Paramount-Skydance $8.4B Merger Approved Amid Dispute

The $8.4 billion merger between Paramount Global and Skydance Media has received regulatory approval from the U.S. Federal Communications Commission (FCC), igniting a heated controversy in the political sphere.  A regulatory approval from the FCC gives David Ellison’s Skydance Media control over entertainment titan CBS, Nickelodeon, and Paramount Pictures. 

The regulatory approval was obtained through a 2-1 dispute following partisan lines on the commission, with FCC Chairman Brendan Carr (a Trump appointee) stating that new ownership has made a commitment to containing unbiased journalism.  However, Democrat FCC Commissioner Anna Gomez derided the FCC ruling and called it a “cowardly capitulation,” and warned of “historical editorial interference.”  

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Just earlier in March, Paramount settled a lawsuit filed first by Donald Trump for $16 million, and the controversy was at a higher pitch when Stephen Colbert’s show The Late Show was cancelled a few days after he said the settlement was “a big fat bribe.”  Paramount is asserting that the settlement was purely financial.

This merger is also coming to an end for the Redstones at Paramount. Shari Redstone, chair since 2019, sought to position the company positioned in a competitive way as it was entering the streaming environment. However, now its market value is sharply in decline.