Greetings from Los Angeles, and welcome back to In the Room. I’ll be back in New York
next week for a special edition of the Puck Private Conversation at the Chelsea Hotel, where Orchestra C.E.O. Jonathan Rosen, Puck founder Jon Kelly, and I will unveil the findings from our recent survey of media industry leaders and assess the major trends of 2025, while also previewing the year ahead. Full details here. If you’re interested in
joining us, email PuckEvents@puck.news. Limited space available.
In tonight’s issue: Bari Weiss is planning to unveil her strategic vision for CBS News next week and is already making some notable personnel moves—promoting Tony Dokoupil to Evening News and luring Matt Gutman away from ABC. It’s something, sure, but is any of it
really going to reverse the fortunes of a declining broadcast news network?
🍸 Plus, on today’s episode of The Grill Room, Yahoo C.E.O. Jim Lanzone joined Julia and yours truly for a tour of the company’s Apollo era. Lanzone broke down Yahoo’s growth strategy: how the company monetizes at scale, the metrics that actually matter, and what the endgame looks like. We also dug into Yahoo’s A.I. ambitions, and what it takes to run a
mass-market consumer business in a media landscape focused on niche and specialized content. Follow The Grill Room on Apple, Spotify, or wherever
you prefer to listen.
Mentioned in this issue: Larry Ellison, Bari Weiss, David Zaslav, Stan Duncan, Roger Lynch, Arianna Huffington, Mark Halperin, Jesse Angelo, Nellie Bowles, Tony Dokoupil, Anderson Cooper, Erika Kirk, Bret Baier, Matt Gutman,
Tom Cibrowski, Jeff Zucker, and more…
Let’s get started…
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| William D. Cohan
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- The
Paramount-Netflix fight: As could easily be surmised from the tea leaves last weekend, there was no way that Paramount was going to go gently into that good night and allow Netflix to walk away with Warner Bros. Discovery for $27.75 a share in cash and stock, plus the value of the Discovery Global stub equity. The Ellisons probably have more cash to offer WBD. Certainly, the market is expecting a higher price.
On Wednesday, the WBD stock was trading at about $29.70
per share, suggesting that the arbs in the stock, and just about everyone else, expect a deal above $30 per share. (That’s a price that Zaz said he wanted, and one that everyone thought he was smoking something to want.) The question is, I suspect, exactly when to up their $30-a-share offer, and by how much. Should they increase the price soon in order to seal the deal with shareholders? Or after December 22, when WBD is required to respond to Paramount’s initial hostile tender
offer with its recommendations for WBD shareholders? I can’t imagine the board will recommend that its shareholders tender to PSKY, at least not at this point.
What can Netflix, whose market cap is around $100 billion larger than Larry’s personal fortune, do to compete? It depends on how far the streamer is willing to slide down the credit-rating scale, into junk territory. At the moment, Netflix has an enviable investment-grade credit rating. Is it prepared to compete
with Paramount by trashing its balance sheet and becoming a junk-rated company? I suspect not. But if it wants to compete with Larry’s billions, and the compliant equity capital from the Gulf, it may have to be willing to do just that. Netflix could also take a page from the Ellisons and raise new equity capital. Of course, that would probably hurt its high-flying stock, which is already down some 17 percent in the last month. But that may be the price of doing business.
If the Ellisons
really want to end this drama right here, right now, they should raise their offer to $34 a share, all cash, and take this baby off the table. Netflix won’t be able to match it. Some $93 billion in borrowings is both a bridge too far for Netflix’s balance sheet and, dare I say, even for the debt markets as a whole during these uncertain times. Otherwise, it’s going to be a long, tough slog. [Read more]
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A MESSAGE FROM OUR SPONSOR
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| Lauren Sherman
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- Is Condé finally
getting real?: Despite all the One World Trade drama during the past few months—the union protests, the storming of Stan Duncan’s office because Roger Lynch wasn’t around, etcetera—Condé Nast’s end-of-year town hall meeting was relatively uneventful. On Tuesday morning, Lynch told his employees that the company is profitable this year (good for them!), but he also relayed a cryptic message about the future of the publisher’s B-minus brands, including
Glamour, Allure, and Self.
In his presentation to staff, Lynch showed a chart highlighting the “global brands”—Vogue, Vanity Fair, GQ, The New Yorker—noting that they make the most money and are the business priorities for the company. Of course, this executive telegraphing tactic sure got people in the building talking about whether Lynch is finally going to axe some of these ancient, killed-by-the-internet brands. Many
people (including myself) have been saying for years that he should sell or shutter those businesses: Their value decreased as social media replaced magazine journalism, and as beauty and C.P.G. brands turned to Google and then Instagram for their marketing needs.
Speculation that these three women’s lifestyle titles might be rolled up into a single brand began around the time that Teen Vogue was folded into Vogue. There are people in the building who believe it
was supposed to happen, but Lynch hit pause after the incident outside Stan’s office. Anyway, pretty much everyone who works at these brands remains in the dark, although many believe something could even happen before the end of the year. (A Condé representative did not comment.)
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While The Free Press is flush with holiday spirit, Bari’s job
reinventing CBS News is proving more vexing, amid anchor dreams dashed and the age-old challenge of enacting institutional change.
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On Tuesday night, Bari Weiss’s Free Press hosted its annual holiday
party at Port Sa’id, an Israeli hot spot just west of SoHo in Hudson Square. Staff and their significant others mingled around the open bar with a motley crew of battle-tested media folk—Arianna Huffington, Mark Halperin, Jesse Angelo—as they chewed on bone-in rib eyes and smoked eggplant while awaiting the arrival of the evening’s marquee star, who was running late on account of her other job uptown at CBS News.
Finally, at around 8:15 p.m., a small phalanx of security guards with earpieces entered the room, signaling Bari’s arrival.
The atmosphere was not just convivial, but familial: One speaker indulged in a very on-brand joke about Bari being gay and Jewish; another quipped that the now-notorious security detail were the only straight men on staff. Bari seemed truly happy. Indeed, some sensed that, despite The Free Press’s $150 million sale to David Ellison and
Bari’s ascension to the top of CBS News, this was her true tribe and home. Even Bari seemed eager to draw that distinction. Speaking alongside her wife, Nellie Bowles, she referred to her new employer as “Paramount, a Skydance company, T-M.” As her toast reached its crescendo, she shouted: “Let’s keep The Free Press weird!”
It’s a testament to Bari’s tenacity that she’s able to focus on The Free Press at all. Two months into her new role, the work is
all-consuming. Earlier that day, Bari was finalizing the formal presentation of her editorial vision for CBS News—which, I’m told, she intends to give to staff next week. She was also putting the final touches on the announcement of Tony Dokoupil’s promotion to anchor of the Evening News, the sort of thing that once qualified as big news in this business. And she was gearing up to moderate CBS’s forthcoming town hall with Erika Kirk, a controversial
programming move that seemed designed to signal her appetite for provocation.
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Bari’s early tenure has not been without its setbacks, of course. Her instinctive and
freewheeling approach manifested some big bookings for the network early on, but she proved less adept at the art of talent acquisition. Early overtures to Bret Baier and Anderson Cooper were quickly swatted away by agents and lawyers who felt compelled to explain to her the legally binding nature of contract agreements and the consequences of tortious interference. (On a related note, Anderson re-upped with CNN this week.) She and CBS News president Tom Cibrowski did manage to lure at least one target—Matt Gutman, a correspondent at ABC News—but for the most part, Bari was forced to go to war with the army she inherited.
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A MESSAGE FROM OUR SPONSOR
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The Dokoupil promotion is telling in that regard. On some level, Tony is Bari’s ideal
anchor: a strong-jawed white man who harkens back to an earlier era of broadcast TV and thus subverts the industry’s recent preoccupation with identity politics. He is also very pro-Israel, like Bari, and achieved his greatest moment of notoriety last year when he aggressively pressed Ta-Nehisi Coates on his very pro-Palestinian account of that conflict. Bari’s predecessors at CBS News admonished Dokoupil while Shari Redstone praised him, which memorably became
its own statement of sorts. But it’s also true that Dokoupil was the only talent on staff, with the exception of Norah O’Donnell, who could have conceivably gotten that promotion once Bari realized that Bret and Anderson weren’t in the cards. As one CBS News insider told me, “He wasn’t her first choice.”
Then again, it’s worth noting that a Bret or an Anderson probably wouldn’t have made much of a difference. These are all very conventional choices for a very
conventional medium that is almost biologically resistant to innovation. Even Gayle King couldn’t move the needle for CBS News in the mornings. (Gayle, as I’ve noted before, is likely to leave the network next year, and her impending departure has already become the subject of some sparring in the trades.)
Sources say Bari’s forthcoming
vision for the network will put an emphasis on more town hall events and debates, which she hopes will be must-see TV. This certainly sounds more interesting than anything cooked up by the previous regime, but it’s also the playbook that Jeff Zucker tested in his final years at CNN—and one, yes, unlikely to reverse the inexorable decline of the medium itself. (Perhaps the Erika Kirk town hall on Saturday night will offer an indication.)
Bari has told people that she wants
CBS News to feel younger, and she hopes to incorporate more of The Free Press’s own staff and stories into the on-air programming. This may or may not be an improvement, but someone of Bari’s age and station probably recognizes it’s impossible to make broadcast news relevant to young audiences again. What’s more likely, of course, is that some of CBS News’s resources eventually move toward digital programming. Either way, simply showing that she’s trying matters in a declining industry
searching for ideas.
Perhaps that explains why Bari not only relished the Free Press party, but also indulged in a little snark toward CBS. She built a digital media company in her image, watched it flourish, and then exited at a valuation she probably could never have thought possible. In her former life, she was a principal—the ultimate sun queen in a heliocentric business. Now she’s pretty rich, sure, but she’s also a well-heeled corporate apparatchik hiring anchors, approving
press releases, and programming.
The premature and excessive coverage of the Weiss tenure—sorry, friends—is hardly surprising in a myopic industry in which many people spend a few hours of the day actually working and the rest needlessly gossiping. But it’s become a real Rorschach test largely because of the natural tension among those constituents, who want to see the industry evolve while somehow still preserving their place in the firmament. In her first weeks on the job, in fact, Bari
has seemed quite sensitive to that balance—promoting Tony while programming Kirk, reminding her Free Press colleagues of her presence while reporting to David Ellison himself, all while working on some manifesto or mission statement with the decidedly jejune strategy of appealing to the middle. Bari made her first eight figures as a provocateur—will she earn out the rest by being a suit?
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