Sometimes you have to let things die, and from death new life will come forth. This is eminently true for the happenings at CBS, including the Paramount deal and the death of CBS News Radio. As the famous refrain from Frozen puts it, sometimes you just have to let go and stop holding it back.
But first, a brief history lesson: RKO was one of the “Big Five” studios in the golden age of Hollywood.
It produced some of the greatest movies, like Citizen Kane, King Kong, and my personal favorite film, It’s a Wonderful Life. They signed the biggest artists, whom we still talk about well after their passing, including Fred Astaire, Cary Grant, and Katharine Hepburn (the latter of whom we all need to thank for the Bluetooth technology we use today).
RKO folded in 1958. In January of that year, 83% of American households had a TV — a huge industry shift that RKO did not keep up with. The company also faced financial strain; it carried an insurmountable amount of debt and was bought and sold multiple times between 1955 and its closure in 1958.
United Artists, founded by Charlie Chaplin, went through similar problems in the 1980s until it was dissolved in 2011 and folded into MGM.
These changing conditions are similar to what we are all facing and often talk about now. The way we connect with audiences is changing. Many outlets are financially strained and are attempting to find a path forward. CBS’s path forward is most clearly the same as RKO’s: to be dissolved into memory for its great moments while shying away from the embarrassing ones.
CBS’s Ratings Freefall
Turn away and slam the door on the way out, CBS — your numbers are in the toilet. During the week of July 13, CBS was the only national network to lose viewers, and it also failed to hit 500,000 viewers in the 25-54 age range for its flagship evening news program, the only national network to fall short there.
This is a downward trend that extends far beyond the introduction of Bari Weiss to the network. We’re just not that into you, CBS. It’s time to go.
The Paramount-WBD Merger Math
This Paramount/CBS merger with Warner Bros. Discovery (WBD) would bring both CNN and CBS under the same parent company. Two news networks are facing floundering ratings and blatant bias, and both are in desperate need of a complete makeover or closure.
Ignoring the fact that this merger would give Paramount and WBD an entertainment market share greater than Disney’s, and speaking strictly about the underperforming news outlets, you have to wonder if they could keep both CNN and CBS afloat. Is it too expensive?
It is also clear neither company wants to be the one to shutter the doors of a once-great media giant. However, the industry is too saturated, and there is not enough market share to go around. So, you could argue, one of them has to go. You are voted off the island. The tribe has spoken.
I don’t like this deal for a whole host of reasons and think it should be kicked to the curb. But again, speaking strictly about the news organizations being affected, if the merger happens, one (likely CNN) would probably be folded into the other (CBS). If this lawsuit succeeds and the merger doesn’t happen, at least one, if not both, of these outlets will not be around in the next five to ten years, in my view. And honestly, I’m not sure which option is better for the news industry. But I do know that with the technology we have, something good will come from the impending failures of CBS or CNN.
Let It Go — And Let Something Better Emerge
Either way, jobs are going to be lost. So the worker bees of the news industry need to let it go and find a new path forward — one that can and will likely be better than working at CBS or CNN.
Now let me be clear: I never like hearing that people are losing their jobs, that news outlets are closing, and/or that news deserts are becoming more prevalent. However, it is an unfortunate part of publicly traded companies — shareholders need to see returns, and those returns often come at our expense (aka our jobs).
Something Better Is Already Filling the Void
As I said in my May column, the death of CBS News Radio opens up new doors for the industry as a whole. There is a vacuum to fill, and ABC News Radio, Fox News Radio, and now the Worldwide News Network, among others, are all trying to fill it.
In fact, I’d find it hard to believe the powers that be at WNN would have started a 24-hour news radio network if CBS News Radio hadn’t closed. The same could be said if CBS News dies off — something bigger, better, and more beautiful could be ahead. You just have to let it happen. You just have to keep looking forward. Don’t become a pillar of salt by looking back at what was.
Independent journalism is on the rise. Consumers no longer need the CBS gatekeepers to tell us what is news and what is not. So if you are working at CBS or CNN, getting those awkward pro-merger emails that have been going around (I’ve seen them), and feeling skeptical that your job will survive if the deal happens, don’t panic. Don’t stress. Don’t worry. Be happy. Because we are watching in real time how this industry is changing, and what’s on the other side will be better than what CBS or CNN could ever offer you.
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Krystina Alarcon Carroll contributes features and columns for Barrett Media. She has experience in almost every facet of the industry including: digital and print news; live, streamed, and syndicated TV; documentary and film productions. Her prior employers have included NY1 and Fox News Digital and the Law & Crime Network. You can find Krystina on X (formerly twitter) @KrystinaAlaCarr.