gurpartap “GP” Sandhoo, acting director of the Space Development Agency, said the contracts awarded “will achieve near-continuous global coverage for missile warning and tracking” in addition to other capabilities.
Northrop Grumman said the missiles are being built to respond to the rise of hypersonic missiles, which maneuver in flight and require infrared tracking and speedy data transmission to protect U.S. troops.
Beck said that the contracts reflects Rocket Labs growth into an “industry disruptor” and growing space prime contractor.
Business
California-based company recalls thousands of cases of salad dressing over ‘foreign objects’
A California food manufacturer is recalling thousands of cases of salad dressing distributed to major retailers over potential contamination from “foreign objects.”
The company, Irvine-based Ventura Foods, recalled 3,556 cases of the dressing that could be contaminated by “black plastic planting material” in the granulated onion used, according to an alert issued by the U.S. Food and Drug Administration.
Ventura Foods voluntarily initiated the recall of the product, which was sold at Costco, Publix and several other retailers across 27 states, according to the FDA.
None of the 42 locations where the product was sold were in California.
Ventura Foods said it issued the recall after one of its ingredient suppliers recalled a batch of onion granules that the company had used n some of its dressings.
“Upon receiving notice of the supplier’s recall, we acted with urgency to remove all potentially impacted product from the marketplace. This includes urging our customers, their distributors and retailers to review their inventory, segregate and stop the further sale and distribution of any products subject to the recall,” said company spokesperson Eniko Bolivar-Murphy in an emailed statement. “The safety of our products is and will always be our top priority.”
The FDA issued its initial recall alert in early November. Costco also alerted customers at that time, noting that customers could return the products to stores for a full refund. The affected products had sell-by dates between Oct. 17 and Nov. 9.
The company recalled the following types of salad dressing:
- Creamy Poblano Avocado Ranch Dressing and Dip
- Ventura Caesar Dressing
- Pepper Mill Regal Caesar Dressing
- Pepper Mill Creamy Caesar Dressing
- Caesar Dressing served at Costco Service Deli
- Caesar Dressing served at Costco Food Court
- Hidden Valley, Buttermilk Ranch
Business
They graduated from Stanford. Due to AI, they can’t find a job
A Stanford software engineering degree used to be a golden ticket. Artificial intelligence has devalued it to bronze, recent graduates say.
The elite students are shocked by the lack of job offers as they finish studies at what is often ranked as the top university in America.
When they were freshmen, ChatGPT hadn’t yet been released upon the world. Today, AI can code better than most humans.
Top tech companies just don’t need as many fresh graduates.
“Stanford computer science graduates are struggling to find entry-level jobs” with the most prominent tech brands, said Jan Liphardt, associate professor of bioengineering at Stanford University. “I think that’s crazy.”
While the rapidly advancing coding capabilities of generative AI have made experienced engineers more productive, they have also hobbled the job prospects of early-career software engineers.
Stanford students describe a suddenly skewed job market, where just a small slice of graduates — those considered “cracked engineers” who already have thick resumes building products and doing research — are getting the few good jobs, leaving everyone else to fight for scraps.
“There’s definitely a very dreary mood on campus,” said a recent computer science graduate who asked not to be named so they could speak freely. “People [who are] job hunting are very stressed out, and it’s very hard for them to actually secure jobs.”
The shake-up is being felt across California colleges, including UC Berkeley, USC and others. The job search has been even tougher for those with less prestigious degrees.
Eylul Akgul graduated last year with a degree in computer science from Loyola Marymount University. She wasn’t getting offers, so she went home to Turkey and got some experience at a startup. In May, she returned to the U.S., and still, she was “ghosted” by hundreds of employers.
“The industry for programmers is getting very oversaturated,” Akgul said.
The engineers’ most significant competitor is getting stronger by the day. When ChatGPT launched in 2022, it could only code for 30 seconds at a time. Today’s AI agents can code for hours, and do basic programming faster with fewer mistakes.
Data suggests that even though AI startups like OpenAI and Anthropic are hiring many people, it is not offsetting the decline in hiring elsewhere. Employment for specific groups, such as early-career software developers between the ages of 22 and 25 has declined by nearly 20% from its peak in late 2022, according to a Stanford study.
It wasn’t just software engineers, but also customer service and accounting jobs that were highly exposed to competition from AI. The Stanford study estimated that entry-level hiring for AI-exposed jobs declined 13% relative to less-exposed jobs such as nursing.
In the Los Angeles region, another study estimated that close to 200,000 jobs are exposed. Around 40% of tasks done by call center workers, editors and personal finance experts could be automated and done by AI, according to an AI Exposure Index curated by resume builder MyPerfectResume.
Many tech startups and titans have not been shy about broadcasting that they are cutting back on hiring plans as AI allows them to do more programming with fewer people.
Anthropic Chief Executive Dario Amodei said that 70% to 90% of the code for some products at his company is written by his company’s AI, called Claude. In May, he predicted that AI’s capabilities will increase until close to 50% of all entry-level white-collar jobs might be wiped out in five years.
A common sentiment from hiring managers is that where they previously needed ten engineers, they now only need “two skilled engineers and one of these LLM-based agents,” which can be just as productive, said Nenad Medvidović, a computer science professor at the University of Southern California.
“We don’t need the junior developers anymore,” said Amr Awadallah, CEO of Vectara, a Palo Alto-based AI startup. “The AI now can code better than the average junior developer that comes out of the best schools out there.”
To be sure, AI is still a long way from causing the extinction of software engineers. As AI handles structured, repetitive tasks, human engineers’ jobs are shifting toward oversight.
Today’s AIs are powerful but “jagged,” meaning they can excel at certain math problems yet still fail basic logic tests and aren’t consistent. One study found that AI tools made experienced developers 19% slower at work, as they spent more time reviewing code and fixing errors.
Students should focus on learning how to manage and check the work of AI as well as getting experience working with it, said John David N. Dionisio, a computer science professor at LMU.
Stanford students say they are arriving at the job market and finding a split in the road; capable AI engineers can find jobs, but basic, old-school computer science jobs are disappearing.
As they hit this surprise speed bump, some students are lowering their standards and joining companies they wouldn’t have considered before. Some are creating their own startups. A large group of frustrated grads are deciding to continue their studies to beef up their resumes and add more skills needed to compete with AI.
“If you look at the enrollment numbers in the past two years, they’ve skyrocketed for people wanting to do a fifth-year master’s,” the Stanford graduate said. “It’s a whole other year, a whole other cycle to do recruiting. I would say, half of my friends are still on campus doing their fifth-year master’s.”
After four months of searching, LMU graduate Akgul finally landed a technical lead job at a software consultancy in Los Angeles. At her new job, she uses AI coding tools, but she feels like she has to do the work of three developers.
Universities and students will have to rethink their curricula and majors to ensure that their four years of study prepare them for a world with AI.
“That’s been a dramatic reversal from three years ago, when all of my undergraduate mentees found great jobs at the companies around us,” Stanford’s Liphardt said. “That has changed.”
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