In fact, the multiple could actually be higher than 7.5 times revenue. While neither The Free Press nor Paramount has confirmed the $150 million price tag. Reporting from multiple sources found that the deal is a mix of cash and stock.
Since the Paramount-Skydance merger became official on Aug. 7, the value of its share price has risen 72%, from $11 to $19. As a result, the stock portion of the deal has likely grown more valuable amid the negotiations for The Free Press, ballooning the multiple even further.
Buying influence—and a business to grow
The transaction makes more sense when viewed as an early stage investment, according to Oaklins DeSilva+Phillips partner Jay Kirsch.
The Free Press, he noted, operates like a startup with high-quality recurring revenue, limited marketing spend, and a large pool of untapped subscribers.
Paramount can now fund growth at scale, converting that audience into paying customers and benefiting from the kind of predictable, renewal-based revenue that investors reward. In that view, the deal is less a splurge than a cheap entry into a category of digital-first, direct-to-consumer news brands that are becoming harder to buy.
“It starts to feel less like a crazy price if they’re doing more than $15 million in subscription revenue,” Kirsch said. “This is a real, predictable subscription business with a lot of upside.”
A talent play wrapped in a cultural reset
The acquisition also doubles as a high-profile acqui-hire.
Founder Bari Weiss — along with her network of contributors and relationships — is the core asset Paramount wanted, according to Chris Erwin, founder of the M&A advisory firm RockWater.
The deal is similar to the kinds of pay packages Netflix used to offer compelling showrunners like Shonda Rhimes and Ryan Murphy, where studios shelled out for creative leadership. Weiss will now lead CBS News, giving Paramount both a personality and a new editorial identity.
Her arrival signals a broader cultural reset within CBS, where longtime producers and correspondents have already expressed unease about the ideological shift.
“You get her subscribers and her talent network, yes,” Erwin said. “But imagine how much more impactful she can be now that she has the backing and platform of Paramount to utilize.”
Speed, symbolism, and politics
Paramount’s urgency reflects both business strategy and political calculus.
The company, recently restructured under the ownership of David Ellison, needed to signal to investors and Washington alike that it is capable of decisive action.
The timing adds up: In recent months, Paramount agreed to pay a legal settlement to Donald Trump, canceled The Late Show With Stephen Colbert, and has now installed Weiss — a figure celebrated by conservative and centrist audiences — at the helm of CBS News.