CHANGE: Expect CBS News to undergo a major overhaul under Skydance boss David Ellison.
In fact, from what I hear, continuing in the grand tradition of Murrow, Wallace and Cronkite is not at the top of Ellison’s mind because, for one, it ain’t so grand any longer, and two (maybe most important), he knows it’s a lousy business.
It’s not worth the trouble that it generates. We don’t even know if it’s profitable since Paramount doesn’t disclose the news division’s P&L statements. Plus, its product has moved so far to the left that it angers more than half the country.
Full disclosure: I don’t know David Ellison personally but people I trust do, and they tell me he’s substantive, much more than a lucky sperm kid that being Larry’s son confers. His independent studio Skydance has produced such recent blockbusters as “Top Gun: Maverick” and “Mission: Impossible — The Final Reckoning.”
He doesn’t get his news from TikTok — far from it.
For the time being, he wants to keep the news division but also move away from its progressive leanings. (A person close to him says look for investments in “truth-based” news.) He does appreciate the CBS News legacy that he is about to buy — as long as the numbers are working and he believes they aren’t, I am told.
And that’s where things could get scary for the news division.
Ellison, I am told, equates CBS with football more than he does with Cronkite. If he’s looking to grow stuff, he and his point man in running the new company, former NBCU chief Jeff Shell, are looking at CBS Sports as the tip of the spear.
Everything else is about to get the mother of all efficiency reviews, my sources say.
Layoffs are likely, as are smaller salaries and squeezed budgets.
The TV news industry is tough. It’s tougher when you make it your mission to annoy more than half your potential viewers.