2025 in Review: A tumultuous year for Paramount and CBS News

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Colbert says Paramount should save his show if it has enough money for hostile takeover attempt of Warner Bros

Stephen Colbert, lamenting the cancellation of his own show by his parent company, argued that they clearly have enough money to keep it going if they can make a $108 billion hostile takeover bid for Warner Bros.

It's difficult to think of a media company that had quite a year like Paramount did.

From a giant merger, a controversial settlement, a canceled late-night show to overhauling CBS News, Paramount had a roller coaster year that lasted right up to the end of 2025.

Here is a look back at Paramount's tumultuous journey:

The Prologue

In the days leading up to the 2024 presidential election, CBS News aired its "60 Minutes" interview featuring then-Vice President Kamala Harris. Critics at the time noticed that an answer she gave to a question about Israel that first aired in a preview clip on "Face the Nation," which was mocked by conservatives for her "word salad" comments, appeared to have been swapped with a different answer that aired during the primetime election special the next evening.

CBS ‘60 MINUTES’ AIRS TWO DIFFERENT ANSWERS FROM VP HARRIS TO THE SAME QUESTION

Paramount and CBS had a tumultuous year from settling President Donald Trump's lawsuit to canceling Stephen Colbert's late-night show. (Yuki Iwamura/Bloomberg via Getty Images)

Donald Trump, who at the time was the GOP nominee and only a former president, filed a multibillion-dollar lawsuit against CBS News and its parent company Paramount Global, alleging "election interference" with "deceptive editing." CBS News and Paramount insisted the Harris interview followed editorial standards and stood by what aired.

While liberals widely viewed Trump's lawsuit as frivolous and as something that would crumble under legal scrutiny, the entire dynamic completely flipped when he defeated Harris in the election just days later.

Earlier in the year, Paramount announced its plans to merge with Skydance Media, run by David Ellison, the son of billionaire Oracle founder and Trump ally Larry Ellison.

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However, the proposed $8 billion merger would ultimately need to seek the approval of the Federal Communications Commission (FCC), which Trump could sway in his favor once he returns to office. In other words, if Paramount aggressively fought Trump's lawsuit, it risks the Skydance merger being blocked by the incoming Trump administration.

Settling Trump's lawsuit became a real possibility for Paramount and CBS News, coming on the heels of ABC News' $15 million settlement in December after Trump accused George Stephanopoulos of defamation for a segment.

The "60 Minutes" interview between veteran correspondent Bill Whitaker and then-Vice President Kamala Harris was at the center of President Donald Trump's multibillion-dollar lawsuit against Paramount and CBS News. (Screenshots/CBS News)

The Turmoil

After Trump was sworn back into office, he appointed Brendan Carr to be FCC chair. One of Carr's first major actions was demanding CBS News to hand over the raw transcript and footage from the Harris interview, something CBS News refused to do when the controversy first erupted in the run-up to the election.

In February, the FCC released the transcript which showed that both sets of comments Harris made in the preview clip and in the primetime special came from the same answer — CBS News used the first half of her answer in the preview clip while the latter half aired on "60 Minutes." This disputed Trump's repeated claims that CBS News aired two different answers from two entirely different questions. Still, he had no intention of withdrawing his lawsuit, which he upped from $10 billion to $20 billion.

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Meanwhile, internal strife had already begun plaguing the CBS newsroom as word got out to the press that Shari Redstone, Paramount's controlling shareholder at the time, wanted to settle Trump's lawsuit in order to pave the way for the Skydance merger, resulting in a huge payout for her. While she recused herself from the decision-making, Redstone had reportedly put "60 Minutes" under a microscope by keeping tabs on what upcoming segments were about Trump and his administration.

That led to the resignation of "60 Minutes" executive producer Bill Owens, who told his colleagues in April that the corporate overreach impacted his ability to maintain an independent newsroom. CBS News President Wendy Mahon was also pushed out less than a month later. 

The dramatic exits of well-respected bosses and the looming prospect of a Trump settlement drowned the CBS newsroom in consternation.

"60 Minutes" executive producer Bill Owens resigned in protest of what he alleged was corporate interference by Paramount. (Vaughn Ridley/Sportsfile for Collision via Getty Images)

The Settlement

In July, after months of contentious mediation, Paramount and CBS settled Trump's lawsuit for a sum expected to be north of $30 million, including $16 million upfront for Trump's presidential library.

A source familiar with Paramount’s Redstone-era leadership told Fox News Digital that only the initial $16 million was sanctioned by the official mediator, and they had no knowledge of any deal Trump made with incoming ownership. Trump confirmed on Truth Social this week that he expects another $20 million from the new owners to be allocated for advertisements and public service announcements to promote conservative causes.

CBS News issued no apology as part of the settlement, but the network did update its editorial policies that now require the release of raw transcripts of interviews with presidential candidates going forward. 

Despite the outcry from her critics, Redstone stood by the settlement, calling it a "no-brainer."

CBS STAFFERS REVOLT OVER PARAMOUNT'S ‘SHAMEFUL’ TRUMP SETTLEMENT, ‘BETRAYAL’ TO THE NETWORK'S JOURNALISTS

Paramount settled President Donald Trump's lawsuit hoping it would help pave the way for its $8 billion merger with Skydance Media. (AP Photo/Manuel Balce Ceneta)

The Cancellation

While liberal critics blasted Paramount for allegedly "bending the knee" to Trump, the outrage reached new heights when, just days later, CBS announced that it was canceling "The Late Show with Stephen Colbert," sending shock waves throughout the industry.

Colbert's allies in the liberal media accused Paramount of pulling the plug on "The Late Show" as a decision directly tied to Trump's settlement and the merger, something Democratic lawmakers vowed to investigate. It even sparked an uproar within Paramount. "The Daily Show" host Jon Stewart — who at the time may have also been on the chopping block at Paramount-owned Comedy Central, but has since gotten a one-year extension — went after his corporate bosses over the cancellation, as did "South Park," which dedicated the entire back-to-back seasons ridiculing Trump — depicting him as a Saddam Hussein-like authoritarian with small genitalia and in a romantic relationship with Satan — as well as several members of his administration. 

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Colbert himself routinely targeted his own bosses during his monologues even though the network is giving his show until May 2026 before it's officially pulled off the air.

CBS maintained it was purely a financial decision. A report about the astronomical expenses of "The Late Show" backed that up, alleging it was losing more than $40 million a year for the network and that it had a budget of more than $100 million per season. Meanwhile, Colbert was allegedly making $15–20 million per year.

Within days of Colbert's announced cancellation, the FCC approved the Paramount-Skydance merger.

CBS sparked liberal outrage over its cancellation of "The Late Show with Stephen Colbert," which will be pulled off the air in May 2026. (Scott Kowalchyk/CBS via Getty Images)

The Ellison Takeover

In August, Ellison officially became the owner and CEO of Paramount, now formally referred to as "Paramount, a Skydance company," and Redstone received a reported $2 billion buyout.

Ellison hit the ground running in his first few months as the Paramount owner, with the appointment of Bari Weiss as CBS News' new editor-in-chief and acquiring her outlet The Free Press for $150 million. He also struck a $7 billion exclusive deal with UFC, as well as a four-year deal with the Duffer Brothers, the co-creators of Netflix's "Stranger Things."

Weiss, who reports directly to Ellison, has made some moves of her own. She tapped "CBS Mornings" co-host Tony Dokoupil to become the new face of "CBS Evening News," pushing out its co-anchors John Dickerson and Maurice DuBois after the perpetual third-place newscast took a notable hit in viewership after Norah O'Donnell stepped down in January. She also poached ABC News correspondent Matt Gutman, the reporter who sparked outrage earlier this year for calling the text messages Charlie Kirk's accused assassin Tyler Robinson sent to his trans partner "very touching." 

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There had been concerns among CBS News staffers about Ellison's appointment of Weiss, particularly whether the two of them would inject their ideological views into their reporting. Earlier this month, "60 Minutes" correspondent Scott Pelley said the long-running magazine show has yet to face any corporate interference by the new bosses. However, days later, there was upheaval in the newsroom after Weiss pulled a segment about the brutal El Salvador prison CECOT where illegal migrants in the U.S. were sent to just hours before it was set to air. Sharyn Alfonsi, the segment's correspondent, called it a "political" move, while Weiss suggested it wasn't "fair" since it did not include a response from the Trump administration. 

Ellison rocked Paramount and CBS with a massive round of layoffs in October, something he had signaled leading up to the company merger. He cut roughly 1,000 jobs, many of them impacting various departments at CBS News. There had also been reports that "CBS Mornings" host Gayle King could potentially be on the outs from the network next year.

New Paramount CEO David Ellison named Bari Weiss the editor-in-chief of CBS News. (Charly Triballeau/AFP via Getty Images; James Leynse/Corbis via Getty Images; Noam Galai/Getty Images for The Free Press)

The Hostile Takeover

While 2025 marked an eventful year for Paramount, the saga may continue into 2026 as Ellison recently launched a hostile bid to take over Warner Bros. Discovery for $108 after it was announced that Netflix was going to buy Warner Bros. for $83 billion. If successful, not only would he own two major Hollywood studios, he would also become the new owner of CNN, fueling questions about whether Weiss would oversee both CBS News and CNN going forward.

So far, Trump himself has had a more agnostic approach to the bidding war despite his reported coziness with the Ellisons. He praised Netflix as a "great company" and called its CEO Ted Sarandos a "fantastic man" but expressed concern about its market share. 

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Ellison has his eyes set on Warner Bros. Studios, launching a hostile takeover bid after Warner Bros. Discovery announced it had accepted Netflix's $83 billion proposal. (Mike Blake/Reuters)

In fact, Trump has expressed frustration over the Ellison-owned Paramount. He blasted the companyfor its "60 Minutes" interview featuring ally-turned-foe Rep. Marjorie Taylor Greene, R-Ga., writing on Truth Social that the new ownership is "NO BETTER THAN THE OLD OWNERSHIP." He later claimed he's being treated "far worse" under the new ownership.

He also called for CNN to be part of "any deal" with Warner Bros. Discovery, demanding that the network have completely new ownership.

So, in the end, Paramount may once again be at the mercy of the Trump administration since it has the power to quash its financial prospects. Only time will tell. 

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