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Mar 4, 2026

In The Room
Dylan Byers Dylan Byers

Welcome back to In the Room, and greetings from Washington, where Puck is hosting its annual First Amendment Gala at the French Ambassador’s Residence. I look forward to sharing a drink with many of you tonight, and raising a glass to our guest of honor, Andrew Ross Sorkin.

In tonight’s issue, news and notes on a rare good week for Bari Weiss and CBS News as the world turns toward a geopolitical conflict that has given her clarity of purpose and allowed her to leverage the rolodex. Surprisingly, amid some misgivings over her own biases on the issue, many insiders are actually feeling proud and optimistic.

🎙️ Plus, on the latest episode of The Grill Room, Puck all-stars Matt Belloni and Bill Cohan joined me for a rollicking debate about David Ellison’s ParaBros purchase and the existential challenge of growing revenue while reducing a massive debt load. We also weighed in on Ted Sarandos’s motivation for bowing out of a bidding war—it turns out he never even met with Trump—and David Zaslav’s diverging legacies in the Town and on the Street. (Speaking of which, Zaz just sold $114 million of WBD stock.)

This is a lively and wide-ranging discussion that touches on all aspects of the deal and its implications, and one you won’t want to miss. For those who can’t listen right away, I’ve included some highlights below. Follow The Grill Room on Apple, Spotify, or wherever you prefer to listen.

Also mentioned in this issue: Mathias Döpfner, Gerry Cardinale, Jeff Zucker, Sheikh Mansour, Marco Bassetti, Robert Dippell, Mike Cavanagh, Mark Lazarus, Gayle King, Robert Thomson, Tony Dokoupil, Tom Cibrowski, Isaac Herzog, Effie Defrin, Matt Gutman, Charlie D’Agata, Imtiaz Tyab, J.D. Vance, John Cornyn, James Talarico, Anderson Cooper, Zohran Mamdani, and more…

 

Things You Should Know…

  • The Zucker prize: Jeff Zucker’s RedBird IMI has reached a deal to merge All3Media with France’s Banijay Entertainment, creating an $8 billion outfit that Jeff described to me as “the largest independent entertainment production company in the world.” The combined company will operate under the Banijay banner and include TV shows like Traitors, Peaky Blinders, MasterChef, Survivor, and Fleabag, as well as films such as Hamnet and 1917, and the live production team behind the latest Olympics and World Cup opening ceremonies. It marks Zucker’s biggest deal since he took the reins of Sheikh Mansour and Gerry Cardinale’s 75–25 J.V. three years ago.

    The merger, which comes on the heels of Paramount’s acquisition of Warner Bros. Discovery, mirrors the consolidation taking place on the buyer side—and likely portends more deal activity ahead. “The media world is continuing to evolve and consolidate,” Jeff told me. These deals “bring efficiencies and scale and greater strength as media changes and evolves and finds its calibration.” In any event, it’s a big get for Jeff, who will now serve as Banijay’s executive chairman. Banijay C.E.O. Marco Bassetti will continue as chief executive.
  • Springer season: Mathias Döpfner has finally found something to buy. Axel Springer has acquired Bisnow, a commercial real estate B2B media and events business, and will make it part of a new Brew Media Group division helmed by Morning Brew C.E.O. Robert Dippell. Bisnow has about 75 employees and hosts more than 400 live events in North America and Europe each year.

    This is not the big splashy acquisition the Springerheads have been waiting for, but it is a reminder that Mathias and his team believe in a B2B thesis. That’s hardly surprising if you look across the portfolio: Politico’s success is largely driven by its high-cost Pro business, whereas consumer-facing brands like Insider seem to have an increasingly hard time justifying their existence.
  • Peacock domesticated: Comcast co-C.E.O. Mike Cavanagh signaled this week that Peacock will not go international, asserting that the NBCUniversal streamer doesn’t need a global strategy to be successful. “I don’t see a reason in our construct why we are disadvantaged by not pursuing global,” Mike told the Morgan Stanley Investors Conference. “Others are doing it. Clearly, they have different strategies for different players. But in our case, domestic is our path.”

    My partner Julia Alexander poured some cold water on that argument. Peacock “is not differentiated enough to compete, it’s not compelling enough to reduce churn or grow subscriptions, it’s already in a market that’s totally stagnated, sports are overpriced and not as valuable to streamers as people think, and trying to be the go-to connector for other streamers is dumb when Roku and Amazon exist,” she told me via text. “They should snap up Roku and turn that into their business if they want to go in that direction.”
  • Speaking of NBCUniversal…: Yesterday, Versant reported its first quarterly earnings since being spun off from the mothership last year. Revenues for 2025 fell 5.3 percent to $6.7 billion while EBITDA fell 9.1 percent to $2.2 billion—which is… not great! C.E.O. Mark Lazarus attributed the numbers to a transitional year. The stock is down more than 20 percent since the spinoff in December.
  • And finally… When you’re done here, read Andrew Zucker (son of Jeff, coincidentally) on the rise of nichecasting.

Now, here’s me, Matt, and Bill on David Ellison’s debt challenge from a recent episode of The Grill Room, lightly edited for clarity…

 

The Ellison Debt Bomb

Dylan: One takeaway from the David Zaslav era is that, if you make debt reduction your North Star, you can become so focused on reducing the debt—cutting and cutting and cutting—that you’re not capable of notching wins and making the company successful. And then I look at the debt load in this deal. Paramount said $6 billion in synergies. Netflix tossed out a number that was, like, three times that…

Matt: $16 billion, Ted Sarandos says. I don’t know where he gets that number.

Dylan: So this is going to be painful. This is going to be brutal on the industry. And what I wonder is, are you then left with the assets you need to make this successful?

Bill: There’s a difference here: Warner Bros. Discovery was a publicly traded company, relatively widely held. Zaz had to deliver for the BlackRocks and the State Streets. But Paramount Skydance is a company controlled by the Ellison family. So it’s almost the same thing Shari and the Redstones were doing when they controlled Paramount. Yes, there are minority shareholders, but honestly, no one’s going to give a shit about them.

If you’re riding this company as a minority shareholder, you know what you’re getting yourself into. It’s a controlled company. The Ellisons are going to control it. They’re going to control the board. They’re going to do everything they want for their own benefit. And maybe you’ll get lucky and go along for the ride and make a little money. But there’s a very different mentality about governance at the corporate board level with the Zaslav-run Warner Bros. than with the Ellison-owned Warner Bros. Paramount, or whatever the hell it is.

Matt: Yeah, and as far as investment, that’s the big question. Can they invest enough to grow while also cutting enough to pay down the debt?

If you talk to Zaslav, he thinks he’s a genius because they’ve got a Harry Potter TV show coming. They did a Superman movie that didn’t flop. They did a revamp of the DC executive structure and the Warner Bros. film structure. And they did enough HBO shows to get into the Emmy race every year. So he thinks they’ve done a genius job investing. A lot of people in Hollywood would argue that they have not invested enough, especially on the TV side. But it’ll just be a balance. You can get away with investing less if everything you do is a hit.

Bill: If you talk to Gerry Cardinale, or listen to what David Ellison said today in his presentation, they’re already anticipating cutting this debt down dramatically by year two or three or whatever. But it’s a lot easier to say that than to actually do it. So we’ll see if they’re able to. Again, you may not like what Zaz was rewarded to do, or how much he got paid to do it, but to cut down $25 billion of debt in two or three years, or whatever, is pretty impressive.

 

Quote of the Week

“We’re essentially an input company. The great threat in the age of A.I. is going to be to what you might call ‘output companies.’ We’re an input in the way that semiconductors are an input, in the way that data centers are an input, in the way that energy is an input.”
—News Corp C.E.O. Robert Thomson, touting the value of his company’s breaking news and information services ahead of a new $50 million-a-year content licensing deal with Meta.

And now, the main event…

Bari Goes to War

Bari Goes to War

Over the past week, the CBS News chief dispatched Tony Dokoupil to the Middle East, scored exclusives on the back of her pro-Israel bona fides, and is finally making progress on shoring up her staff. All while the Ellisons, and the other news network they’re suddenly lined up to own, have been watching.

Dylan Byers Dylan Byers

On Sunday afternoon, about 36 hours after the United States and Israel launched their joint attack on Iran, CBS Evening News anchor Tony Dokoupil caught one of the last commercial flights from New York to Amman, landing in Jordan just hours before the airspace was shut down on Monday. Since then, he has been anchoring the show from Amman and Tel Aviv—the only U.S. network news anchor broadcasting from the Middle East during this initial and uncertain phase of war.

Tony’s presence in the Middle East has been the cornerstone of a particularly robust week for CBS News, which began with an impromptu Evening News special on Saturday night. He has landed interviews with Israeli president Isaac Herzog and I.D.F. spokesman Effie Defrin, and the broadcast has been furnished by on-the-ground reporting from correspondents Matt Gutman and Charlie D’Agata in Tel Aviv and foreign correspondent Imtiaz Tyab in Doha.

Remarkably, the network’s command of this historic geopolitical conflict has inspired unexpected pride and optimism among staff who had otherwise been discouraged by weeks of unforced errors and internal drama. Notably, several CBS anchors and correspondents attributed the recent wins to the otherwise divisive Bari Weiss, whose connections with senior officials in both Washington and Jerusalem have enabled the network to anticipate this week’s developments and book major interviews. They also noted that her personal interest in the issue—she has long been an ardent supporter of Israel and critic of the Iranian regime—makes her particularly invested in this story. And while some staffers say her bias is influencing the coverage, most sources seemed reassured by her passion and investment.

“Bari is finding her sea legs,” said one CBS News insider who had previously been critical of her leadership. “She’s into it. She knows the staff more. She’s starting to wrap her hands around CBS culture and newsgathering.”

Staffing Up, Finally

In the midst of the Iran coverage, Bari and network president Tom Cibrowski have also had other irons in the fire. Bari has attended prep sessions for Tony’s forthcoming CBS News town hall with J.D. Vance. (No one at CBS News seemed to know whether Tony would fly back for this or do it remotely from the Levant.) The network has also been out front on this week’s Texas Senate primaries, landing interviews with John Cornyn and James Talarico. “Amid getting Tony into Jordan and us using Bari’s connections and getting U.S. and Israeli officials to talk, we also managed to find time to cover the opening act of the 2026 campaign,” one correspondent said, noting that rival networks hadn’t had a similar ground presence in the Lone Star State.

Also this week, CBS News finally re-signed Gayle King, ending a talent negotiation that suddenly seemed near existential after Anderson Cooper decided to exit 60 Minutes. Bari is also getting Gayle at a steep discount, per sources familiar. Though the network declined to share terms of the contract, I’m told Gayle agreed to far less than the $15 million per year she’d been making, befitting the industry’s contraction. In the coming days, Bari will also start testing candidates for the CBS Mornings co-host role that Tony vacated when he went to Evening News.

These recent moves have helped to offset some of the early misgivings around Bari’s inexperience in television, which manifested in high-profile missteps like the “Inside CECOT” debacle, a sloppy Evening News rollout, losing Anderson, etcetera. Bari still has many critics, of course, including those who believe her support of Israel has made CBS’s coverage seem credulous of the administration and dismissive of its critics. Bari’s decision to retweet one Iranian dissident’s criticism of Zohran Mamdani with a fire emoji inspired some handwringing about her commitment to objectivity. But she doesn't give a shit about the objectivity debate, nor do the Ellisons, who are equally ardent supporters of Israel and installed Bari at CBS News precisely because of her politics—and who, as I’m sure you’ve heard, are licking their chops as they prepare to put their hands all over CNN, presumably horrified at what Jay Sures has scored for his clients over the years.

In any event, Bari, who has acknowledged her early mistakes, surely knows that the benefits of a good news cycle last only as long as the news cycle itself. For the moment, the improving narrative could influence the powers that be at Paramount Skydance as they begin mapping out their plans for CNN and beyond. Fresh off winning the Warner Bros. Discovery sweepstakes, the leadership team has only started discussing their operating plans for the news division. And as I noted last week, the extent of Bari’s role at that network will almost certainly rest on her ability to succeed at this one.

The Varsity

A professional-grade rundown on the business of sports from John Ourand, the industry’s preeminent journalist, covering the leagues, players, agencies, media deals, and the egos fueling it all.

Fashion People

Puck fashion correspondent Lauren Sherman and a rotating cast of industry insiders take you deep behind the scenes of this multitrillion-dollar biz, from creative director switcheroos to M&A drama, D.T.C. downfalls, and magazine mishaps. Fashion People is an extension of Line Sheet, Lauren’s private email for Puck, where she tracks what’s happening beyond the press releases in fashion, beauty, and media. New episodes publish every Tuesday and Friday.

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