Former "60 Minutes" executive producer Bill Owens is reportedly planning to launch a rival news program and is seeking approximately $50 million to fund it for two years, according to sources familiar with the situation. The proposed venture aims to feature prominent former "60 Minutes" correspondents and producers, including Scott Pelley, who was recently dismissed from the long-running CBS newsmagazine.
Owens, who resigned as "60 Minutes" executive producer last year, is looking to raise capital for a streaming news magazine that would focus on in-depth and investigative reporting. The funding would cover staffing, production, marketing, and legal expenses. However, insiders suggest that participating former "60 Minutes" journalists might need to accept significantly lower salaries than they previously earned.
Recent upheaval at "60 Minutes" has fueled speculation about the potential for a new venture. CBS News Editor-in-Chief Bari Weiss has made staff changes in recent months, leading to the exit of several key personnel. Pelley, for instance, was reportedly fired in June after criticizing the show's new direction and executive producer, Nick Bilton, during a staff meeting.
Other former "60 Minutes" staffers who could be involved include correspondents Sharyn Alfonsi and Cecilia Vega, former executive producer Tanya Simon, and senior producers Guy Campanile and Draggan Mihailovich. Owens himself has reportedly complained about interference from higher-ups, similar to concerns voiced by Pelley regarding editorial control.
Owens previously shopped the idea earlier this year but encountered difficulties in securing funding and a distribution platform. The group has since developed a business plan and pitch deck for a documentary-style program intended for streaming and digital platforms. The reported goal is to create a deeply reported program similar in style to "60 Minutes."
The financial challenge of producing such a program is considerable, and convincing major streaming services or broadcast networks to finance it presents a significant hurdle. Sources indicate a lack of strong demand from major platforms for news programming. Experts suggest that a tightly produced, cost-effective show might find an audience, potentially on platforms like Netflix, Apple TV+, or YouTube.
Bilton, the current executive producer, has reportedly faced challenges in hiring senior staff and is working to rebuild the show ahead of its September debut. The show has announced several new additions, including Ross Douthat, Sebastian Junger, Gianna Toboni, Trevor Phillips, and Norah O'Donnell, though some hires have drawn skepticism regarding their broadcast television experience.
This effort by Owens comes amid efforts by Weiss to modernize "60 Minutes" and address criticisms of perceived political bias. Pelley had alleged that his reports faced interference and the insertion of political bias, which CBS News denied, stating that edits were part of the standard journalistic process.
Past attempts to launch competing news programs have met with mixed success. CBS's own "60 Minutes Sports," launched in 2013, was canceled in 2017 due to an inability to build a substantial audience, despite being a spin-off of the acclaimed "60 Minutes."