FCC Approves $8 Billion Merger Between Skydance and Paramount Global

The US Federal Communications Commission (FCC) has approved an $8 billion merger between Paramount Global and Skydance Media. The deal, which was first announced in 2024, will bring together the independent film studio Skydance with one of Hollywood’s oldest companies, Paramount. This merger comes shortly after Paramount settled a $16 million lawsuit with former President Donald Trump over an interview aired on CBS, a subsidiary of Paramount. The settlement did not involve an apology or regret. The merger’s approval also paves the way for Skydance to implement significant changes at CBS, including a commitment to unbiased journalism and the appointment of an ombudsman to address complaints of bias. The merger will transfer broadcast licenses for 28 CBS-owned television stations to the new entity. FCC head Brendan Carr, appointed by Trump, expressed support for Skydance’s plans for CBS, stating that changes were necessary due to the public’s diminishing trust in the national news media. While the deal has been approved, Paramount has not yet provided a completion date, and Skydance did not immediately respond for comment. Despite some controversy and dissent, the deal marks a major shift for Paramount as it moves to address financial challenges and revitalize its media holdings.