Skydance and Paramount formally closed their $8 billion merger on Thursday — kicking off the reign of a brand new leisure big after a contentious, over year-long endeavor to get the transaction over the end line.
The new firm — which can commerce below the “PSKY” ticker on Wall Street — brings Paramount’s legacy Hollywood footprint, main TV networks like CBS and MTV, streaming companies and extra below the roof of a brand new energy participant: billionaire Skydance founder David Ellison.
“Today marks an thrilling and pivotal second as we put together to convey Paramount’s legacy as a Hollywood establishment into the way forward for leisure,” Ellison, who is now Chairman and CEO of Paramount, a Skydance Corporation, said in a statement. He added that he aims to “honor exceptional storytelling while modernizing how we make and deliver content.”
The merger’s shut got here simply two weeks after it obtained regulatory approval from the Trump administration. While now a accomplished deal, the trail in direction of that approval was removed from easy crusing. Months of scrutiny and turmoil surrounded the transaction — significantly amid President Donald Trump’s authorized battle with “60 Minutes,” the crown jewel of Paramount-owned broadcast community CBS. With the specter of the Trump administration probably blocking the hard-fought cope with Skydance, Paramount agreed to pay a $16 million settlement to the president in early July.
Critics of the settlement lambasted it as a veiled bribe to appease Trump, amid rising alarm over editorial independence total. Further outrage additionally emerged after CBS mentioned it was canceling Stephen Colbert’s “Late Show” simply days after the comic sharply criticized the mum or dad firm’s settlement on air. Paramount cited monetary causes, however massive names each inside and outdoors the corporate have questioned these motives.
When nonetheless searching for approval to purchase Paramount from the Federal Communication Commission, Skydance administration assured regulators that it will rigorously look ahead to any perceived bias at CBS News and rent an ombudsman to evaluate any complaints about equity. In filings simply final month, the corporate’s normal counsel maintained that New Paramount will embody “a diversity of viewpoints across the political and ideological spectrum” — and likewise famous that it plans to take a “comprehensive review” of CBS to make “any necessary changes.”
By the time the deal was authorised, FCC Chairman Brendan Carr hailed the merger as a possibility to convey extra steadiness to “once-storied” CBS. “Americans now not belief the legacy nationwide news media to report absolutely, precisely, and pretty. It is time for a change,” Carr mentioned.
Carr additionally pointed to different commitments from Skydance — together with firm assurances about ending range, fairness and inclusion initiatives at Paramount. In a letter addressed to Carr days earlier than the FCC’s greenlight, Skydance wrote to “confirm the elimination” of DEI initiatives beforehand in place at Paramount — and maintained that Skydance “does not have DEI programs in place today and will not establish such initiatives.”
Skydance pointed to the Supreme Court’s 2023 choice on affirmative motion in faculty admissions, however such strikes additionally arrive amid the Trump administration’s wider crackdown on DEI within the office — and the corporate cited latest federal mandates impacting employers, too, noting that Paramount introduced “significant changes” to its recruiting and hiring practices in February 2025.
The FCC authorised the merger by a 2-1 vote on July 24. The regulator who opposed it, FCC Commissioner Anna Gomez, expressed disdain for the way it all got here collectively — pointing to “months of cowardly capitulation to this administration.”
“In an unprecedented move, this once-independent FCC used its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom,” Gomez, who was appointed by President Joe Biden, mentioned in a press release. She additionally mentioned the company overstepped its authority by “undermining legitimate efforts to combat discrimination and expand opportunity.”
Paramount’s new leaders will probably be watched significantly intently for a way they cope with CBS News, given the $16 million settlement with Trump following his criticism about final fall’s “60 Minutes” interview together with his Democratic opponent, then-Vice President Kamala Harris. And the merger may even have ripple results throughout different Paramount properties, together with its late evening and comedy programming.
When first saying the deal in July 2024, Ellison additionally harassed the necessity to transition right into a “tech hybrid” to remain aggressive in right now’s leisure panorama. That included plans to “rebuild” the Paramount+ streaming service, amongst wider efforts to broaden direct-to-consumer choices in a world with extra leisure choices and shorter consideration spans.
© Copyright 2025 The Associated Press. All rights reserved. This materials might not be revealed, broadcast, rewritten or redistributed with out permission.