CBS News Chief Executive Officer Wendy McMahon announced Monday she is stepping down, the latest twist in a growing battle of wills between the company’s news division and Paramount Global controlling shareholder Shari Redstone.
Paramount Global co-CEO George Cheeks talked with McMahon on Saturday and asked for her resignation, according to people familiar with the matter. McMahon agreed to step down, and the Paramount Global board held a meeting Sunday at which members were made aware of the decision, according to those people, who spoke on the condition of anonymity to discuss internal matters.
Spokespeople for McMahon, Paramount Global and CBS News declined to comment.
“The past few months have been challenging,” McMahon wrote in her resignation letter to employees. “It’s become clear that the company and I do not agree on the path forward. It’s time for me to move on and for this organization to move forward with new leadership.”
In recent weeks, Paramount Global’s board had put increasing pressure on Cheeks and McMahon to know specific details about “60 Minutes” programming ahead of its air date, in a divergence from how the show operated in the past, according to people familiar with the matter. Veteran “60 Minutes” executive producer Bill Owens resigned in April, saying Paramount Global’s increased scrutiny of his editorial decisions infringed on his journalistic independence.
“Our parent company Paramount is trying to complete a merger,” Scott Pelley, a “60 Minutes” correspondent, said on air at the end of an episode April 27, after Owens resigned. “The Trump administration must approve it. Paramount began to supervise our content in new ways. None of our stories has been blocked, but Bill felt he had lost the independence that honest journalism requires.”
“60 Minutes” aired its final episode of the season Sunday. It won’t have new episodes again until September. McMahon felt she had to fight to even get “60 Minutes” to air at all in recent weeks, given the board’s preference that certain stories not run, according to people familiar with her thinking.
McMahon was appointed CEO in August 2023.
There have also been several points of tension between McMahon and Redstone in recent months, including CBS’ coverage of the Israeli-Palestinian conflict and a potential “60 Minutes” settlement with the Trump administration over the editing of an October interview with then-presidential candidate and former U.S. Vice President Kamala Harris. Privately, Redstone has criticized McMahon over “fairness and balance” issues, according to people familiar with Redstone’s thinking.
Redstone has also been unhappy with McMahon’s leadership and the performance of CBS News from a business perspective, according to people familiar with Redstone’s thinking.
Merging with Skydance
Paramount Global is trying to get government approval to merge with Skydance Media, run by David Ellison. The deal would pay Redstone more than $1.5 billion for her controlling share in the company. She would not have a role at the merged entity going forward.
That merger is being held up by the Federal Communications Commission as negotiations between Paramount Global and the government continue over the “60 Minutes” interview.
Another point of contention between the federal agency and the company is corporate diversity initiatives, The Wall Street Journal reported in April. FCC Chairman Brendan Carr has publicly urged media companies to curb diversity, equity and inclusion programs.
In February, Paramount said it would end its DEI policies, citing an executive order by President Donald Trump banning the practice in the federal government and demanding that agencies investigate private companies over their DEI programs.
In October, Redstone publicly criticized McMahon’s decision to reprimand CBS News morning anchor Tony Dokoupil over an interview with author Ta-Nehisi Coates. CBS News said Dokoupil had violated editorial standards when the host pushed Coates on why he didn’t include more of Israel’s perspective on the war in Gaza during the interview. Redstone said CBS News made a “bad mistake.”