CBS News Denies $50 Million Loss Amid Cost-Cut Plans

Reports have emerged that CBS News is losing around $50 million annually, sparking concerns about significant budget cuts under new ownership by David Ellison's Skydance Media, which recently acquired CBS parent company Paramount. CBS strongly denies these claims, asserting that the news division remains profitable, with insiders suggesting the $50 million figure may be a strategic leak to justify forthcoming reductions. Ellison aims to 'right-size' CBS News by reducing talent salaries, shrinking team sizes, leveraging existing content like '60 Minutes' on Paramount+, and possibly recruiting Bari Weiss to revamp programming. The financial strain follows Paramount's cancellation of 'The Late Show with Stephen Colbert,' which reportedly lost $40 million yearly, underscoring the network's broader challenges amid ratings struggles and perceived political bias. CBS and Paramount also settled a $16 million lawsuit filed by President Donald Trump over allegedly deceptive editing of '60 Minutes' footage, with Trump hinting at a potential 'side deal' for conservative advertising under Skydance's ownership, a claim partially disputed by Paramount. Former Paramount chairwoman Shari Redstone has acknowledged the need for more balanced coverage at CBS, suggesting Trump's influence might help achieve that goal.