Ex-CNN boss Jeff Zucker is out of the working for any function at Paramount International if and when the media large’s $8 billion merger with Skydance closes — and that features any chance of taking the helm of the CBS community, The Put up has realized.
The disgraced media govt — compelled out of the highest job at CNN in 2022 over his romantic relationship with an underling — has been rumored to be in line for a big function at a merged Paramount-Skydance entity, with chatter suggesting a potential plum job may very well be helming the Tiffany Community.
That’s partly as a result of 59-year-old Zucker has currently been on the media funding arm of RedBird Capital, a buyout fund headed by Gerry Cardinale that’s bankrolling the Paramount-Skydance deal.
The brand new conglomerate — which will probably be dwelling to Paramount Photos, CBS and the Paramount+ streaming arm — will probably be run by David Ellison and former NBCUniversal CEO Jeff Shell, additionally a confidante of Cardinale.
Nonetheless, Zucker seems to be on the surface of the deal, sources mentioned — and his “larger-than-life” profile hasn’t helped his case, in response to insiders.
“There’s legitimately no role for Jeff,” a supply with information mentioned, citing a slew of execs who’ve been rumored to be tapped to affix the mixed firm.
Shell, who was ousted by NBCUniversal in 2023 over allegations of inappropriate conduct with a CNBC reporter, will run Skydance as president. CBS CEO George Cheeks will doubtless proceed to run the TV community. Former Netflix content material chief Cindy Holland will head up the streaming arm and Skydance movie exec Dana Goldberg will helm the studio.
The already stacked deck leaves no function for Zucker, a second supply mentioned, including that the rest can be a “demotion” for the seasoned exec who presided over the information and sports activities divisions of CNN dad or mum WarnerMedia from 2019 till 2021.
“The Ellison-RedBird contingent have made it clear that there’s no room for his larger-than-life personality,” the supply mentioned.
Different sources aware of the scenario contend that Zucker was by no means up for a task on the new firm, including that he’s CEO of RedBird IMI and is dedicated to seeing that by way of.
Reps for Zucker didn’t reply to requests for remark. Skydance and RedBird declined to remark.
Identified for his savvy programming abilities, the mercurial TV mogul famously boosted CNN’s rankings as he bent its programming to the left. He additionally controversially gave Donald Trump main airtime main as much as his first presidency in 2017. In 2020, CNN had its most watched yr ever as Trump’s first time period got here to a detailed.
Earlier than that, as CEO of NBCUniversal, Zucker turned NBC’s “Today” present right into a rankings large with must-see movie star interviews and out of doors rock live shows, whilst he pioneered trendy actuality TV with exhibits like “Fear Factor” and Trump’s “The Apprentice.”
However for individuals who aren’t in Zucker’s good graces, he can come off as a “vindictive tyrant,” one supply informed The Put up. Information retailers have dubbed him a “network Napoleon,” a “king and a kingmaker” and a “tactical genius.”
Zucker at the moment is a high govt at RedBird IMI, a three way partnership between RedBird Capital and Worldwide Media Investments, a fund backed by the United Arab Emirates. He has made a handful of investments in manufacturing firms, together with taking a stake in Media Res, the studio behind Apple TV+’s hit collection “The Morning Show.”
His largest deal was a $1.45 billion takeover of All3Media, the UK’s largest impartial manufacturing firm. However it was his largest failure that made headlines: Final yr, Zucker tried to purchase the Every day Telegraph and the Spectator in London — however withdrew after UK leaders balked at his reliance on Emirati backers.
“Zucker hasn’t done anything major in a while,” mentioned one media exec. “I’m sure he’d love to run a media company again.”
Media execs and Hollywood brokers who know Zucker speculated that the 59-year-old would like to return to the highlight and that he would relish making a comeback as head of CNN. In 2023, The Put up reported that the exec was considering shopping for CNN and helm the struggling information community amid sale rumors.
“I think Jeff would love to run CNN. It would be the ultimate revenge,” one supply informed The Put up.
“I’d never count him out,” the individual added, referring to Zucker’s willpower to get again on high of the media meals chain.
the media large with Ellison’s Skydance final yr. FilmMagic
The Warner Bros. Discovery-owned community by no means got here to market, however these rumors have been renewed because the media conglomerate is making structural adjustments to its group that may end result within the separation of its cable channels, which embrace CNN, TNT, TBS and others, from its streaming and its studios.
It’s unclear if this can lead to a sale, however Warner Bros. Discovery CEO David Zaslav mentioned in December that it’ll set the corporate up for “potential strategic opportunities.”
Sources have speculated that one such situation may very well be a mega-merger between the newly shaped Skydance-Paramount and Warner Bros. Discovery. Proper now, nonetheless, Skydance and RedBird brass are specializing in hitting the bottom working as soon as the Paramount deal is greenlit.
“As Ellison and RedBird prep for the merger, they are being careful about gun-jumping,” a supply with information mentioned, including that they’re “busy in meetings” to establish “cost savings” as soon as the deal goes by way of.
The deal faces main hurdles together with a $20 billion lawsuit by President Trump in opposition to CBS over a “60 Minutes’” sitdown with former Vice President and then-Democratic presidential challenger Kamala Harris. Trump claimed that the information present “deceptively edited” the interview to make Harris look higher.
In February, “60 Minutes” launched the unedited tape and transcript amid strain from Trump and Federal Communications Fee chair Brendan Carr, who will determine if the merger can undergo.
Since then, Shell and present Paramount boss Shari Redstone have pressured the community to settle the lawsuit with Trump, sources informed The Put up.
CBS Information brass and staffers have balked on the notion of settling with Trump and have voiced their issues whilst Carr has opened a probe into the Harris edit and opened it up for public remark.
In the meantime, New York Metropolis’s public pension funds sued to dam the Skydance merger settlement, the unique phrases of which have prevented Paramount from contemplating a rival bid claiming to be price $8.8 billion from Challenge Rise Companions, an funding consortium.
A Delaware choose is weighing whether or not to pressure Paramount to contemplate the last-minute provide.
