Earlier this month, Shari Redstone’s Paramount Global laid off some 800 employees across the organization—a regrettable but inevitable cost-cutting exercise for a once-venerable legacy mediaco that has struggled to keep pace in the Netflix era, seen its market value depreciate by 75 percent in half a decade, and is now desperately looking for a buyer. Warren Buffett, the company’s largest shareholder, recently unloaded a third of his stock, leaving him with a rare loss. Presumably, he would sell more if it wouldn’t further chill the equity and diminish the rest of his position.
Macroeconomic challenges, of course, magnify even micro-scandals and headaches. Among those aforementioned 800 employees, for instance, were 20 journalists at CBS News, which faces an uncertain future in the post-linear era, despite its proud legacy as the House of Cronkite. And among those 20 journalists was one Catherine Herridge, a former Fox News investigative correspondent whose exit warranted notice due to her longstanding refusal to reveal sources to a U.S. District Court judge, which has earned her a reputation in certain circles as a First Amendment Warrior.