Paramount announced on Monday that it will acquire The Free Press, a digital news outlet founded as an alternative to United States mainstream media, and name its co-founder, Bari Weiss, as editor-in-chief of CBS News.

The deal, valued at about $150 million in a mix of cash and Paramount stock, will be paid out over time, with the final amount subject to changes in Paramount’s share price, according to two people familiar with the terms.

Weiss, 41, who has never led a television network, will oversee hundreds of producers, anchors, and reporters worldwide.

She will report directly to Paramount CEO David Ellison and work alongside CBS News President Tom Cibrowski.

The acquisition marks a major milestone for Weiss and The Free Press, which she launched four years ago to promote what she calls “honest journalism” amid a shrinking trust in traditional media.

The outlet now employs over 50 staff members, operates on both U.S. coasts, and has drawn several prominent journalists.

In a letter to Free Press subscribers on Monday morning, Weiss said her new position at CBS News would give her the opportunity to contribute to flagship programs such as 60 Minutes and CBS Sunday Morning, which she described as outlets that “shape how millions of Americans read, listen, watch, and, most importantly, understand the news.”

She added, “It gives The Free Press a chance to help reshape a storied media organization — to help guide CBS News into a future that honors those great values that underpin The Free Press and the best of American journalism.”