Stephen Colbert's Show Cancelled: Ellison's Vision for CBS News
The Drama Unfolds: Colbert's Ego Smacked Down by Oracle Scion's Inner Circle
In a shocking turn of events, Stephen Colbert's enormous ego has been mercilessly taken down a peg by an insider close to David Ellison, the Oracle billionaire scion poised to take over Paramount and CBS News. The bombshell comes on the heels of a decade-long tenure marked by Colbert's left-leaning satire, which some have deemed increasingly extreme, elitist, and performative.
According to The Financial Times, the unnamed source within Ellison's inner circle was scathing in their assessment: "The news lost its way...People like Colbert and others act like they're the IP [intellectual property], the value, when it's the brand and journalism that matter." The insider continued, "[We need] to get back to fundamentals," alluding to a bygone era of objective reporting, reminiscent of legendary anchors Edward R. Murrow and Walter Cronkite.
This bold statement is not just a swipe at Colbert but also a clear indication of Ellison's plans for CBS News: "Bring back a performance-based culture," the source urged. "Not quotas. Not ideology. Just objective journalism." The Oracle scion, 42, is set to take the reins at Paramount and CBS News, bringing with him his trusted deputy, former NBCUniversal exec Jeff Shell.
But what's behind this sudden shift in priorities? Insiders point to the company's talks with right-leaning ex-New York Times opinion writer Bari Weiss as a key indicator of Ellison's vision. Weiss, who left the Times in 2020 and has since become a vocal critic of legacy media, is reportedly seeking a whopping $200 million for her services. While some have speculated that she might be a key hire for CBS News, the insider suggests she would be just one voice among many: "not the only voice."
Weiss's involvement with CBS News comes as no surprise given the reported talks earlier this month. However, what's more intriguing is the company's plans to revamp its newsroom and bring back a culture of objective reporting. This development has sparked both excitement and trepidation within the industry.
In related news, Stephen Colbert's The Late Show has been cancelled after ten years on the air. While CBS claims the decision was made due to declining ratings and ad revenue, insiders suggest that George Cheeks, co-CEO of Paramount, had other reasons for pulling the plug. Cheeks allegedly informed Shari Redstone, Paramount's controlling shareholder, about Colbert's impending departure before making the announcement on-air.
Colbert will broadcast his final show in May 2026, leaving behind a legacy marked by polarizing content that often targeted the current president. The decision to cancel his show comes hot on the heels of the network accepting a $16 million settlement for a then-pending merger with Skydance – a move widely criticized as an attempt to secure FCC approval.
In related news, fellow late-night hosts Jimmy Fallon and Seth Meyers' shows are also struggling to stay afloat. When combined with the iconic sketch comedy series SNL, the network reportedly loses over $100 million annually. However, when contacted by The Scholarly Note (formerly Daily Mail), an insider disputed this figure, suggesting it "comes down quite a bit" when considering digital advertising revenue.
Interestingly, ABC late-night host Jimmy Kimmel's show remains profitable despite losing money on traditional TV ad revenue. Meanwhile, Colbert's reported annual salary of between $15 million and $20 million has left many scratching their heads.
In a stunning twist, Jeff Shell, Ellison's trusted deputy, was ousted as NBCU CEO in 2023 following an extramarital affair with a then-staffer. Prior to his departure, he allegedly urged CBS execs Bill Owens and Wendy McMahon to bow to some of Trump's requests – including providing the full transcript of the 60 Minutes interview with Kamala Harris.
The fallout from this scandal is still unfolding, but one thing is clear: David Ellison's vision for CBS News promises a seismic shift in the industry. Will his plans bring about much-needed reforms or spell disaster for the network? Only time will tell.