Target said Thursday that it is eliminating about 1,800 corporate positions in an effort to streamline decision-making and accelerate initiatives to rebuild the flagging discount retailer’s customer base.

About 1,000 employees are expected to receive layoff notices next week, and the company also plans to eliminate about 800 vacant jobs, a company spokesperson said. The cuts represent about 8% of Target’s corporate workforce globally, although the majority of the affected employees work at the company’s Minneapolis headquarters, the spokesperson said.

Chief Operating Officer Michael Fiddelke, who is set to become Target’s next CEO on Feb. 1, issued a note to personnel on Thursday announcing the downsizing. He said further details would come on Tuesday, and he asked employees at the Minneapolis offices to work from home next week.

“The truth is, the complexity we’ve created over time has been holding us back,” Fiddelke, a 20-year Target veteran, wrote in his note. “Too many layers and overlapping work have slowed decisions, making it harder to bring ideas to life.”

Target, which has about 1,980 U.S. stores, lost ground to Walmart and Amazon in recent years as inflation caused shoppers to curtail their discretionary spending. Customers have complained of messy stores with merchandise that did not reflect the expensive-looking but budget-priced niche that long ago earned the retailer the jokingly posh nickname “Tarzhay.”

Fiddelke said in August when he was announced as Target’s next CEO that he would step into the role with three urgent priorities: reclaiming the company’s position as a leader in selecting and displaying merchandise; improving the customer experience by making sure shelves are consistently stocked and stores are clean; and investing in technology.

He cited the same goals in his message to employees, calling the layoffs a “necessary step in building the future of Target and enabling the progress and growth we all want to see.”

“Adjusting our structure is one part of the work ahead of us. It will also require new behaviors and sharper priorities that strengthen our retail leadership in style and design and enable faster execution,” he wrote.

Target has reported flat or declining comparable sales — those from established physical stores and online channels — in nine out of the past 11 quarters. The company reported in August that comparable sales dipped 1.9% in its second quarter, when its net income also dropped 21%.

The job cuts will not affect any store employees or workers in Target’s sorting, distribution and other supply chain facilities, the company spokesperson said.

The corporate workers losing their jobs will receive pay and benefits until Jan. 8 as well as severance packages, the spokesperson said.

Card-reading contact lenses, X-ray poker tables, trays of poker chips that read cards, hacked shuffling machines that predict hands. The technology alleged to have been used to execute a multistate, rigged poker operation sounds like it’s straight out of Hollywood.

And those were only some of the gadgets that authorities say were used to swindle millions of dollars from unsuspecting victims through rigged, high-dollar, underground poker games over more than five years.

A sprawling indictment unsealed Thursday by the U.S. attorney for the Eastern District of New York charged Chauncey Billups, the head coach of the NBA’s Portland Trail Blazers, and Damon Jones, a former NBA player, along with members of the Mafia and dozens of other defendants, with being part of a conspiracy.

The victims were “at the mercy of concealed technology, including rigged shuffling machines and specially designed contacts lenses and sunglasses to read the backs of playing cards, which ensured that the victims would lose big,” U.S. Attorney Joseph Nocella of Brooklyn said in a statement.

Cheating at poker is as old as poker itself. But today, wearable tech and nano-cameras are putting even upstanding poker players on their guard.

The defendants used “special contact lenses or eyeglasses that could read pre-marked cards,” Nocella said at a news conference announcing the indictments.

He also showed a photo of an X-ray table that “could read cards face down on the table … because of the X-ray technology.”

“Defendants used other cheating technologies, such as poker chip tray analyzers, which is a poker chip tray that secretly reads cards using a hidden camera,” he said.

And while marking poker cards so they are visible only with special eyewear is an old trick, new radio-frequency identification and infrared technologies have ramped up the sophistication levels.

Technically speaking, many of the devices involved in the alleged scam authorities detailed Thursday are relatively cheap to manufacture, said Sal Piacente, a gaming security consultant.

By the time they reach their customers, however, the cost of industrial shufflers or tables can easily approach $100,000, once distributors and middlemen are factored in.

“You could make a lucrative career buying this stuff,” Piacente said.

Casino and gaming security consultants told NBC News that the alleged scheme was possible only because the games were underground. In backrooms, there was none of the surveillance tech that reputable casinos use to catch players cheating.

“A lot of the features which made this scheme so successful would have been ID’d a lot sooner, or very quickly, in a traditional regulated gaming environment,” said Ian Messenger, a former U.K. law enforcement officer and founder and CEO of the Association of Certified Gaming Compliance Specialists.

More than any other tech, it was the reprogramming of the industrial card shufflers — identified in charging documents as Deckmate-brand machines — that authorities said was key to the alleged game rigging.

Deckmates are not sold directly to the public — though many used ones can be found for sale online. The ones at the high-dollar games cited in the indictment could read cards and predict which player had the best hand. Neither Deckmate nor its parent company, Light & Wonder, were implicated in any way in Thursday’s indictments.

A spokesman for Light & Wonder told NBC News in a statement that the company was aware of reports about the charges against people but said they were not affiliated with the company.

“We sell and lease our automatic card shufflers and other gaming products and services only to licensed casinos and other licensed gaming establishments,” said Andy Fouché, the company’s vice president of communications. “We will cooperate in any law enforcement investigation related to this indictment.”

Reprogramming shufflers is not a new trick. In 2023, hackers at the Black Hat security conference in Las Vegas presented research showing how to hack a Deckmate shuffler and use it to cheat.

The rigged shuffler machines would transmit information about the players’ hands to an off-site “operator,” according to prosecutors.

The operator would then communicate the information to someone else at the table, dubbed the “quarterback.” The victim was known as the “fish.”

Here, the high-tech gadgets met the low-tech of a card game.

The quarterback might touch the $1,000 poker chip or tap his chin or touch his black chips to indicate who at the table had the best hand.

Text messages obtained by prosecutors also appear to show defendants concerned that a fish would leave the table if he lost too many hands.

“Guys please let him win a hand he’s in for 40k in 40 minutes he will leave if he gets no traction,” read one text message released by authorities.

But according to Messenger, the consultant, it was not the tech that made the alleged scheme so successful for so long. What set it apart was the level of communication.

For example, he said, the card information had to be seamlessly passed from the dealing machines to an off-site operator and back to a person back at the table, all without alerting the fish.

“The piece that made this so successful was the coordination, not the technology,” he said.

A group that includes activist investor Jana Partners and NFL player Travis Kelce says it has accumulated one of the largest ownership stakes in Six Flags Entertainment and intends to press the company’s leadership on ways to improve the struggling amusement park operator’s business.

Jana said Tuesday that the investor group now owns an economic interest of approximately 9% in Six Flags. The group plans to ‘engage’ with Six Flags’ management and board of directors to discuss ways to enhance shareholder value and improve visitors’ experience.

Shares in the Charlotte, North Carolina-based Six Flags surged 17.7% on the news. The shares added another 5.1% gain in after-hours trading. Even with Tuesday’s rally, the company’s shares are down about 47% so far this year.

Six Flags reported a loss of $319.4 million for the first half of the year. The company said attendance fell 9% in the three months that ended June 29, due partly to bad weather and a ‘challenged consumer’ in most of the markets it operates in.

The investor group also includes consumer executive Glenn Murphy and technology executive Dave Habiger.

Kelce, tight end for the Kansas City Chiefs, said in a statement that he grew up going to Six Flags amusement parks.

‘The chance to help make Six Flags special for the next generation is one I couldn’t pass up,’ he said.

The American cattle ranching industry is blasting President Donald Trump’s proposal to purchase beef from Argentina in an effort to lower supermarket beef prices.

“This plan only creates chaos at a critical time of the year for American cattle producers, while doing nothing to lower grocery store prices,” Colin Woodall, CEO of the National Cattlemen’s Beef Association, said in a statement Monday.

Wyoming-based cattle operation Meriwether Farms addressed Trump directly in a social media post Monday.

“We love you and support you — but your suggestion to buy beef from Argentina to stabilize beef prices would be an absolute betrayal to the American cattle rancher,” the farm wrote on X.

By midday Tuesday, the post had already received 4 million views. A representative for Meriwether Farms did not immediately respond to a request for comment.

Trump floated purchasing beef from the South American nation Sunday aboard Air Force One to push down U.S. beef prices by increasing the overall supply.

‘We would buy some beef from Argentina,’ he told reporters, ‘If we do that, that will bring our beef prices down.’

Beef prices have hit record highs this year, according to data from the Bureau of Labor Statistics, fueled in part by depleted herd counts and steady demand from U.S. consumers.

Customers of the athletic shoe company On have filed a class action lawsuit alleging that some of the brand’s sneakers squeak embarrassingly loudly when they walk.

The class action suit, filed in the U.S. district court in Portland — where On’s U.S. headquarters is located — on October 9, targets On’s shoes made with ‘CloudTec’ technology. A hallmark of many of the brand’s styles, ‘CloudTec’ is composed of differently shaped holes that cover the external and bottom surfaces of the shoes, according to the lawsuit.

At least 11 of On’s sneaker styles are referenced in the lawsuit, including the Cloud 5 and Cloud 6, CloudMonster, and Cloudrunner, among others.

Lawyers for the plaintiffs did not immediately respond to a request for comment. A representative for On said the company does not comment on ongoing legal matters.

According to the lawsuit, ‘CloudTec’ was created to ‘provide cushioned support when wearers land.’ But according to plaintiffs, the technology ‘rubs together’ when wearers walk or run, ‘causing a noisy and embarrassing squeak with each and every step.’

The lawsuit, however, admits that while the squeaky shoes are ‘seemingly inconsequential,’ the company has allegedly refused to provide refunds to those who are unhappy with their sneakers, leaving customers with ‘no relief after buying almost $200 shoes they can no longer wear without their doing significant DIY modifications to the shoe.’

‘No reasonable consumer would purchase Defendant’s shoes — or pay as much for them as they did — knowing each step creates an audible and noticeable squeak,’ the lawsuit states.

Nurses and those who are on their feet all day ‘bear the brunt of this defect,’ the suit argues, which allegedly causes ‘issues for consumers in their daily lives.’

According to the lawsuit, complaints about the squeaking have been widespread and documented on TikTok and Reddit, where customers share ‘DIY’ remedies for the noisy shoes, including rubbing coconut oil on the soles or sprinkling baby powder inside the sneaker.

The lawsuit alleges the company is aware of its squeaky sneakers, but its warranty does not cover reports of noisy soles as On characterizes them as ‘normal wear and tear,’ and has stated in online comments that ‘squeaking isn’t currently classified as a production defect.’

The lawsuit also alleges that the company can better make its products to avoid squeakiness, but that On has ‘done nothing’ to remedy the issue.

Plaintiffs allege they have suffered an ‘ascertainable loss’ due to fraudulent business practices and a ‘deceptive marketing scheme,’ and are seeking ‘compensatory, statutory, and punitive damages’ as well as refunds on their squeaky sneakers.

MILAN — Giorgio Armani has appointed deputy managing director Giuseppe Marsocci as chief executive with immediate effect, the Italian fashion house said on Thursday, confirming media reports.

Marsocci, who has been with the company for 23 years, serving as global chief commercial officer for the past six years, steps into the role previously held by founder Giorgio Armani, who died in September.

Armani kept a tight grip on the fashion empire he set up 50 years ago, but a new structure is emerging for its next phase.

Marsocci will oversee the planned sale of a 15% stake, with priority to be given to the luxury conglomerate LVMH.PA, beauty heavyweight L’Oreal OREP.PA, eyewear leader EssilorLuxottica ESLX.PA or another group of “equal standing,” as outlined in Armani’s will.

“His international professional experience, deep knowledge of the sector and the company, discretion, loyalty, and team spirit, together with his closeness to Mr. Armani in recent years, make Giuseppe the most natural choice to ensure continuity with the path outlined by the founder,” said Armani‘s partner and head of men’s design, Pantaleo Dell’Orco, who has taken on the role of chairman.

Dell’Orco has also recently been appointed to chair the Giorgio Armani Foundation, which controls 30% of the voting rights of his business empire. Dell’Orco already controls 40% of the luxury group’s voting rights.

The appointment of Marsocci, 61, was unanimously proposed by the Giorgio Armani Foundation, the luxury group said.

Giorgio Armani’s niece Silvana, head of women’s style, will be appointed vice president, according to the statement.

LendingTree CEO and founder Doug Lebda died in an all-terrain vehicle accident over the weekend, the online loaning platform said Monday.

In a company announcement, LendingTree confirmed that Lebda unexpectedly died on Sunday and that its leadership “deeply mourns his passing” while extending condolences to the executive’s loved ones.

“Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” LendingTree’s board of directors said in a statement. “His passion will continue to inspire us as we move forward together.”

Scott Peyree, LendingTree’s chief operating officer and president, has now been appointed CEO effective immediately. And lead independent director Steve Ozonian will also step into Lebda’s role as chairman of the board, the company said.

Shares of Charlotte, North Carolina-based LendingTree fell more than 2% by early afternoon trading on Monday.

Lebda founded LendingTree in 1996 — to “simplify the loan shopping process” after experiencing his own frustrations when getting his first mortgage, LendingTree’s website notes. The platform launched nationally in 1998 and became a public company in 2000. It was later acquired by internet conglomerate IAC/InterActiveCorp, before spinning off on its own again in 2008.

Today, LendingTree’s central online loaning marketplace helps users find and compare loans for mortgages, credit cards, insurance needs and more. LendingTree, Inc. also owns brands across the financial sector — including CompareCards and Value Penguin.

In addition to his multiple-decade career at LendingTree, Lebda also co-founded a financial services platform for children and families called Tykoon in 2010. He previously worked as an auditor and consultant for PriceWaterhouseCoopers.

“All of my ideas come from my own experiences and problems,” Lebda told The Wall Street Journal in a 2012 interview.

Thousands of U.S.-bound packages shipped by UPS are trapped at hubs across the country, unable to clear the maze of new customs requirements imposed by the Trump administration.

As packages flagged for customs issues pile up in UPS warehouses, the company told NBC News it has begun “disposing of” some shipments.

Frustrated UPS customers describe waiting for weeks and trying to make sense of scores of conflicting tracking updates from the world’s largest courier.

“I’ve never seen anything like this before,” Matthew Wasserbach, brokerage manager of Express Customs Clearance, said of the UPS backlog. “It’s totally unprecedented.”

Wasserbach’s New York City-based shipping services firm helps clients move shipments through customs. He said the company has seen a spike in inquiries for help with UPS customs clearance.

More than two dozen people who are waiting for their UPS packages explained the circumstances of their shipments to NBC News.

They described shipments of tea, telescopes, luxury glassware, musical instruments and more — some worth tens of thousands of dollars — all in limbo or perhaps gone.

Others have deep sentimental value: notebooks, diplomas and even engagement rings.

The frustration has exploded online, with customers sharing horror stories on Reddit of missing skin care products, art and collectibles.

They are confused and angry, and they want answers.

“It’s almost impossible to get through to anybody to figure out what is happening,” said Ashley Freberg, who said she is missing several boxes she shipped via UPS from England in September.

“Are my packages actually being destroyed or not?”

Freberg’s boxes of journals, records and books were shipped on Sept. 18, according to tracking documents she shared with NBC News.

Over the next two weeks, she received two separate notifications from UPS that her personal mementos had not cleared customs and as a result had been “disposed of” by UPS.

Then, on Oct. 1, a UPS tracking update appeared for her packages, saying they were on the way. The tracking updates Freberg showed NBC News for that shipment revealed it was the most recent update she had received.

While sentimental value is impossible to measure, other customers fear they will not be able to recover financially if their goods were destroyed.

Tea importer Lauren Purvis of Portland, Oregon, said five shipments from Japan, mostly containing matcha green tea and collectively worth more than $127,000, were all sent via UPS over the last few weeks and arrived at UPS’ international package processing hub in Louisville, Kentucky. Purvis has yet to receive any of the shipments, only a flurry of conflicting tracking updates from UPS.

A series of notifications for one shipment, which she shared with NBC News, said that the shipment had not cleared customs and that UPS had disposed of it.

But a subsequent tracking update said the shipment had cleared customs and was on the way.

“We know how to properly document and pay for our packages,” Purvis said. “There should be zero reason that a properly documented and paid-for package would be set to be disposed of.”

At least a half-dozen people described an emotional seesaw they were put through by weeks of contradictory UPS tracking updates about their shipments. The updates, they said, compounded the stress of not knowing what had really happened to their possessions.

AJ, a Boston man who asked that NBC News use only his initials to protect his privacy, said he shipped a package from Japan via UPS on Sept. 12 including Japanese language books, a pillow and a backpack.

After it sat in Louisville for nearly two weeks, AJ got a tracking update on Sept. 26, one of several that he shared with NBC News. “We’re sorry, your package did not clear customs and has been removed from the UPS network. Per customs guidelines, it has been destroyed. Please contact the sender for more information,” it read.

Three days later, on Sept. 29, he received another, and this one read: “On the Way. Import Scan, Louisville, KY, United States.” For a moment, it appeared as though AJ’s shipment might have been found.

But less than 24 hours after his hopes were raised, another tracking update arrived: “We’re sorry,” it began. It was the same notice that his package had “been destroyed” that he had received on the 26th.

Two minutes later, he got his final update: “Unable to Deliver. Package cannot clear due to customs delay or missing info. Attempt to contact sender made. Package has been disposed of.”

International shipping was thrown into chaos after the long-standing “de minimis” tariff exemption for low-value packages ended on Aug. 29.

Packages with values of $800 or less, which were previously allowed to enter the United States duty-free, are now subject to a range of tariffs and fees.

They include hundreds of country-specific rates, or President Donald Trump’s so-called reciprocal tariffs, as well as new levies on certain products and materials.

The result is that international shipping to the United States today is far more complex and costly than it was even two months ago.

The sweeping changes have caught private individuals and veteran exporters alike in a customs conundrum.

It is difficult to know the exact number of the packages that are stuck in UPS customs purgatory. Shipping companies guard their delivery data closely.

UPS reported to investors that in 2023, its international service delivered around 3.2 million packages per day.

This week, the company told NBC News that it is clearing more than 90% of the packages it handles through customs on the first day.

The rest of the packages, or less than 10%, require more time to clear customs and need to be held until they do. That could easily mean that thousands of UPS packages every day are not clearing customs on their first try.

In a statement to NBC News, UPS said it is doing its best to get all packages to their destinations while abiding by the new customs requirements.

“Because of changes to U.S. import regulations, we are seeing many packages that are unable to clear customs due to missing or incomplete information about the shipment required for customs clearance,” it said.

UPS said it makes several attempts to get any missing information and clear delayed shipments, contacting shippers three times.

“In cases where we cannot obtain the necessary information to clear the package, there are two options,” it said.

“First, the package can be returned to the original shipper at their expense. Second, if the customer does not respond and the package cannot be cleared for delivery, disposing of the shipment is in compliance with U.S. customs regulations. We continue to work to bridge the gap of understanding tied to the new requirements and, as always, remain committed to serving our customers.”

NBC News asked UPS precisely what it does with packages when it tells customers their shipments have been unable to clear customs and have been “disposed of.” It would not say.

On Sept. 27, a shipper in Stockholm received a formal notification from UPS that two packages her glassware company sent to the United States — which failed to clear customs — would be destroyed.

“We are sorry, but due to these circumstances and the perishable nature of the contents, we are now required to proceed with destruction of the shipment in accordance with regulatory guidelines,” UPS told Anni Cernea in an email she shared with NBC News.

The email continued, “There is no need to contact our call center for further information or to attempt to clear this shipment.”

Cernea said, “It’s just outrageous that they can dispose of products like this without approval from either the sender or recipient.”

From now on, Cernea said, she plans to ship her products via UPS rival FedEx.

Cernea’s decision to switch carriers hints at the worst-case scenario for UPS, which is that people could abandon the company. It is a potential crisis for the roughly $70 billion company.

The company’s stock price is already down more than 30% this year, which analysts attribute to a mix of tariffs, competition and shifting shopping habits.

As she awaits her missing journals and diplomas from England, Freberg is looking ahead to the biggest shipping months of the year.

“I can’t even imagine how bad the holidays are going to be, because that’s a time where loads of people are shipping stuff overseas,” she said.

“If it doesn’t get solved soon, I can only see it becoming an even bigger issue.”

Isabella Morales contributed reporting.

HONG KONG — China outlined new curbs on exports of rare earths and related technologies on Thursday, extending controls over use of the elements critical for many high-tech and military products ahead of a meeting in about three weeks between President Donald Trump and Chinese leader Xi Jinping.

The regulations announced by the Ministry of Commerce require foreign companies to get special approval to export items that contain even small traces of rare earths elements sourced from China. These critical minerals are needed in a broad range of products, from jet engines, radar systems and electric vehicles to consumer electronics including laptops and phones.

Beijing will also impose permitting requirements on exports of technologies related to rare earths mining, smelting, recycling and magnet-making, it said.

China accounts for nearly 70% of the world’s rare earths mining. It also controls roughly 90% of global rare earths processing. Access to such materials is a key point of contention in trade talks between Washington and Beijing.

As Trump has raised tariffs on imports of many products from China, Beijing has doubled down on controls on the strategically vital minerals, raising concerns over potential shortages for manufacturers in the U.S. and elsewhere.

It was not immediately clear how China plans to enforce the new policies overseas.

During a cabinet meeting Thursday, Trump said he had yet to be briefed on the new rules but suggested that the U.S. could stop buying Chinese goods. “We import from China massive amounts,” Trump said. “Maybe we’ll have to stop doing that.”

Neha Mukherjee, a rare earths analyst at Benchmark Mineral Intelligence, called the new export controls “a strategic move by China that mirror some of Washington’s new chip export rules.

“Most rare earth magnet manufacturers in the U.S., Japan and elsewhere remain heavily dependent on rare earths from China, so these restrictions will force some difficult decisions — especially for any company involved in military uses of rare earths because most of those export licenses are expected to be denied, he said.

“The message is clear: if the U.S. and its allies want supply chain security, they must build independent value chains from mine to magnet,” Mukherjee said.

The new restrictions are to “better safeguard national security” and to stop uses in “sensitive fields such as the military” that stem from rare earths processed or sourced from China or from its related technologies, the Commerce Ministry said.

It said some unnamed “overseas bodies and individuals” had transferred rare earths elements and technologies from China abroad for military or other sensitive uses which caused “significant damage” to its national security.

The new curbs were announced just weeks ahead of an expected meeting between Trump and Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation forum in South Korea, that begins at the end of this month.

“Rare earths will continue to be a key part of negotiations for Washington and Beijing,” George Chen, a partner at The Asia Group, said in an emailed comment. “Both sides want more stability but there will be still a lot of noises before the two leaders, President Trump and Xi, can make a final deal next year when they meet. Those noises are all negotiation tactics.”

These new restrictions will likely prompt additional government and private investments in developing a mine-to-magnet supply chain outside of China. Mukherjee said that $520 million of investments in the American rare earths industry were announced just in the second quarter with most of that coming from the government.

And there is some progress already being made with American magnet maker Noveon announcing an agreement with Lynas Rare Earths this week to secure a supply of rare earths outside of China from Lynas’ mine in Australia, and MP Materials preparing to begin producing magnets later this year at its new plant in Texas that uses rare earths from the only U.S. mine that it operates in California.

In July, the U.S. Defense Department agreed to invest $400 million in shares of the Las Vegas company, establish a floor for the price of key elements, and ensure that all of the magnets made at a new plant in the first 10 years are purchased.

An MP Materials spokesperson said China’s action “reinforces the need for forward-leaning U.S. industrial policy. Building resilient supply chains is a matter of economic and national security.”

Wade Senti, president of the U.S. permanent magnet company AML, said it’s time to innovate.

“The game of chess that China is playing underscores the importance of developing innovation that changes the game and puts the United States in leading position,” Senti said.

Nazak Nikakhtar, a former Commerce Department undersecretary, said the new restrictions are “a significant development and escalation” by extending controls to related technology and equipment and to sectors like chipmakers. “This should be a wake-up call to the U.S. government that we need to invest in and appropriate more to domestic capabilities. Both are critical to rebuild America’s rare earths industrial base,” she said.

In April, Chinese authorities imposed export curbs on seven rare earth elements shortly after Trump unveiled his steep tariffs on many trading partners including China.

While supplies remain uncertain, China approved some permits for rare earth exports in June and said it was speeding up its approval processes.

The newly formed media corporation Paramount Skydance has acquired The Free Press, an online news and commentary outlet co-founded by Bari Weiss, who will join CBS News as editor-in-chief.

Weiss launched The Free Press in 2021 with her wife, Nellie Bowles, and her sister, Suzy Weiss. They have presented the publication as a heterodox alternative to the legacy news media and a bulwark against “ideological narratives,” particularly on the political left.

The acquisition is one of Skydance chief David Ellison’s most significant early moves to reshape the news unit at Paramount, which he acquired in a blockbuster $8 billion deal earlier this year.

In seeking federal approval of the merger, Skydance vowed to embrace “diverse viewpoints” and represent “the varied ideological perspectives of American viewers.” The company also pledged to install an ombudsman at the nearly 100-year-old CBS News operation.

“This partnership allows our ethos of fearless, independent journalism to reach an enormous, diverse, and influential audience,” Weiss said in a news release. “We honor the extraordinary legacy of CBS News by committing ourselves to a singular mission: building the most trusted news organization of the 21st Century.”

The Free Press has roughly 1.5 million subscribers on Substack, with more than 170,000 of them paid, according to Paramount Skydance. The Financial Times estimated that the publication generates more than $15 million in annual subscription revenue. NBC News has not independently verified that figure.

“Bari is a proven champion of independent, principled journalism, and I am confident her entrepreneurial drive and editorial vision will invigorate CBS News,” Ellison said in a statement. “This move is part of Paramount’s bigger vision to modernize content and the way it connects — directly and passionately — to audiences around the world.”

The acquisition talks between Ellison and Weiss were first reported in late June by Status, a media industry newsletter. Ellison is the son of billionaire tech mogul Larry Ellison, the co-founder of the software firm Oracle.

Weiss co-founded The Free Press after quitting the opinion section of The New York Times. In a resignation letter that was published online, Weiss decried what she characterized as the “illiberal environment” at the newspaper.

The Free Press earned wide attention in April 2024 after it published an essay from Uri Berliner, a senior business editor at National Public Radio who accused his employer of organizing around a “progressive worldview.” Berliner then resigned from NPR and joined The Free Press.

The publication’s regular stable of columnists includes Tyler Cowen, an economist and podcaster; Matthew Continetti, the author of a book about the evolution of American conservatism; and Niall Ferguson, a British-American historian.

CBS News has repeatedly found itself in the national spotlight in recent months. President Donald Trump filed a lawsuit last year against Paramount accusing “60 Minutes” of deceptively editing an interview with then-Vice President Kamala Harris.

CBS denied the claim. Paramount settled Trump’s lawsuit for $16 million.

The Federal Communications Commission is still investigating whether CBS engaged in “news distortion.” The commission is chaired by Brendan Carr, who was appointed by Trump at the start of his second term.