Paramount Skydance acquires The Free Press for $150M

• She will remain CEO and editor-in-chief of The Free Press.

The intrigue: In an unusual twist, Weiss will be reporting directly to Paramount Skydance chair and CEO David Ellison, not CBS News president and executive editor Tom Cibrowski or Paramount TV media chair George Cheeks.

• In a note to staff, Ellison said, "This is an important initiative for our company and Bari will report directly to me — leading the work of The Free Press and collaborating with our CBS News team in the pursuit of making it the most trusted name in news.
• "We believe the majority of the country longs for news that is balanced and fact-based, and we want CBS to be their home."
• Paramount Skydance said in a statement Weiss will partner with Cibrowski, who reports to Cheeks.
• "Their partnership reflects Paramount's recognition that the future of CBS News as a dynamic, multiplatform newsroom requires unified editorial leadership across television, streaming, digital, audio, social media, and events," the company said.

Zoom in: While financial terms of the deal have not been disclosed, the stock and cash deal would value the outlet at roughly $150 million, a source confirmed to Axios.

• In a statement, Weiss said The Free Press will remain independent under its new owners. "We'll be investing heavily in this community, and so many of the things we've long dreamed about will become possible much more quickly," she said.

Between the lines: Weiss and Ellison have been in talks about possibly working together since late last year, sources told Axios.

• Weiss has met with various executives at CBS News over the past several months to discuss planning.

Reality check: Weiss considers herself a centrist. Her ascent to a top news role led to wide speculation among media insiders in terms of what it could mean for the direction of the broadcaster's news coverage.

• The Free Press' outwardly pro-Israel perspective has boosted the outlet's audience growth.
• The outlet's main newsletter and "Honestly" podcast, hosted by Weiss, debate some topics from a center-right lens, including diversity, equity and inclusion policies and transgender health care.
• Weiss left the New York Times in 2020, arguing she had become a victim of "a 'new McCarthyism' that has taken root at the paper of record."

The big picture: The acquisition of The Free Press marks the latest in a string of moves by Ellison to shift CBS News' coverage to the right.

• Last month, Kenneth R. Weinstein was appointed as CBS News' new ombudsman, reporting to Paramount president Jeff Shell. The appointment drew skepticism from journalists, who were quick to note Weinstein has donated to pro-Trump and conservative causes.
• CBS also said in September it would adjust its rules for editing interviews on its Sunday morning show "Face the Nation" shortly after criticism from the Trump administration over how it edited its Aug. 31 interview with Homeland Security Secretary Kristi Noem. (CBS News said the change was in response to audience feedback.)
• In July, Paramount agreed to pay $16 million to settle a voter interference lawsuit filed by President Trump last October, even as press freedom advocates warned the company was buckling to political pressure.
• Paramount has also faced questions around whether its new owners brokered a side deal with the president to air conservative public service announcements.

What to watch: A slowdown in advertising and venture investments in digital media has made it harder for new media startups to find buyers.

• Media executives looking to raise money or get acquired will almost certainly point to The Free Press' price tag as a signal of a healthier market.

Editor's note: This story was updated with a statement from Paramount Skydance.

Go deeper: Bari Weiss outlines 10 principles that will guide her leadership of CBS News