The media conglomerate has selected former New York Times commentator Bari Weiss to oversee CBS News, representing the latest initiative by current leadership to restructure activities of a prominent American news outlets.
Paramount is additionally acquiring The Free Press, the digital outlet Weiss founded after her contentious exit from the New York Times, in a arrangement said to be worth $150 million.
Ms Weiss, who has questioned network journalism for becoming excessively biased, said she was enthusiastic to put her stamp on CBS, which was acquired by David Ellison earlier this year as part of a broader merger with Paramount.
Ms Weiss, who commenced her work at Jewish news outlets, is known for her support of Israel and her questioning of "cancel culture".
Since its start as a newsletter in 2021, The Free Press has accumulated 1.5 million readers, including over 170,000 paid subscribers.
It has received recognition for coverage such as a feature critical of NPR by one of its previous business editors, as well as an examination of some photos used by established media to illustrate famine in Gaza.
Prominent authors include academic Niall Ferguson and financial expert Tyler Cowen.
Mr Ellison said the hiring of Ms Weiss as top editorial position was part of a broader effort to modernize programming at Paramount and make CBS the "most reliable name in news".
"We are convinced the majority of the country longs for news that is fair and accurate, and we want CBS to be their source," he said.
Specifics of the deal were not disclosed. Paramount declined to comment stories that the firm had paid $150 million in equity and currency.
Mr Ellison made his name as a Hollywood movie maker of hit movies such as Top Gun Maverick, True Grit and World War Z.
He has said his goal is to produce journalism that is less politically skewed, and therefore has the ability to engage all demographics.
His purchase of Paramount was approved by oversight bodies this recent period, after the company agreed to pay $16 million to resolve a lawsuit.
To secure clearance of the acquisition, Mr Ellison pledged to create an impartial arbitrator at CBS to review concerns of partiality and promised to regulators that programming would showcase a variety of opinions.
He additionally said CBS's long-running political show "Face the Nation" would discontinue air modified discussions.
CBS News has a collaborative arrangement with a global news organization, meaning news reporting including video footage can be exchanged.
In a statement announcing the agreement, Ms Weiss said she believed in the Paramount boss and his leadership team.
"They are making significant investments because they have faith in news. Because they have bravery. Because they cherish this country. And because they recognize, as we do, that America cannot thrive without shared information, common truths, and a common reality," she commented.