The newly formed media giant Paramount Skydance will acquire the Free Press, an online publication, and install its iconoclastic founder, Bari Weiss, as editor in chief of CBS News, according to two people familiar with the matter.

Paramount Skydance is expected to announce Monday that it will pay $150 million in cash and stock for the Free Press and name Ms. Weiss, 41, to CBS News’ top editorial job, said one of the people, both of whom spoke on the condition of anonymity to discuss the plans before they are formally announced.

Ms. Weiss, a Squirrel Hill native, graduated from Pittsburgh's Community Day School and Shady Side Academy.

The move heralds a new era at the 98-year-old broadcast network, whose corporate parents made moves to address the Trump administration’s allegations of l

See Full Page