Paramount, Skydance complete $8 billion merger as FCC continues CBS probe

Skydance Media and Paramount Global announced the completion of their long-planned, $8 billion merger on Thursday as the Federal Communication Commission (FCC) continues to probe CBS News. 

The new company is dubbed “Paramount, a Skydance Corporation,” which is the parent company to a variety of media and entertainment assets, including CBS, Comedy Central, MTV, Paramount Plus and an iconic movie studio. 

The FCC last month approved the high-stakes merger that puts the new version of Paramount under the control of CEO David Ellison, the son of billionaire Oracle co-founder Larry Ellison. 

SKYDANCE INFORMS TRUMP’S FCC IT WILL ELIMINATE DEI AT PARAMOUNT, CREATE CBS NEWS OMBUDSMAN FOLLOWING MERGER

Ellison now oversees CBS, and despite approving the megadeal, FCC chairman Brendan Carr has not closed the proceedings he previously opened against the network for “news distortion” in the airing of the infamous “60 Minutes” interview with then-Vice President Kamala Harris. Any fallout will now land on Ellison and the company’s new leadership.

Paramount Class B shares began trading Thursday on the Nasdaq Stock Market under the new ticker symbol “PSKY.” 

“Today marks an exciting and pivotal moment as we prepare to bring Paramount’s legacy as a Hollywood institution into the future of entertainment. My vision is to honor exceptional storytelling while modernizing how we make and deliver content to support the world’s top creative talent, enhance experiences for audiences worldwide, and create sustainable value for our shareholders,” Ellison said in a statement. 

“It is truly an honor and a privilege to help lead this iconic brand into its next chapter,” he continued. “My experience at Skydance and across all levels of production has shown me what it takes to bring great stories to life — and just how powerful it is when visionary creators are supported by strong leadership and a clear mission.” 

PARAMOUNT, CBS FORCED TO PAY EIGHT FIGURES, CHANGE EDITORIAL POLICY IN SETTLEMENT WITH PRESIDENT TRUMP

Ellison said that the company will “stay grounded in creative excellence, embrace cutting-edge innovation, and continue delivering the entertainment, news, and sports experiences that connect with audiences worldwide.”

Paramount and CBS agreed to settle President Trump’s “election interference” lawsuit last month for a sum expected to be north of $30 million, including $16 million upfront for Trump’s presidential library. The lawsuit, which was over the same “60 Minutes” interview that irked the FCC, accused CBS of aiding Harris through deceptive editing ahead of the presidential election. 

Industry insiders believe Ellison, who was spotted sitting with Trump at a UFC event in April, will aim to eliminate the perceived liberal slant at CBS News. He has committed to installing an ombudsman at CBS News and eliminating diversity, equity, and inclusion (DEI) initiatives at Paramount, a Skydance Corporation.

“I write to confirm the elimination of diversity, equity, and inclusion (DEI) initiatives that were in place at Paramount and to confirm our commitments moving forward,” Skydance general counsel Stephanie Kyoko McKinnon wrote last month in a letter to Carr.

LONGTIME ’60 MINUTES’ CORRESPONDENT STEVE KROFT, JON STEWART BASH CBS’ TRUMP SETTLEMENT AS ‘SHAKEDOWN’

“Skydance, for its part, does not have DEI programs in place today and will not establish such initiatives,” McKinnon continued. “The company is committed to ensuring that its storytelling reflects the many audiences and communities it serves in a manner that complies with non-discrimination requirements and other applicable laws.”

The Skydance executive noted the Trump administration’s efforts to eliminate DEI initiatives and detailed that Paramount already “eliminated or modified DEI programs across the company to ensure that they are consistent with the company’s commitment to equal opportunity and governing law” before summarizing the changes. 

The company has said the close of the transaction “positions Paramount to forge a new path forward in the entertainment industry, combining its extensive creative library and global distribution network with Skydance’s production expertise and industry-leading technological capabilities.”

Fox News Digital’s Joseph A. Wulfsohn contributed to this report.