Today, the FCC, the primary U.S. communications regulator, approved Skydance Media’s $8 billion acquisition of Paramount Global and its subsidiaries, after a 250-day review process. The merger includes the transfer of licenses and authorizations for 28 CBS-owned and operated broadcast television stations.
Skydance is owned by David Ellison, the son of tech billionaire Larry Ellison. Paramount’s controlling shareholder Shari Redstone will exit the company.
The FCC agreed to the license transfer after Paramount paid $16 million to settle a lawsuit filed by President Donald Trump over a 60 Minutes interview with former Vice President Kamala Harris.
The FCC chairman, Brendan Carr — who was picked by President Trump to lead the agency — said the review of the proposed merger was not connected to the civil suit.
The FCC stated that Skydance has made written commitments to ensuring that the new company’s array of news and entertainment programming will embody a diversity of viewpoints. To promote transparency and increased accountability, Skydance commits, for a period of at least two years, to have in place an ombudsman who will report to the president of New Paramount and evaluate complaints of bias.
Approving this transaction will unleash the investment of $1.5 billion into Paramount. Skydance also reaffirms its commitment to localism as a core component of the public interest standard, and emphasizes that it will work closely with its affiliated broadcast stations to ensure a productive partnership that will strengthen its affiliates’ ability to serve their local communities.
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