FCC approves Skydance’s $8 billion acquisition of Paramount

The Federal Communications Commission (FCC) has approved Skydance’s $8 billion acquisition of Paramount Global and its subsidiaries. The approval was granted through a series of applications authorising the transfer of FCC licenses and authorisations, including those related to the ultimate parent company of the CBS network and its owned and operated broadcast television stations.

The approval of the transaction is expected to facilitate an investment of $1.5 billion into Paramount, supporting various areas of its operations, including broadcast.

FCC commissioners voted 2-1 along party lines to give this deal a green light. The approval means that Skydance CEO David Ellison can complete the deal and take control of Paramount in the coming weeks. According to a media report, the unusually lengthy merger, which creates a $28 billion media powerhouse, faced intense scrutiny following Paramount’s $16 million settlement with President Donald Trump over a disputed CBS “60 Minutes” interview

FCC Chairman Brendan Carr, stated the settlement and the merger review process were not related. He also highlighted Skydance’s commitments to maintaining 'unbiased journalism' at CBS, which include the planned appointment of an ombudsman to handle complaints related to editorial bias.

Commenting on the merger,Carr in an official statement released by FCC said, "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." 

He further added, "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."