Federal regulators have officially approved the $8 billion merger between Paramount and Skydance reports the Associated Press – clearing the way for the deal to close by the September date they have been targeting.
The Federal Communications Commission approval was handed out after months of turmoil that had made headlines in recent weeks regarding lawsuit settlements, show cancellations, streaming deals and overall concern for the future of Paramount’s library and brand.
In a statement accompanying the deal’s approval, FCC Chairman Brendan Carr says the merger can be seen as an opportunity to bring more balance to the “once-storied” CBS, adding that: “Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change.”
The FCC approved the merger by a 2-1 vote and the regulator who opposed it, FCC Commissioner Anna Gomez, expressed disdain: “After months of cowardly capitulation to this administration, Paramount finally got what it wanted. Unfortunately, it is the American public who will ultimately pay the price for its actions.”
The merger, which will result in a combined company valued at $28 billion, has made more headlines than most – especially in recent weeks regarding the “60 Minutes” settlement with U.S. President Donald Trump, the cancellation of “The Late Show with Stephen Colbert,” and both a legal dispute and then major new deal regarding the “South Park” franchise.
Once completed, Skydance chief and incoming Paramount CEO David Ellison plans to transition the company into a “tech hybrid” in order to be competitive in the market today – including plans to “rebuild” the Paramount+ streaming service along with expanding direct-to-consumer offerings.
