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Paramount and Skydance are merging — here are 3 questions we have about the deal

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Paramount and Skydance are merging — here are 3 questions we have about the deal

The Paramount logo is displayed at Columbia Square along Sunset Boulevard in Hollywood, Calif. on March 9, 2023.

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Patrick T. Fallon/AFP via Getty Images

There may be no more giddily optimistic time in media than the moment after a big deal is announced.

In the case of the $8.4 billion agreement that would bring in new owners to run Paramount Global, there are a lot of hopes and dreams riding on incoming CEO David Ellison and how he might reshape a media company which includes everything from Paramount Studios and the CBS broadcast network, to cable channels like MTV and BET and the Paramount+ streaming service.

Film lovers dream that if the new company goes forward, it will maintain Paramount as an independent brand, combining Ellison’s Skydance Media with a venerated film studio over 112 years old that’s based in the middle of Los Angeles (they also hope this means the company won’t largely be sold off for parts or swallowed by another huge business, like Sony).

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Media insiders wonder if Ellison – backed by $6 billion from his family, including father and Oracle co-founder Larry Ellison – can leverage new technologies and Silicon Valley sensibilities to make the company more successful.

And keen observers of power in America hope that nepo baby-turned-mogul David Ellison will serve his family and the company better than previous owner (and fellow nepo baby) Shari Redstone, who inherited Paramount’s parent company National Amusements after the 2020 death of her father, Sumner Redstone. She proceeded to see it lose billions of dollars in value amid a changing media landscape, uncertain leadership and fitful sale negotiations.

Yeah, this may sound like a lot of media nerd nonsense – navel-gazing from an industry notorious for its self-obsession and myopic focus. But a successful rescue of Paramount can also point the way toward a shiny future for an increasingly uncertain media industry, where profits, product and audience are harder to come by. And failure could mean the company that is home to NCIS, Star Trek, MTV and Yellowstone might vanish into media history.

To succeed, Ellison and his backers must answer a load of pressing questions. Here are the ones which loom largest in my mind:

Can new owners really turn around a company that’s grounded in media businesses currently in serious decline?

One of Paramount Global’s biggest challenges is that it’s a media company packed with several businesses that are all struggling at once. Cable channels hobbled by cord cutting. A streaming service which isn’t expected to turn a profit until sometime next year. A broadcast network with an aging audience. A regional theater chain facing declines in moviegoing. And, as the global financial services company Moody’s noted in a recent statement, Paramount is merging with a smaller media company that doesn’t own or control much of its own intellectual property: Skydance Media.

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Ellison and Jeff Shell, the former NBCUniversal CEO who would be president of the new company when the deal closes, told Wall Street analysts some of their ideas in a call Monday morning, saying Paramount+ would likely succeed as a part of an “ultimate bundle” of streaming services, with plans to completely rebuild the platform’s technology. When it came to their more traditional businesses, like cable TV channels, they talked of managing the decline while implementing $2 billion in cost savings.

But I think mid-level streaming services struggle because they have a tough time offering enough content to convince customers they should be prioritized above or alongside big players like Netflix and Disney+. Will redesigning the platform and getting wedged into a bundle next to bigger players really help distinguish their company?

How will the company be run until the deal closes … in 2025?

The purchase isn’t expected to close until sometime next year. Until then, Paramount Global will likely still be run by the group of three co-CEOs who currently guide the company. Which means a plan could still go forward that the CEOs announced last month, cutting $500 million in costs while exploring the sale of some assets. Black culture-focused cable channel BET has long been the subject of speculation that it might be sold to a mogul like Tyler Perry or Weather Channel owner Byron Allen, for instance.

Producer David Ellison attends the Royal Film Performance and UK Premiere of

Producer David Ellison attends the Royal Film Performance and UK Premiere of “Top Gun: Maverick” at Leicester Square on May 19, 2022 in London, England.

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Last month, online archives for MTV News, CMT news and Comedy Central, which were filled with decades of journalism on pop and country music, were pulled down without warning or explanation by the company. Will more surprise cutbacks surface over the next few months that limit or eliminate content?

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In an odd way, it might make sense for Paramount to make more painful reductions now, before the new owners are officially in charge, so Ellison, Shell and their teams can take over outside the shadow of layoffs or serious cutbacks.

When Ellison and Co. take over, it will mean that yet another Hollywood studio will be dominated by Silicon Valley money, including MGM’s purchase by Amazon and the rise of major players like Apple TV+ and Netflix. Which leads to another big question: Will Paramount Global leverage the resources and innovation of the tech world to reinvent a major studio for the modern media moment, or have the forces which are hobbling the company progressed too far?

Will something else happen that could overturn the deal?

Federal regulators must weigh in. And there’s a 45 day window where Paramount’s board of directors could field another offer (though they would have to pay the Skydance group $400 million). Also, stockholders outside the Redstone family who feel shortchanged could file a lawsuit.

But in the rosy glow of a just-announced deal, all these challenges seem like rapidly shrinking images in the rearview mirror. A new brain trust has emerged, aimed at proving that a mid-level media company can survive in today’s times, as the daughter of one business titan hands the reins of her complicated company to the son of another.

Whether any of this adds up to a solution which can save Paramount while also helping cure what ails modern media on a larger scale, may be the biggest question of all.

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With Highway 1 open, Big Sur braces for its busiest summer in years

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With Highway 1 open, Big Sur braces for its busiest summer in years

On a 75-mile cliff-hugging stretch of highway in California, traffic is way up, despite soaring gas prices. And locals expect the busiest summer in years.

The road is Highway 1 in Big Sur, which reopened in January after three years of repair and reconstruction following a pair of landslides. Drivers can once again embark on the state’s most famous road trip, covering the 100 miles between Cambria to the south and Carmel to the north without leaving the two-lane coastal highway. And they’re heading out in big numbers.

Caltrans estimates that as of May, Big Sur restaurant and retailer guest counts are up 40% from last year, and that northbound traffic at Ragged Point, the southern gateway to Big Sur, has risen 900% year-over-year.

People pose for photos near Bixby Bridge. Monterey County’s Board of Supervisors voted to explore a 12-month ban on parking around the bridge.

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Safety cones prevent parking along Coast Road near the Bixby Bridge.

Safety cones prevent parking along Coast Road near the Bixby Bridge.

“Take your time,” said Kirk Gafill, co-owner of the popular Nepenthe restaurant and president of the Big Sur Chamber of Commerce, offering advice to travelers. “You’re going to be sharing the road with a number of people.”

As travelers rediscover the road, the cost of driving has been shooting skyward. California’s average gas price ($6.11 per gallon as of May 26) is up 26% from the year before. In early April, rates hit $9.99 at the isolated gas station in the Big Sur community of Gorda.

For spring and summer travelers, these numbers would seem to pose a stark question: Stay home and save money, or head for the coast because the road is finally open and it’s still cheaper than flying?

So far, the latter answer is winning big.

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Fog lingers off the coast of Highway 1.

Fog lingers off the coast of Highway 1.

“We are definitely seeing a huge uptick in our reservations,” said Megan Handy, assistant general manager at the upscale Treebones resort. She estimated that bookings are 30% or more ahead of last year, and rates are unchanged since then. But “it’s still not feeling super crowded, which is nice. Everything still feels kind of calm.”

But added traffic has raised some anxiety. On May 19, Monterey County’s Board of Supervisors voted to explore a 12-month ban on parking at Bixby Bridge, one of the region’s top photo spots.

Over the years, the number of cars parking near the bridge — often illegally, sometimes impeding emergency vehicles — has risen. The proposed parking moratorium won’t take effect until the supervisors discuss it further.

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Busy as things are, several business owners pointed out that many international travelers have not yet returned — perhaps because most make their plans more than six months ahead, perhaps because of global politics, perhaps a little of each.

The biggest challenge for businesses during this resurgence? “Restaffing and retaining,” said Handy at Treetops.

At Nepenthe, Gafill said his business has seen a 45% boost in guest volume since the road’s reopening. Gafill said he would have expected a 35% pickup, “simply by virtue of reopening the highway.” The additional 10%, he said, might be “all that pent-up demand,” aided by “a very beautiful and very dry winter,” followed by a mild spring.

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A lunch crowd dines at popular restaurant Nepenthe.

A lunch crowd dines at popular restaurant Nepenthe.

Another possible factor: Nobody can be sure how long the road will remain open.

To cope with the influx of people, Gafill said, “everybody is trying to recruit and retain their existing staff.”

At the Ragged Point Inn, where rates dropped as low as $149 nightly last fall, rates are back over $200 and staffers are suggesting that customers book at least six months ahead. The inn has reopened its snack bar for the first time since early 2023, and management is investing in capital upgrades and staging live music on weekends throughout the summer.

Business “is up over 100%,” said Diane Ramey, whose family owns the inn. “I know not all of our neighbors are having the same lift, but everybody is doing better.”

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Traffic approaching Bixby Bridge.

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A visitor poses in an oversized chair at Big Sur River Inn.

A visitor poses in an oversized chair at Big Sur River Inn.

Even at the New Camaldoli Hermitage, a Benedictine monastery above Lucia, the road’s reopening and coming summer season have made a difference. Bookings are up an estimated 30% at the hermitage, which rent rooms and cottages (for two nights or more) to visitors who agree to its requirement of silence.

Big Sur business owners advise visitors to travel on weekdays for less traffic and the best hotel rates, and to get on the road as early as possible.

Since its opening in 1937, the highway has been vulnerable to landslides and shifting ground, operating on a longstanding cycle of landslide, closure, repair, reopening and then another landslide, or sometimes a fire. The U.S. Geological Survey has identified the Big Sur coastline as one of the most landslide-prone areas in the western United States. The 2023-2026 closure was the longest in the highway’s history.

Over time, road crews have used increasingly sophisticated strategies. In the most recent efforts, Caltrans said, it used drones to help survey the slopes and remotely operated bulldozers and excavators to reduce risks to workers.

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During the closure, no traffic was allowed on 6.8-mile span from just north of Lucia until about a mile south of the Esalen Institute. Drivers detoured inland by way of U.S. 101.

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Firings at CBS’ ’60 Minutes’ reflect the fight for media control in the age of Trump

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Firings at CBS’ ’60 Minutes’ reflect the fight for media control in the age of Trump

Correspondents of CBS’ 60 Minutes pose for a portrait in 2023. From left to right, they are Sharyn Alfonsi, L. Jon Wertheim, Bill Whitaker, Lesley Stahl, Scott Pelley, Cecilia Vega, and Anderson Cooper. Former Executive Producer Bill Owens sits on the far right. Only Wertheim, Whitaker and Stahl remain at the program.

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When CBS fired Scott Pelley on Tuesday night, the new 60 Minutes executive producer, Nick Bilton, told Pelley it was for insubordination at a staff meeting the day before.

The veteran correspondent argues he was defending the DNA of 60 Minutes and the integrity of its journalism.

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The battle royale over the network’s most prestigious and profitable news program is part of a broader fight over the direction of CBS News.

And given CBS’s acquisition by a billionaire family whose business interests have become intertwined with the political interests of President Trump, it reflects a larger war over control of the media in the current moment.

That father and son, Larry and David Ellison, bought CBS’ parent company, Paramount, last summer. In January, they became co-owners of TikTok’s U.S. operations. Now they’re seeking approval from Trump’s regulators to buy Warner Bros. Discovery, the parent company of CNN.

A glamorous show shorn, for now, of most its stars

CBS fired Cecilia Vega, a correspondent, and Tanya Simon, the executive producer, from 60 Minutes last week. They are shown in this photo at the 2026 White House Correspondents' Association Dinner on April 25, 2026 in Washington, D.C.

CBS fired Cecilia Vega, a correspondent, and Tanya Simon, the executive producer, from 60 Minutes last week. They are shown in this photo at the 2026 White House Correspondents’ Association Dinner on April 25, 2026 in Washington, D.C.

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Kristina Bumphrey/Variety via Getty Images/Variety

But the specifics of this individual episode matter — for 60 Minutes, CBS, its audience of millions, and even the news business itself.

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The program has been the most glamorous post in broadcast news. The correspondents are the stars of the show. And now, there are just three of them.

Anderson Cooper left last month, concerned over the direction of the network’s coverage. Last week was a virtual bloodbath: correspondents Cecilia Vega and Sharyn Alfonsi were fired. So were a producer and two show executives — including Tanya Simon, a longtime staffer who had stepped up as executive producer when her predecessor resigned in protest before the Ellisons’ takeover.

With Pelley’s ouster, only correspondents Lesley Stahl, Bill Whitaker, and Jon Wertheim remain. Now they are considering whether to resign, according to two associates with knowledge.

Their brand-new boss, Bilton, was previously a tech reporter for The New York Times and an investigative reporter for Vanity Fair. He executive-produced a documentary for Netflix about a couple accused of laundering Bitcoin and has been a producer on several other films.

Notably, he has no experience in television news.

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Neither does Bari Weiss, whom David Ellison installed as the network’s editor in chief last October. The Ellisons also bought her center-right views-and-news site, The Free Press.

She has maintained that the network of Walter Cronkite needs a makeover for the digital moment. She has also contended for years that CBS, along with the rest of mainstream media, is too reflexively anti-Trump, anti-Israel, and too woke.

A rejection of CBS News executives’ overtures

The new executive producer of 60 Minutes, Nick Bilton, has been a tech journalist and documentary filmmaker, but lacks experience in broadcast news.

The new executive producer of 60 Minutes, Nick Bilton, has been a tech journalist and documentary filmmaker, but lacks experience in broadcast news.

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Bilton attempted to set a conciliatory tone at Monday’s meeting — his first with the show. Pelley, a formidable veteran correspondent and former CBS Evening News anchor, wasn’t having it.

Pelley called Bilton unwelcome and unqualified. And Pelley said that Weiss was attempting to “murder” the program.

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In firing Pelley on Tuesday, Bilton said the journalist had hijacked the meeting and rejected overtures to work constructively through their differences. (NPR obtained a copy of the firing notice.) Bilton wrote that Pelley’s “antipathy to the future of the show came through loud and clear.”

In his own statement late Tuesday evening, shared with NPR, Pelley accused CBS’s new news leadership of killing 60 Minutes‘ DNA and pushing him “to inject falsehoods and bias into a politically sensitive story” and “to include assertions that are unverified.”

The accusations, to which CBS has not yet responded, echo those made by Alfonsi and Vega, the two correspondents fired last week.

Earlier this year, Alfonsi publicly complained after Weiss held one of her stories at the last minute, and kept it frozen for weeks, demanding an on-camera interview with a Trump White House official that never played out. It ran, unchanged from the intended version, with additional statements from the administration tacked on to the end.

After being fired, Vega said in a statement obtained by NPR that her team had “experienced efforts to insert political bias into our stories.”

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“Let’s call this what it is: censorship, both censorship and self-driven” Vega continued. “It is dangerous for the show and dangerous for democracy.”

Weiss previously rejected Alfonsi’s and Vega’s allegations. (CBS said Vega’s claims, for example, were “not based in reality” while expressing appreciation for her work.)

Weiss and Bilton say digital threat requires a 60 Minutes overhaul now

In a meeting this morning, Weiss said that Pelley chose his own path — that is, to be fired rather than to find a way to work through his concerns, according to attendees. The network and Weiss have not yet publicly addressed Pelley’s accusations of interference. 

Bilton and Weiss say they respect the show’s traditions, its accomplishments and its legacy of enterprise reporting, extended interviews and visual storytelling. It rose in the ratings 9% over the past season under Simon.

The two news leaders say, however, 60 Minutes needs to be overhauled before it becomes increasingly irrelevant in the era of streamers and other sources of news, information and entertainment in the digital age.

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Interviews with 12 current and former CBS News staffers, from producers to executives, suggest great reservations and suspicions remain about Weiss’ judgment and her ability to handle the prominent and even famous journalists on whom her division relies.

Weiss had initially sought to reinvent the CBS Evening News, dropping a two-anchor format that had sagged in the ratings. Cooper turned down Weiss’ overtures to anchor it and left the network altogether, concerned about her approach, according to associates. (They spoke on condition of anonymity because Cooper has not chosen to speak publicly on the matter.)

David Ellison became chairman and CEO of CBS' parent company, Paramount, after buying it last year.

David Ellison became chairman and CEO of CBS’ parent company, Paramount, after buying it last year.

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The ratings have continued to sag under new anchor Tony Dokoupil. And some CBS journalists, including producers who have left the Evening News, have publicly accused Weiss of making editorial decisions driven by politics. She has rejected those claims.

The decision to take on overhauling two key shows — one listing, one highly profitable, both high profile — carries significant risks for Weiss and the network, even apart from other considerations.

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But the Ellisons’ presence cannot be ignored.

When Shari Redstone was negotiating the sale of CBS’s parent company, Paramount, to the Ellisons’ Skydance Media last year, the network announced the end of Stephen Colbert’s late night show. He had been one of the president’s most biting and acerbic critics.

David Ellison also made a series of concessions directly to Trump’s chief broadcast regulator, Federal Communications Commission Chair Brendan Carr, gutting CBS’s diversity, equity and inclusion initiatives and appointing a conservative ombudsman to field complaints of bias against its news reporting.

Carr and other regulators approved the Paramount deal last summer.

The accommodations echo those made by other media titans.

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Amazon and Blue Origin founder Jeff Bezos remade the editorial pages of the Washington Post, which he owns, into a far more hospitable zone for Trump at the outset of his second term. So did Los Angeles Times owner Dr. Patrick Soon-Shiong, a noted medical device inventor. Amazon and Blue Origin have multi-billion dollar contracts with the federal government. Soon-Shiong’s medical research firm routinely has patent applications up for review with federal regulators. One was approved Tuesday.

The Ellisons are hoping to win approval from federal regulators next month for their purchase of Warner Bros. Discovery in a deal valued at more than $110 billion. It would include Warner Bros. Studio, HBO and CNN, among other properties.

As Weiss routs CBS News’ old guard, the question of what role she might play at CNN — and what changes that portends at CBS — hangs over journalists at the two networks. The fate of 60 Minutes serves as a high-stakes case study for both.

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We’re having a main character summer. Are you? : It’s Been a Minute

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We’re having a main character summer. Are you? : It’s Been a Minute
Are you ready for a whirlwind summer romance?Making plans to capitalize on summer can get overwhelming – from finding the right spot to hang or feeling comfortable in your clothes in the sweltering summer heat. So what does it mean to approach summer with a romantic joie de vivre?  Brittany is joined by Carly Olson, freelance journalist covering architecture and business, and Garrett Schlichte, writer and chef, to walk us through how to have a rom-com summer where you’re the star.Want more on how to be the best version of yourself? Check out these episodes:How to make friends & get good gossipIt only takes 30 minutes to be a good momSupport Public Media. Join NPR Plus.Follow Brittany on Instagram: @bmluseFor handpicked podcast recommendations every week, subscribe to NPR’s Pod Club newsletter at npr.org/podclub.
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