Shari Redstone, ex-chair of Paramount Global who exited her family’s ownership of the media conglom this summer in a sale to Skydance Media, defended CBS’s cancellation of “The Late Show With Stephen Colbert” — saying that late-night TV is a money-losing proposition.
Redstone, speaking at the Axios Media and Trends Live conference Thursday in New York, said the cancellation of Colbert’s show was not connected with the Trump administration’s approval of the Paramount-Skydance deal.
“I can tell you that we had been looking at late night. It was financially not viable. It had been that way for a long time. We had made a decision months prior to the announcement that we were not going to be going forward with that show. I love Stephen. He does a great job, but we really needed to be in a financially viable business. And you saw we did that with James Cordon as well.” CBS in 2022 announced the cancelation of Cordon’s “Late Late Show,” which ended its run the following year.
Earlier this week “The Late Show With Stephen Colbert” won the Emmy for outstanding talk series, the first Emmy win in its history.
Meanwhile, Redstone said she doesn’t know why ABC pulled Jimmy Kimmel off the air, a move precipitated by remarks he made about the right’s attempts to portray Charlie Kirk’s killer as “as anything other than one of them.” But, in the context of the uproar caused by Kimmel’s suspension, Redstone she said TV networks must be more “thoughtful” about the tone of their programming, given the deep political partisan split in the U.S.
“What I would say about Jimmy Kimmel and one thing I want to say is, you know, people have made the comparison with Steven Colbert,” she said. “So I know that for us it was made a business decision and I don’t know all of the facts around the decision that was made. I don’t have the history. I don’t have the context. So I’m certainly not going to speak to why ABC made the decision or whether it was the right thing.”
Redstone continued, “I just think we all, not because of Trump or because of any other reasons, but I do think we all need to be thoughtful of the content we’re putting on air given the division that exists in this country. And that’s not a direct reflection on Kimmel. That’s just a much broader reflection on the world we’re living in and the responsibility we have to be thoughtful about what content we put on here.”
Redstone again defended Paramount Global’s $16 million payment to President Trump to settle his lawsuit claiming that “60 Minutes” deceptively edited an interview with then-VP Kamala Harris. Critics have likened the settlement payout to a “bribe” to win approval of the Paramount-Skydance merger.
The settlement was “absolutely” the right thing to do, Redstone said. “I mean, having nothing to do with anything other than what our responsibility was, you know, as chairman of the board and its board members, it was very disruptive to the company… I mean, I was not involved. I recused myself from the specifics of the settlement, but I was always an advocate for settling the case because I felt it was really a distraction. It took up way too much time in the news which really had an impact on our employees on our ability to do other transactions.”
Redstone continued, “If you look at everybody else, they settle quickly to avoid exactly the problem that our company had to face in the settlement. You never know what’s going to happen in discovery. The trial was set for two years from now, which would have meant this would have been a problem that had to continue for two years. There was a threat of a defamation case in Florida. And you know, having previously in another life been an attorney, going to trial is never a known. No matter how strong your case may or may not be, there are a lot of inconsistencies. And I think the best thing that’s happened now is that the company’s in a position where it can move forward and be in the business of doing exactly what it’s supposed to do.”
As for Paramount’s elimination of diversity, equity and inclusion (DEI) programs, which helped earn FCC approval for the Skydance deal, Redstone commented: “I think the reasons why DEI exists matter and will always matter and we need to continue to fight for those issues, but I think the way in which DEI has been executed has often led to more problems than it solved. So any of the changes that were made or continue to be made, but under us, I think we were trying to create an environment that would address the issues in a different way.”
Redstone, who was interviewed on stage by Axios media correspondent Sara Fischer, opined that TV news still has a “problem” in being “balanced.”
“I think that we’ve gotten to the point where news needs to be more balanced. It needs to be fact-based. I think the people’s opinions are getting confused with the facts,” she said. “And I think we still have the same challenge we had before, which is we need more accountability. We need more standards. We need checks and balances. And we have to go back to a place where facts are what the news is about. And opinions are not facts.”
Redstone last year said CBS News made a “mistake” in rebuking anchor Tony Dokoupil over his interview with author Ta-Nehisi Coates that included a contentious exchange about Israel. (CBS News said Dokoupil’s interview did “not meet editorial standards.”) In January of this year, CBS News brought back veteran producer Susan Zirinsky as an executive editor, to oversee standards and vet stories and journalistic practices.
“I was very excited when Susan Zirinksy came on board and she started reviewing that and I think you immediately saw a change at the news,” Redstone said Thursday. “I think some of the [CBS News] journalists were actually grateful for the guidance that they were receiving.” She also cited as a positive CBS News’ appointment of former Trump adviser Kenneth Weinstein as ombudsman to vet allegations of bias against the news division.
Of the new Paramount Skydance team, led by chairman and CEO David Ellison, Redstone said, “I’m certainly hopeful that they get the news right,” Redstone said “And I’m hopeful that they continue the legacy of creating great content and impactful content and making a difference. I think we did create a great culture at the company. That’s one of the things that I’m really proud of. So, I hope that they continue that.”
David Ellison has been in talks about acquiring The Free Press, the conservative-leaning outlet headed by Bari Weiss, with some reports that a deal could be valued at more than $100 million. Redstone said, “I know there’s been talk about Bari and I think she would be a good voice. So, I’m hopeful.” About the potential addition of Weiss in a role at CBS News, Redstone said, “I’m not going to go into it from a business standpoint, but I do think she’s a voice that would bring a different perspective and that I think at the end of the day, you got to give your audience credit for being smart enough to hear different points of view and being able to narrow down on the facts.”
Paramount+ last year became the industry’s fourth-biggest streaming service, Redstone said. “We were the last to market [in streaming] and I think we found a really great way to on a limited budget get more No. 1 hits per dollar spent than any other company. But what I’m really happy about is the culture we created in the company, the success we had as a company… And I really think we positioned the company well for the future and that the Ellisons will bring in the financial resources they have, the technology to really be able to compete in the media environment.”
She added about the Paramount-Skydance merger process, “It’s been complicated. Hasn’t always been fun. I’m super grateful for a lot of the people I had the opportunity to work with. But now I’m super excited about what I get to do next. And I ask all of you guys, whatever side you’re on on everything, don’t look at it as sides. Look at it as an opportunity. Use your voices to bring people together because I really believe we have to be very proactive and then we can make things happen and make the world that we want.”
This week Redstone announced an investment in Israeli entrepreneur Emilio Schenker‘s Sipur production banner, which is behind Oct. 7 documentary “We Will Dance Again,” and she is joining its board of directors as chair.