The Free Press Surge: Why Millions Are Flocking to Bari Weiss’s Independent News Platform in 2025

Industry Sources Say Skydance Is Courting Bari Weiss’ “The Free Press” Reports emerging from the Allen & Co. conference in Sun Valley indicate that David Ellison’s Skydance Media has entered preliminary negotiations to acquire “The Free Press,” the rapidly growing independent news platform founded by journalist Bari Weiss in 2021. According to people familiar with the discussions, Ellison and Weiss held several informal meetings during the annual media-and-tech retreat, testing the waters for a deal that could reshape the digital-news landscape. Why “The Free Press” Is a Hot Commodity Since launching as a Substack newsletter and later expanding into a full-fledged website, “The Free Press” has amassed more than 650,000 newsletter subscribers and attracts millions of monthly unique visitors with a mix of politics, culture and long-form investigative features. Its editorial positioning—staunchly pro-free-speech but ideologically heterodox—has helped the outlet carve out a loyal reader base amid rising distrust of legacy news brands. Industry analysts say that combination of influence, growth momentum and subscription revenue makes the startup especially appealing to traditional studios looking for direct-to-consumer media assets. Skydance’s Strategic Play Skydance, valued at roughly $4 billion and best known for film franchises such as “Mission: Impossible” and the streaming hit “Reacher,” has been actively shopping for digital media properties to diversify revenue and build audience pipelines for its entertainment IP. A deal with Weiss would give Ellison an established content engine, a built-in community and a politically engaged demographic—assets that could be leveraged for podcasts, documentaries and live events. Reuters first reported that Skydance had begun “early talks” with Weiss after a series of exploratory calls in late June. Potential Deal Structure People close to the negotiations say a transaction is most likely to take the form of a majority-stake purchase, leaving Weiss as editor-in-chief with significant editorial independence—an arrangement similar to Amazon’s acquisition of The Washington Post. However, the parties are still far apart on valuation: sources peg Skydance’s opening offer in the low nine figures, while Weiss is reportedly seeking a premium in line with The Athletic’s $550 million sale to The New York Times. What an Acquisition Could Mean for Independent Journalism Advocates for press freedom are watching closely. “The Free Press” built its brand on resisting corporate influence; folding into a Hollywood studio could raise questions about future content autonomy. On the other hand, deeper pockets might underwrite more ambitious investigative projects, global bureaus and a robust video division. Competitive Landscape Heats Up Skydance is not alone. Puck News and CNN report that other suitors—including the soon-to-be owner of CBS once Paramount Global finalizes its sale—have also expressed interest in “The Free Press,” underscoring how scarce high-growth, subscription-backed news startups have become. If bidding intensifies, observers believe the final price could exceed $300 million, setting a new benchmark for independent media valuations. Key Takeaways for Readers and Subscribers • Skydance’s pursuit shows Big Media’s appetite for independent voices with paying audiences. • A successful deal could expand “The Free Press” across film, TV and streaming while testing the limits of editorial autonomy. • For subscribers, short-term changes are unlikely; Weiss is expected to retain day-to-day control even under new ownership. What Happens Next Negotiations are expected to continue through late summer, with insiders predicting a tentative term sheet by early September if due-diligence hurdles—chiefly around subscriber churn data and licensing liabilities—are cleared. Until then, both Skydance and “The Free Press” are keeping public statements to a minimum, but the media industry will be watching every move as the battle for independent journalism’s crown jewel unfolds.