The U.S. Federal Communications Commission (FCC) has cleared the $8 billion (£5.9 billion) merger between Paramount Global and Skydance Media, paving the way for one of the biggest shake-ups in Hollywood in recent years.
The tie-up, announced in 2024, unites Skydance, the independent studio behind hits like Top Gun: Maverick, with Paramount, one of Hollywood’s oldest film empires, known for classics such as The Godfather, Star Trek, and the Mission: Impossible franchise. Paramount’s portfolio includes streaming platform Paramount+, CBS, Nickelodeon, BET, MTV, Comedy Central, and other media assets.
FCC Greenlight and Conditions
FCC Chair Brendan Carr, appointed by President Donald Trump, confirmed the commission voted 2–1 to transfer broadcast licenses for 28 CBS-owned stations to the merged company. Carr said he welcomed Skydance’s plans for “significant changes” at CBS, citing “a commitment to unbiased journalism” and a pledge to appoint an ombudsman to handle complaints of bias.
Skydance also agreed to dismantle diversity, equity, and inclusion programs — a move consistent with Trump administration priorities.
Democratic commissioner Anna Gomez opposed the decision, warning, “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.”
Legal Settlements and Timing
The approval comes just weeks after Paramount agreed to pay $16 million (£13.5 million) to settle a lawsuit brought by President Trump over a 60 Minutes interview with his election rival Kamala Harris, which he claimed was deceptively edited. The settlement, mediated to avoid disrupting the FCC’s merger review, directs the payment to Trump’s future presidential library rather than to him personally.
Insiders say the merger had been under close political scrutiny, with Trump technically holding the power to halt it. Paramount declined to give a timeline for closing the deal, while Skydance has yet to comment.
Programming Changes and Industry Pressures
The approval also follows CBS’s recent announcement that The Late Show with Stephen Colbert will end. Paramount attributed the decision to financial pressures in late-night television, denying any link to the show’s content or Colbert’s frequent criticism of Trump.
Founded in 1914, Paramount has struggled to keep pace with industry disruption and shifting audience habits over the past decade. Skydance, led by David Ellison, son of Oracle founder Larry Ellison, aims to revitalize the iconic brand as it gains control of CBS, Paramount Pictures, and Comedy Central.
With FCC approval secured, the merger is expected to close soon, reshaping the U.S. media landscape and marking a pivotal moment for Paramount’s century-old legacy.
