The Federal Communications Commission has greenlit Skydance Media’s $8 billion bid to acquire CBS News parent company, Paramount Global. The merger was first announced in 2024, which came in light of the legacy company’s financial hardship, caused by the shift in media consumption and shrinking revenues from traditional sources.
The deal was initially expected to close in the first half of 2025, but has faced delays due to the required approval from the F.C.C. and other regulatory bodies.
According to a statement released by the F.C.C., the agency has approved Skydance and Paramount’s $8 billion merger. Brendan Carr, chairman of the agency, shared that the approval was granted after receiving written ᴀssurance from Skydance that the company will make “significant changes” to “begin the process of earning back Americans’ trust,” including installing an official at the news division to report to the President of New Paramount. Check out his statement below:
Americans no longer trust the legacy national news media to report fully, accurately and fairly. It is time for a change. That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network.
In particular, Skydance has made written commitments to ensure that the new company’s programming embodies a diversity of viewpoints from across the political and ideological spectrum. Skydance will also adopt measures that can root out the bias that has undermined trust in the national news media.
These commitments, if implemented, would enable CBS to operate in the public interest and focus on fair, unbiased, and fact-based coverage. Doing so would begin the process of earning back Americans’ trust. Today’s decision also marks another step forward in the FCC’s efforts to eliminate invidious forms of DEI discrimination. And Skydance’s commitment to enhancing local news and reporting—coverage valued by the public—will also inure to the benefit of the American people.
What This Means For New Paramount
The Merger Was Approved 2-1
Skydance is owned by David Ellison, the son of Larry Ellison, founder of tech giant Oracle and the second-richest billionaire. While the deal has yet to be closed, David is expected to take control of the new company. The F.C.C. approval comes after Paramount paid Donald Trump $16 million in a settlement for a lawsuit that alleged 60 Minutes misleadingly edited an interview with former Vice President Kamala Harris during the 2024 election.
After F.C.C.’s approval announcement, the agency’s commissioner, Anna M. Gomez, who voted against the merger, issued a statement (per ᴅᴇᴀᴅline), accusing the agency of using “its vast power to pressure Paramount to break a private legal settlement and further erode press freedom“ and criticizing the implementation of “never-before-seen controls over news room decisions and editorial judgment,” which violates the First Amendment.
Our Take On F.C.C’s Approval Of The Paramount And Skydance Merger
It’s Not Without Controversy
CBS News has faced several controversies throughout its history, including its political leaning. Recently, the broadcaster canceled The Late Show with Stephen Colbert, which came days after the host criticized the parent company for settling with Trump. The network also tapped Tanya Simon as 60 Minutes‘ new boss following Trump’s lawsuit.
It seems that changes are already happening in Paramount’s brands. With the new merger and the new protocols, viewers will likely see more significant changes, especially with the company’s news division. On another note, South Park recently began its 27th season by covering the cancellation of The Late Show and Trump’s lawsuit against Paramount after signing a $1.5 billion deal with the network and received a positive future update from show co-creators.
Source: FCC/ᴅᴇᴀᴅline
