Has ’60 Minutes’ Run Out of Time? Shari Redstone’s Big Decision

by

The recurring ticking sound during each segment of 60 Minutes? It’s actually not a stopwatch, but rather a countdown timer for a bomb.

It seems like the prestigious bastion of American television news is teetering on the edge of collapse. Last night, in a development hinting at an imminent implosion, correspondent Scott Pelley ended the broadcast with a “Last Minute” segment that appeared to declare open revolt against the higher-ups at Paramount who control 60 Minutes. The segment also raised a symbolic fist in support of longtime executive producer Bill Owens, who had recently left CBS in protest over what he described as unwarranted interference from management in editorial matters.

Pelley conveyed to the audience that everyone was displeased, but by stepping down, Bill demonstrated he was indeed the suitable leader for 60 Minutes all along,” he said, seated on a stool against the show’s well-known clock.

The massive $20 billion lawsuit that President Trump filed against the set of “60 Minutes” last year is causing quite a stir. He accused the show of interfering with the election by shortening an interview with Kamala Harris from its original 45 minutes to just 21 minutes, allegedly distorting its content. Interestingly, they had done something similar with Trump’s own interview during the 2020 campaign, trimming it from 45 to 20 minutes without any objection. This practice of editing interviews for broadcast is not new; it dates back to when Edward R. Murrow was working with kinescope.

There’s little faith that Trump’s lawsuit will succeed in court, even among those close to him. However, a potential sale of Paramount Global, owned by Shari Redstone and producer of 60 Minutes, is causing some concern. This deal, valued at $8 billion and planned with Skydance Media, necessitates approval from the Federal Communications Commission (FCC), which has jurisdiction over broadcast licenses. The FCC, currently led by Trump appointee Brendan Carr, has suggested that disputes between 60 Minutes and Trump could potentially arise during this process, implying that a resolution of Trump’s $20 billion lawsuit might smooth the transaction.

In other words, nice little merger you’ve got here. Shame if anything happened to it.

The significance at play here is undeniably substantial – it’s not just about 60 Minutes, but the entire realm of news broadcasting and the very concept of a free press. It’s important to note that this isn’t the first instance where Trump has exerted pressure on a significant media outlet, far from it, even within the last six months. Back in December, he managed to secure a $15 million settlement from ABC over a defamation suit, albeit one with questionable grounds (this time targeted at George Stephanopoulos, who was accused of slandering Trump by calling his actions towards E. Jean Carroll “rape”, when the court had categorized it as “sexual abuse”). This corporate submission was concerning enough. However, if Redstone were to settle the 60 Minutes lawsuit now, it would erode the show’s long-standing commitment to journalistic integrity, send a chilling message throughout the entire industry, and potentially damage Redstone’s own reputation. Furthermore, it could set fire to the very principles that underpin their work.

But, alas, it’s starting to look like that’s precisely what she’s about to do.

One surprising aspect of Owens’ departure was the perception that it hinted at Redstone’s impending surrender. However, the true motivations behind Owens’ resignation might have been more complex, potentially linked to the comeback of Susan Zirinsky, who took charge after 60 Minutes faced criticism over a segment about Israel’s war in Gaza and its aftermath. Nevertheless, there’s a growing assumption that Owens made a selfless move to warn Redstone against damaging 60 Minutes due to his Skydance deal. This was essentially the message delivered by Pelley at the end of last night’s 60 Minutes, and it was also the interpretation in numerous headlines, such as “The Woman Who Destroyed CBS News,” “60 Minutes Sacrificed for Sale,” and “Redstone Greed Ending Legacy.” Similarly, Jake Tapper expressed this view during a lengthy criticism of Redstone on CNN soon after Owens announced his resignation.

Shari Redstone appears to be considering a compromise with Trump, according to Tapper, who expressed disapproval with a scowl. I hope the settlement is worth it for you, Shari!”

“Tapper suggests that Shari Redstone might give in to Trump’s demands and reach an agreement, looking rather unhappy. Here’s hoping the payoff is substantial for Shari!

Absolutely, Tapper is correct; money isn’t the primary concern here. To be sure, the Skydance merger could potentially boost Redstone’s wealth by hundreds of millions, but considering she’s already estimated to be worth over half a billion, there aren’t many things left on Earth that she can’t afford. However, it’s not just about her personal wealth; she’s also aiming to preserve the media empire her father established and handed over before his passing in 2020. After years of declining cable TV ratings, missed streaming opportunities, and underperforming films, this merger, especially with a fellow family-run company that guarantees Paramount’s survival, might just be the company’s last chance at a promising future.

In recent years, several potential buyers, such as Warner Bros., Sony, Barry Diller, and Byron Allen, among others, had plans to dismantle Paramount, taking what they preferred while selling the rest for parts. However, Skydance, led by David Ellison, son of billionaire Larry Ellison, was said to be the only one who pledged to keep Paramount intact. It remains uncertain whether Skydance will honor this commitment, as there seems to be no written agreement to support it. Nevertheless, given their familial connection to Redstone, the Ellisons might understand her desire to protect her father’s legacy, although they could potentially change their stance if presented with an opportunity to make greater profits by going back on their word.

In essence, Redstone finds herself in a difficult predicament where she can’t seem to win:

1. If she takes Trump to task over the 60 Minutes lawsuit, it might jeopardize the Skydance deal, potentially causing severe financial losses for her company.
2. On the other hand, if she gives in to Trump and settles the lawsuit, it could damage 60 Minutes – a prestigious part of Paramount’s news division and one of its most trusted global brands, leading to potential heavy losses once again.

Upon reflection, that persistent noise might not be a watch or an explosive device. It could be something more concerning: The countdown of Donald Trump as he tires the free press’s time.

Read More

2025-04-29 03:25