The Federal Communications Commission Thursday approved Skydance Media’s planned $8 billion acquisition of Paramount Global, ending a sometimes-tumultuous year of regulatory review.
The deal will put Skydance — the media company founded in 2010 by movie producer David Ellison — in charge of CBS.
President Donald Trump, as he has with many media outlets, has repeatedly leveled criticism at CBS News and even sued the network, leading Paramount earlier this month agreeing to pay $16 million to settle the litigation. The payout raised eyebrows among critics who suggested Paramount agreed to the settlement to ensure the Trump administration’s approval of the merger.
CBS last week announced the cancellation of “The Late Show with Stephen Colbert,” citing financial issues. But that move led to further assertions that the network was capitulating to Trump by removing a late-night comedian known for lambasting the president.
FCC chairman Brendan Carr issued a statement following the merger’s approval, laying down a barrage of his own criticism of CBS and the media in general.
“Americans no longer trust the legacy national news media to report fully, accurately, and fairly,” Carr said. “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.”
Ellison is expected to become chairman and CEO of the new company, with Jeff Shell as its president. Shell was NBCUniversal’s CEO from 2019-23.