The theory as to why Paramount ‘laid off’ journalist Catherine Herridge – a known thorn of Biden administration
The theory as to why Paramount ‘laid off’ journalist Catherine Herridge – a known thorn of Biden administration
February 24, 2024
I’m not one for conspiracy theories. In fact, I shoot them down all the time when I’m bombarded with claims that sinister forces on Wall Street are conspiring to screw small investors. Such “rip-offs” are easily explained away with logic and a modest understanding of how markets work.
One such theory making the rounds deserves some attention because the implications, if true, are so scary. It involves the wonky circumstances surrounding the recent termination of journalist Catherine Herridge from CBS News. Herridge is a longtime investigative reporter who has been a constant thorn in the side of the Biden administration.
Here’s why some people are connecting the proverbial conspiracy dots: Sidelining Herridge might just get the Wall Street-phobic Biden merger cops to approve Paramount’s sale to a bigger media company.
Again, I hate conspiracy theories, and I’m not anywhere close to being sure this one has any merit; Herridge was one of 800 people (including 20 journalists) recently let go from the struggling media conglomerate, owner of CBS, MTV, Paramount Pictures, Comedy Central, etc.
Media executives have described much of Paramount’s programming as “melting ice cubes,” industry slang for programs rapidly losing audience share because of irrelevance and cord-cutting.
The company is under intense pressure to downsize. That’s why Paramount is looking for a savior. Shares are down 77% over the past five years. A weak advertising market and the need to squeeze costs for a planned sale adds to the pressure to cut staffing. Yet a deal should be a layup given the quality of some of Paramount’s assets (it does control a major studio and CBS).
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Veteran investigative journalist Catherine Herridge, whom CBS News laid off last week, shared a statement on Friday that appeared to confirm that the network had seized notes from her office after she had been let go — an unusual and heavy-handed manner that called into question the network’s motives.
