Shari Redstone’s Impossible Choice: She Can’t Save Both ‘60 Minutes’ and Paramount Global

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Shari Redstone undoubtedly recognizes “The Godfather, Part II” well, given that it’s a renowned film within Paramount Global‘s extensive catalog, a company she and her family oversee. Even though she might not find time to rewatch the 1974 masterpiece this week, it seems she’s immersed in its world already.

In “The Godfather, Part II,” I find myself empathizing with the complex character of Michael Corleone, who is torn between safeguarding his criminal dynasty and attending to the genuine needs of his own family. Rather than nurturing personal relationships, he’s engrossed in power struggles with adversaries and defending against threats, which ultimately leads to the loss of his spouse and the tragic demise of his brother. Michael’s vulnerabilities, exploited by enemies, result in chaos within the Corleone family.

Redstone isn’t a mob boss, yet she encounters comparable tough choices between prioritizing the welfare of the Paramount clan and safeguarding her personal enterprise.

Or, in another way:

Redstone isn’t a crime lord, but she grapples with similar difficult dilemmas, where she must balance the interests of the Paramount family against those of her own business.

Among the prestigious assets owned by Paramount is the long-standing CBS News program “60 Minutes,” which has been at the heart of a questionable but tactical legal maneuver by President Donald Trump since last November 2024. As stated in the lawsuit filed in the Northern District of Texas, “60 Minutes” allegedly deceived voters by broadcasting two distinct edits of comments made during an interview with then-Vice President Kamala Harris, who was running against Trump for the presidency at that time. Legal analysts suggest that the president has minimal grounds for this lawsuit. Interestingly, the episode, which aired in October, was recently nominated for an Emmy award.

The ongoing Trump lawsuit, where the president is pursuing $20 billion in compensation from CBS, continues to be a point of contention. Instead of engaging in a lengthy legal battle, Paramount has chosen mediation with Trump’s lawyers. This move comes as Redstone aims to advance the sale of the company to Skydance Media, hoping to finalize the deal before it undergoes review by a Trump-managed FCC, which has also initiated investigations into the “60 Minutes” case. If the transaction is completed, Paramount will receive fresh capital to help it transition in an industry where traditional cable networks, a significant portion of its portfolio, are being phased out by streaming services.

In extraordinary circumstances like the present, top executives tend to prioritize the well-being of their entire business, according to Anant Sundaram, a professor specializing in mergers and acquisitions at Dartmouth University’s Tuck School of Business. Once a deal has been revealed, asserts Sundaram, CEOs typically feel an urgency to finalize it promptly, before various factors can disrupt the process. The situation faced by Paramount currently, he notes, breeds “the kind of uncertainty that CEOs dread and fear.” Moreover, in today’s era where streaming services have disrupted the financial landscape of the media industry, Paramount might find Skydance a safer investment compared to the traditional viewership of shows like “60 Minutes.

In simpler terms, Sundarum stated that there’s an overall feeling that the regulatory procedure isn’t progressing at the right pace. Moreover, the Trump lawsuit has created a significant obstacle in the process.

It’s widely speculated that lawyers for both Paramount (previously owned by Sumner Redstone) and Trump are involved in mediation discussions, a move that could potentially impact Shari Redstone’s management of the company. Shari Redstone has been advocating for a merge of CBS assets with those from the former Viacom, initially housed in two distinct companies. However, the combined portfolio, which encompasses Showtime, MTV, Nickelodeon, and Paramount Pictures, has struggled due to underinvestment in its cable properties over time. This size, while substantial, hasn’t been enough to compete effectively against digital titans like Netflix, Apple, and Amazon. It’s debatable whether Redstone would have faced less difficulty if she had sold off parts of the portfolio instead of attempting to consolidate it all.

Her apparent eagerness to resolve the “60 Minutes” issue has brought about other impacts too. Last week, Bill Owens, who is the third executive producer in the show’s almost six decades, unexpectedly resigned, stating that he no longer had autonomy to manage the newsmagazine in a way that serves its journalism and viewers best. Over the weekend, correspondent Scott Pelley disclosed this behind-the-scenes turmoil to viewers, informing them that Paramount was reportedly exerting too much influence on “60 Minutes” editorial decisions, as perceived by staff members.

It’s evident that no episodes of “60 Minutes” have been canceled. However, at Redstone’s request, Paramount put in place a system of additional controls, which included a team led by Susan Zirinsky, the ex-president of CBS News. This team was assigned to oversee all CBS News productions, particularly following reports on “60 Minutes” and “CBS Mornings” about the Gaza conflict that received criticism from advocates.

Redstone engaged in discussions with several Paramount executives, including George Cheeks, who is joint CEO of Paramount and handles CBS affairs, on various “60 Minutes” episodes. This source claims that Redstone questioned whether certain stories that could potentially anger Trump were accurate and impartial, and also asked if multiple stories that could provoke Trump’s displeasure had to be aired on the same evening. Additionally, it is reported that Zirinsky and her team were specifically assigned to scrutinize stories related to the Middle East and politics within “60 Minutes”.

A source knowledgeable about the matter clarifies that Redstone hasn’t issued any directives concerning Trump-related storylines. They point out that the series has consistently presented such stories throughout its current season. With the season wrapping up, they explain, there’s no need to delay airing stories that are already prepared, as a potential acquisition by Skydance is unlikely to be finalized within that timeframe.

This situation resembles storylines from Aaron Sorkin’s TV shows like “The Newsroom” or “Studio 60 on the Sunset Strip,” where characters central to a renowned media organization often find themselves at odds with those who control the distribution of their content, reaching millions. The upcoming Paramount-Skydance agreement and the Trump lawsuit have placed Redstone in a challenging predicament: If Paramount reaches an agreement with Trump, there’s a risk of damaging the reputation of a respected journalism outlet; yet if the deal doesn’t go through, the financial stability of the company that broadcasts the show to its viewers could be compromised.

Reflecting on the conclusion of “The Godfather II,” I too find myself grappling with the repercussions of my decisions, longing for the uncomplicated past. Much like this, Redstone may be wrestling with her own thoughts – a secret she alone holds. As for the present in the media landscape, it’s undeniably becoming an intricate tapestry that I, and many others, are trying to navigate.

— Todd Spangler contributed to this story

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2025-05-03 00:17