• by Steven Rosenbaum , Featured Contributor, Yesterday

Shari, I'm going to ask you to consider doing something bold—something that goes against the grain of short-term investor logic and the lure of a clean exit: Rethink the sale of CBS News as part of the Paramount/Skydance deal.

First, let me be clear: I understand the bind you're in.

Paramount Global isn’t just another media company struggling in the streaming era. It’s a legacy conglomerate, burdened by a sprawling structure, a shrinking cable business, and growing Wall Street skepticism. You control it through National Amusements Inc., holding 77.4% of the voting power despite owning only 9.7% of the equity. That leverage—once your strength—is now a target.

You’re up against:

• $15 billion in debt, with a junk credit rating. That means higher interest costs and less access to capital. Hundreds of millions in interest payments have drained money that could fund innovation or journalism.
• Declining legacy TV revenue. CBS and its peers remain profitable—but just barely. Cord-cutting is accelerating. Ad revenue is shrinking. Sports rights are getting prohibitively expensive.
• Streaming that hasn’t scaled fast enough. Paramount+ has grown, but still isn’t profitable. Investors are tired of waiting.
• Shareholder unrest. Activist investors want the company broken up or sold for parts.
• National Amusements is under pressure too, reportedly carrying debts backed by Paramount equity. As the stock drops, so does your cushion.

That’s the bind: You hold the reins of a media giant Wall Street wants to dismember. The Skydance deal offers capital, clarity, and an elegant exit.

Follow the Capital—And the Influence

Let’s be clear-eyed about who’s backing this deal. David Ellison may be fronting the acquisition, but the capital—and control—comes largely from his father, Larry Ellison. Larry isn’t a neutral player. He’s one of Donald Trump’s biggest Silicon Valley donors and a funder of hard-right causes. If CBS ends up under an ownership group aligned, even indirectly, with that worldview, the newsroom’s independence is at risk.

But David Ellison isn’t here for CBS News. He’s here for the IP—for “Top Gun,” “Mission: Impossible,” and a streaming foothold. CBS News, to him, is baggage—especially political baggage. If the deal proceeds unchanged, CBS risks becoming an orphan: neither wanted nor protected.

CBS News Is Not Baggage—It’s a Beacon

Before we propose a new path, let’s remember what CBS News is—not just what it was. It isn’t a relic. It’s an award-winning journalistic institution.

“60 Minutes” leads in investigative reporting, from AI regulation to corruption in sports and government. “CBS News Sunday Morning” delivers civic storytelling to one of TV’s most loyal audiences. This isn’t nostalgia. It’s a living newsroom that still punches above its weight and holds power to account.

And the spirit of Cronkite? It’s not a ghost. It’s still present—buried behind an aging broadcast model, but alive in purpose and values. This newsroom still fights to get it right. It still speaks truth to power. It still matters.

Donald Trump’s recent lawsuit against CBS for airing two of Kamala Harris’s quotes side by side may sound absurd, but it’s dangerous. If the Federal Communications Commission or Federal Trade Commission are pressured to intervene on that basis, it should send a chill down the spine of anyone who cares about the First Amendment.

A Different Vision: Trust, Not Transaction

Here’s an alternative: Carve CBS News out. Give it a life of its own.

There’s a growing movement toward nonprofit, civic journalism. ProPublica, The Texas Tribune, and Report for America have proven that donor-backed models can thrive. At the local level, newsrooms like Block Club Chicago have drawn support from foundations like MacArthur.

In 2023 alone, the American Journalism Project committed more than $30 million to civic media startups. And most notably, the Press Forward initiative—a coalition of 20+ major funders—has pledged $500 million over five years to revitalize local journalism across the U.S. It’s the largest philanthropic investment in local news in American history.

But no national television news outlet has made that leap—yet.

A New Model: CBS News as a Trusted Provider

Is it possible? Absolutely. British newspaper The Guardian is protected by the Scott Trust, which guarantees its editorial independence. NPR thrives with a hybrid model of listener support and institutional philanthropy. These are proven frameworks for sustainable, mission-driven journalism.

For CBS News, the roadmap could look like this:

• Establish a nonprofit trust, backed by donors and an endowment.
• Create a licensing or service agreement with the CBS Television Network (now a separate, for-profit entity), which pays to carry the news product.
• Editorial independence is preserved by contract.
• National distribution remains intact. So does credibility.

The CBS network keeps its value—local affiliates, NFL contracts, entertainment slate—while the news division becomes a self-sustaining public service. It’s strategic. It relieves a buyer like Ellison of political baggage and offers donors a rare opportunity to preserve truth in the public square.

You Could Lead This Moment

You could be the one to make this happen.

Create a CBS News Trust. Endow it. Appoint a board of public-interest stewards. Shield it from political pressure. Let it modernize for digital—but anchor it in the Cronkite ethos: truth above ratings, service above spin.

If the Ellisons want CBS without the news division, let them have it—but on the condition that the journalism survives with its mission intact.

Others are already taking action. The Soros family stepped in to preserve Spanish-language media from disinformation. Why not protect English-language journalism too?

Legacy Means Doing the Hard Thing

This isn’t nostalgia. It’s practicality. CBS News still holds the public trust. It still draws an audience. But under the wrong ownership, it won’t survive intact.

Your father built this. He didn’t just see CBS as profitable or prestigious. He saw it as essential—to democracy, to public discourse, to truth. He called it the jewel in the crown. He protected it. He believed in it.

Now, you have the chance to protect it forever—not by folding it into a streaming bundle, but by building a future-proof foundation for truth.

If you’re willing to explore how CBS News could become the nation’s first nonprofit video news operation, I’m here to help.

Respectfully,
Steven Rosenbaum
Founder, Sustainable Media Center