CBS in Distress: Colbert’s Exit & The Rhodes-Weiss Era
As Paramount prepares to remake itself, David Rhodes has emerged as a likely successor at CBS News, possibly advised by Bari Weiss. And company insiders suggest that the Colbert cancellation was purely economic, but is that buyable?
Everyone in town seems to be talking about
Stephen Colbert’s impending exit from CBS—and whether
His Orangeness is ultimately behind the cancellation of
The Late Show. I’ll get to that. But first, a big behind-the-scenes name may be about to
join the company.
David Rhodes, the onetime CBS News head and current executive at Sky in the U.K., is in talks to take over CBS News if/when the Skydance acquisition of Paramount closes, per three sources familiar with the negotiations. As with all of these things, talks could still fall apart.
But if David Ellison and his Skydance team sign Rhodes and close a pending deal to acquire The Free Press, the center-right media brand founded by Bari Weiss, the plan would call for Rhodes to manage and operate CBS News day-to-day alongside Weiss as an ideological guide of sorts. (Skydance declined to comment. Rhodes didn’t respond when I DM’d him.)
Are you surprised? The Rhodes negotiation is a closely held secret within the Skydance-RedBird acquisition team (or so they thought), but he kinda represents the perfect mix of what Ellison seems to want at CBS News: a credible centrist journalism manager who can handle the idiosyncrasies of CBS (there are many) and likely won’t cause an exodus of talent, but will
also signal to Donald Trump, F.C.C. chair
Brendan Carr, and many Republican skeptics that the overseer of
60 Minutes at least has conservative bona fides on his résumé. Rhodes, who is currently executive chair of Sky News, ran CBS News from 2011 through 2019. Before that, he worked at Fox News for 12 years, albeit running the news shows, not the opinion programming. (That was back in the ’90s and 2000s under
Roger Ailes, when there was a much clearer distinction.) Before joining Sky, Rhodes also worked for the
Murdochs on media initiatives in the U.K. His name came up in the speculation around who would take over CNN after
Chris Licht was ousted in 2023. (His brother is
Ben Rhodes, the former top
Obama aide.)
Given the size of Sky News, I could see how running CBS News, if the deal comes together, might seem like a step down. But Rhodes is American, the CBS News brand still matters a great deal here, and the ambition (and checkbook) of the Ellisons may be especially appealing. Plus, things didn’t end great for Rhodes during his first stint at CBS News—ratings were falling and he had to fire star anchor
Charlie Rose after Rose was accused of sexual misconduct by multiple women. Rhodes also caught heat for replacing
Scott Pelley at
CBS Evening News with
Jeff Glor, who lasted only two years before being chased to a weekend slot by
Norah O’Donnell. Some talent at CBS News found Rhodes awkward in the role, and he had a few clashes with the
60 Minutes team, according to sources.
But that was then, and Ellison, who I’m told has met personally with Rhodes, believes he possesses the even-keeled temperament to steer the plane through the current turbulence and balance Weiss, who can be… less even-keeled. And that’s the ultimate question, here: How would a Rhodes-Weiss partnership work? Would she consult broadly on overall coverage strategy, or sit in morning news meetings and suggest specific story ideas? Would she appear on
60 Minutes? Bigfoot experienced news executives? CBS News has been tossed and turned by the Trump litigation and the concessions forced upon it by this Paramount sale—which isn’t over, by the way. And like I said, CBS News is a particularly prickly operation, with a current president,
Tom Cibrowski, who is experienced and trusted internally. Bringing in a new leader is never easy, but it would be doubly complicated by adding Weiss, who carries an explicit ideological perspective.
The Colbert Conundrum
Speaking of complicated: Today’s announcement that CBS will end
Late Show With Stephen Colbert at the end of the 2026 season came as a shock to you, me, and those who’ve worked on the program for years. Paramount co-C.E.O.
George Cheeks pulled the trigger on this one, though sources tell me CBS executives have been discussing the future of the
Late Show franchise for months. The Colbert team was notified around July Fourth that the show was in jeopardy, and Colbert himself was told of the final decision last night. CBS did not plan to announce the move so soon, per sources, but Colbert decided that to avoid leaks, he wanted to reveal it this afternoon to his staff and discuss it on his show tonight, which he did. You can tell from the
clips he’s still kinda in shock, and backstage, I’m told he was resolute and matter-of-fact with his top staff, thanking them and “not angry, actually,” per one source in the Ed Sullivan Theater.
For those keeping track of Paramount merger politics, Cheeks did not consult Ellison,
Jeff Shell, or the incoming Skydance team in advance. Canceling a money-losing program does not rise to the level of a “material decision” that must be run by the new regime, and
Late Show has been losing more than $40 million a year for CBS (though that doesn’t include some ancillary revenue). While the show still garners an average of 2.47 million viewers a night, leads its 11:35 rivals in total audience, and just this week scored its ninth consecutive Emmy nomination for outstanding talk/variety series, its ad revenue has plummeted precipitously since the 2021-22 season.
Linear ratings are down everywhere, of course, and as the
Times reported, the network late-night shows took in $439 million combined in ad revenue in 2018. By last year, though, that figure had dropped by 50 percent. Measure that against the more than $100 million per season it costs to produce
Late Show. By contrast, the CBS primetime and daytime dayparts are still profitable, and that programming is supported by robust license fees for streaming and other off-network viewing.
Late Show, with its topical humor and celebrity interviews pegged to specific projects, has struggled on Paramount+. And of the three network late-night shows,
Late Show has by far the smallest digital footprint on YouTube and other platforms.
So from a business perspective, the cancellation makes sense, and Cheeks and his underlings said in a carefully worded press release that “it is not related in any way to the show’s performance, content or other matters happening at Paramount.” But… nothing is just business these days, right? Only three days ago, Colbert unleashed on his parent company for paying a $16 million “big fat bribe” to settle the Trump
60 Minutes litigation. And Colbert, who initially struggled on CBS before rising to first place after he positioned
Late Show as a key voice of the Trump 1.0 resistance, regularly attacks the president and often hosts fire-breathing left-wing guests like Sen.
Adam Schiff and the
Pod Save America guys. If Trump has an enemies list, Colbert is on it.
The president himself has said there are additional conditions attached to the settlement of the
60 Minutes litigation (though Paramount has denied that), and we know Ellison and Trump have spoken privately about the transaction at two separate UFC matches. So it’s beyond fair to ask whether Colbert is simply another slab of sacrificial lamb tossed to Trump and Carr to get this $8 billion deal approved.
[spoiler