New York, May 19, 2025 — Wendy McMahon, President and CEO of CBS News, has announced her resignation, stepping down at a critical moment for the network as it faces a high-stakes legal battle with U.S. President Donald Trump and intensifying corporate tensions within Paramount Global.
McMahon’s departure follows mounting internal and external pressure over CBS’s handling of a controversial 60 Minutes interview with then–Vice President Kamala Harris — the subject of a $20 billion defamation lawsuit filed by President Trump. The suit has cast a long shadow over CBS and its parent company as Paramount Global navigates a complex merger process requiring regulatory approval from the Trump administration.
Growing Tensions Over Editorial Independence
The lawsuit has ignited a broader debate over journalistic independence within CBS News. Paramount Global’s controlling shareholder, Shari Redstone, and co-CEO George Cheeks have reportedly sought increased oversight of the network’s flagship news programming, leading to internal unrest and high-profile departures.
Most notably, 60 Minutes executive producer Bill Owens resigned just weeks prior to McMahon, citing undue corporate interference. In an April 27 segment, longtime correspondent Scott Pelley told viewers:
“Our parent company, Paramount, is trying to complete a merger. The Trump administration must approve it. Paramount began to supervise our content in new ways.”
Pelley said Owens felt he could no longer lead the show with editorial independence. The 60 Minutes season finale aired last weekend, with new episodes slated to return in September.
Refusal to Settle
According to CBS insiders, Owens refused to apologize for the Harris interview, which Trump claims was defamatory. McMahon reportedly stood by her team and opposed any settlement in the lawsuit, further widening the rift between CBS News and Paramount leadership.
In her resignation letter, McMahon cited a misalignment with the company’s direction:
“The past few months have been challenging. It’s become clear that the company and I do not agree on the path forward. It’s time for me to move on and for this organization to move forward with new leadership.”
Market Reaction and Corporate Outlook
At the time of reporting, Paramount Global’s Class B shares (NASDAQ: PARA) closed at $11.78, up $0.08 (0.68%) on the day. In after-hours trading, shares dipped to $11.71, down 0.63%. The company’s current market capitalization stands at approximately $8.39 billion.
The departure of McMahon — seen as a champion of newsroom integrity — leaves CBS News at a crossroads, with its future direction likely to be shaped by the ongoing lawsuit, the outcome of the pending merger, and broader questions about media independence in an increasingly politicized landscape.
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