F.C.C. Approves Skydance’s $8 Billion Merger With Paramount
The deal, which came under intense scrutiny by the Trump administration, was hailed by the F.C.C. chief, who welcomed “significant changes” at CBS, a unit of Paramount.
Listen to this article · 6:03 minutes
Brendan Carr, chairman of the Federal Communications Commission. Credit: Tierney L. Cross for The New York Times
by Benjamin Mullin
July 24, 2025
by Benjamin Mullin
July 24, 2025
New York Times
The Federal Communications Commission said Thursday that it would allow Paramount to merge with the Hollywood studio Skydance, clearing the way for one of the most highly scrutinized media deals in the last decade.
Brendan Carr, the chairman of the F.C.C., said in a statement that the agency had approved the deal after receiving assurances from Skydance that the new company would be committed to unbiased journalism and would not establish programs related to diversity, equity and inclusion.
“Americans no longer trust the legacy national news media to report fully, accurately and fairly,” Mr. Carr said in the statement. “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.”
Mr. Carr’s approval was the biggest remaining hurdle for the $8 billion deal, which has generated near-weekly headlines since it was announced last July. And it effectively ushers in the beginning of a new family dynasty for Paramount, which has been controlled by the Redstone family for decades. David Ellison, son of the tech billionaire Larry Ellison, plans to take control of the company when the deal closes.
In recent weeks, Paramount has been engulfed in turmoil stemming from the company’s strained relationship with the Trump administration. The company paid $16 million this month to settle a lawsuit brought by President Trump. Critics — including CBS’s “Late Night” host, Stephen Colbert — said the settlement was effectively a payoff to secure approval from the Trump administration, claims the company flatly rejected.
Mr. Colbert said last week that the company was ending his show next year, leading some prominent Democrats to claim that the move was politically motivated. The company has denied that, saying the program was canceled for financial reasons.
In recent days, Skydance took steps to assuage Mr. Carr, telling the agency that it would install an official at the news division to ensure fairness in its journalism and committing to avoiding diversity, equity and inclusion programs at the company. In his statement, Mr. Carr lauded these steps, saying they would “begin the process of earning back Americans’ trust.”
Anna M. Gomez, a Democratic commissioner on the F.C.C., said in a statement that the agency had used “its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom.”
“Even more alarming, it is now imposing never-before-seen controls over newsroom decisions and editorial judgment, in direct violation of the First Amendment and the law,” Ms. Gomez said.
Spokespeople for Paramount and Skydance had no comment.
With the deal expected to close shortly, the future of Paramount’s management team, including its three co-chief executives, is hanging in the balance. Though George Cheeks is expected to stay on under Skydance, the two other chief executives, Brian Robbins and Chris McCarthy, have not disclosed their next steps. Skydance has also said that the company would look to cut costs after the merger closes, raising questions about the future of the company’s work force.
The F.C.C.’s approval is a coda for one of the most tortured deals the media sector has seen in years. Though Paramount initially said the deal would close in the first half of 2025, the companies ultimately had to extend that deadline.
After the deal was announced in July, Paramount began a period to see whether other suitors would top Skydance’s offer. Though some would-be acquirers, including the businessman Edgar Bronfman Jr., explored bids, no offers that were superior to Mr. Ellison’s materialized.
Meanwhile, Paramount was dealing with Mr. Trump’s lawsuit. Filed just before the election in November, the complaint said CBS’s “60 Minutes” had misleadingly edited an interview with Kamala Harris, the vice president and Democratic presidential nominee at the time, giving the Democratic Party an unfair advantage in the election. Although most legal experts said the case was baseless, Paramount settled the case rather than risk being dragged into a long legal battle with Mr. Trump.
The lawsuit caused no shortage of agita at CBS News, particularly at “60 Minutes,” a hallowed bastion of investigative journalism. Bill Owens, the longtime executive producer of “60 Minutes,” resigned this spring, citing corporate pressure that infringed on the company’s journalism. Wendy McMahon, the president of CBS News, was forced out a month later.
While Paramount never killed any critical stories about the Trump administration, some journalists at CBS News said they felt that the company’s close scrutiny of segments involving Mr. Trump amounted to corporate interference.
As the merger neared its conclusion, some of Paramount’s most popular programs came under the microscope. News reports surfaced about discontent among the creators of “South Park,” Comedy Central’s popular scatological cartoon, stemming from negotiations over the future of the show. And the cancellation of Mr. Colbert’s show led to a rebuke from Jon Stewart, the host of Comedy Central’s “The Daily Show.”
Some of those disputes appear to have been quelled, for now. But the aftereffects on the network’s programs still linger. This week, “South Park” ran an episode featuring Mr. Trump in bed with Satan, with Jesus urging the denizens of South Park to strike a bargain with the president to avoid corporate interference.
“The guy can do whatever he wants now that somebody backed down, OK?” the cartoon Jesus said. “You guys saw what happened to CBS?” he added.
Benjamin Mullin reports for The Times on the major companies behind news and entertainment. Contact him securely on Signal at +1 530-961-3223 or at benjamin.mullin@nytimes.com.
See more on: Paramount, Skydance Productions LLC, Federal Communications Commission, Shari Redstone, Donald Trump, CBS News
The Federal Communications Commission said Thursday that it would allow Paramount to merge with the Hollywood studio Skydance, clearing the way for one of the most highly scrutinized media deals in the last decade.
Brendan Carr, the chairman of the F.C.C., said in a statement that the agency had approved the deal after receiving assurances from Skydance that the new company would be committed to unbiased journalism and would not establish programs related to diversity, equity and inclusion.
“Americans no longer trust the legacy national news media to report fully, accurately and fairly,” Mr. Carr said in the statement. “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.”
Mr. Carr’s approval was the biggest remaining hurdle for the $8 billion deal, which has generated near-weekly headlines since it was announced last July. And it effectively ushers in the beginning of a new family dynasty for Paramount, which has been controlled by the Redstone family for decades. David Ellison, son of the tech billionaire Larry Ellison, plans to take control of the company when the deal closes.
In recent weeks, Paramount has been engulfed in turmoil stemming from the company’s strained relationship with the Trump administration. The company paid $16 million this month to settle a lawsuit brought by President Trump. Critics — including CBS’s “Late Night” host, Stephen Colbert — said the settlement was effectively a payoff to secure approval from the Trump administration, claims the company flatly rejected.
Mr. Colbert said last week that the company was ending his show next year, leading some prominent Democrats to claim that the move was politically motivated. The company has denied that, saying the program was canceled for financial reasons.
In recent days, Skydance took steps to assuage Mr. Carr, telling the agency that it would install an official at the news division to ensure fairness in its journalism and committing to avoiding diversity, equity and inclusion programs at the company. In his statement, Mr. Carr lauded these steps, saying they would “begin the process of earning back Americans’ trust.”
Anna M. Gomez, a Democratic commissioner on the F.C.C., said in a statement that the agency had used “its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom.”
“Even more alarming, it is now imposing never-before-seen controls over newsroom decisions and editorial judgment, in direct violation of the First Amendment and the law,” Ms. Gomez said.
Spokespeople for Paramount and Skydance had no comment.
With the deal expected to close shortly, the future of Paramount’s management team, including its three co-chief executives, is hanging in the balance. Though George Cheeks is expected to stay on under Skydance, the two other chief executives, Brian Robbins and Chris McCarthy, have not disclosed their next steps. Skydance has also said that the company would look to cut costs after the merger closes, raising questions about the future of the company’s work force.
The F.C.C.’s approval is a coda for one of the most tortured deals the media sector has seen in years. Though Paramount initially said the deal would close in the first half of 2025, the companies ultimately had to extend that deadline.
After the deal was announced in July, Paramount began a period to see whether other suitors would top Skydance’s offer. Though some would-be acquirers, including the businessman Edgar Bronfman Jr., explored bids, no offers that were superior to Mr. Ellison’s materialized.
Meanwhile, Paramount was dealing with Mr. Trump’s lawsuit. Filed just before the election in November, the complaint said CBS’s “60 Minutes” had misleadingly edited an interview with Kamala Harris, the vice president and Democratic presidential nominee at the time, giving the Democratic Party an unfair advantage in the election. Although most legal experts said the case was baseless, Paramount settled the case rather than risk being dragged into a long legal battle with Mr. Trump.
The lawsuit caused no shortage of agita at CBS News, particularly at “60 Minutes,” a hallowed bastion of investigative journalism. Bill Owens, the longtime executive producer of “60 Minutes,” resigned this spring, citing corporate pressure that infringed on the company’s journalism. Wendy McMahon, the president of CBS News, was forced out a month later.
While Paramount never killed any critical stories about the Trump administration, some journalists at CBS News said they felt that the company’s close scrutiny of segments involving Mr. Trump amounted to corporate interference.
As the merger neared its conclusion, some of Paramount’s most popular programs came under the microscope. News reports surfaced about discontent among the creators of “South Park,” Comedy Central’s popular scatological cartoon, stemming from negotiations over the future of the show. And the cancellation of Mr. Colbert’s show led to a rebuke from Jon Stewart, the host of Comedy Central’s “The Daily Show.”
Some of those disputes appear to have been quelled, for now. But the aftereffects on the network’s programs still linger. This week, “South Park” ran an episode featuring Mr. Trump in bed with Satan, with Jesus urging the denizens of South Park to strike a bargain with the president to avoid corporate interference.
“The guy can do whatever he wants now that somebody backed down, OK?” the cartoon Jesus said. “You guys saw what happened to CBS?” he added.
Benjamin Mullin reports for The Times on the major companies behind news and entertainment. Contact him securely on Signal at +1 530-961-3223 or at benjamin.mullin@nytimes.com.
See more on: Paramount, Skydance Productions LLC, Federal Communications Commission, Shari Redstone, Donald Trump, CBS News
News and Analysis About the Media:
- Skydance-Paramount Merger: The Federal Communications Commission said that it would allow Paramount to merge with the Hollywood studio Skydance, clearing the way for one of the most highly scrutinized media deals in the last decade.
- CBS News: The network announced that Tanya Simon, a journalist and producer at “60 Minutes” for over two decades, would be the program’s next executive producer, taking over during a period of turmoil at the network.
- Paramount: After the company settled a lawsuit with President Trump and canceled “The Late Show With Stephen Colbert,” some of the company’s marquee names have been using their Paramount platforms to attack their corporate bosses — as well as the president.
- Public Broadcasting: Donors are turning out to support local NPR and PBS stations, but those contributions so far fall well short of the roughly $535 million a year that Congress cut.
- The Associated Press: An appeals court upheld a decision allowing President Trump to block the organization from covering him in invite-only spaces, like the Oval Office or Air Force One.