FCC Gives Final Approval For Skydance-Paramount $8B Deal

The FCC has granted approval for Skydance Entertainment’s high-profile merger with Paramount Global, valued at over $8 billion, paving the way for the deal’s closure in August.

The decision marks the culmination of a multiyear negotiation process fraught with twists and turns, likened by industry observers to a dramatic soap opera. The merger unites Skydance, a prominent movie and television production company, with Paramount Global, the parent company of Paramount Pictures, the CBS television network, and a portfolio of well-known cable channels including MTV, Nickelodeon, and Comedy Central.

The merger is a strategic response to the entertainment industry’s need to consolidate in order to compete with tech giants like Apple, Amazon, and Netflix, which have increasingly dominated the market with their own studios and streaming platforms. 

By combining Skydance’s production expertise with Paramount’s extensive media assets, the deal aims to create a more formidable player in the rapidly evolving media landscape.

As part of the FCC’s approval process, Skydance CEO David Ellison made significant commitments to address concerns raised by FCC Chairman Brendan Carr. In a letter filed with the agency, Ellison pledged that CBS News, a cornerstone of Paramount’s portfolio, would adhere to principles of unbiased journalism. Specifically, he assured that the network’s editorial decision-making would reflect the diverse ideological perspectives of American viewers. To reinforce this commitment, Skydance announced the creation of an ombudsman position at CBS News, tasked with investigating complaints of bias or other editorial concerns.

Additionally, Skydance confirmed to Carr that all diversity, equity, and inclusion (DEI) initiatives at Paramount Global have been discontinued, and the merged company will not implement such programs moving forward. Carr, who has prioritized eliminating DEI practices in media and telecom industries, praised Skydance’s commitments, stating, “Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change. That is why I welcome Skydance’s commitment to make significant changes at the once-storied CBS broadcast network.”

The merger’s approval comes amid recent controversies involving CBS. Earlier in July 2025, Paramount Global agreed to pay $16 million to settle a lawsuit filed by President Donald Trump, who alleged that CBS’s “60 Minutes” program deceptively edited an interview with Democratic presidential candidate Kamala Harris to present her more favorably. CBS denied any wrongdoing or manipulation of the interview. Additionally, Trump claimed on Truth Social that Skydance Media would provide $20 million in advertising and public service ad commitments, though Skydance has not publicly confirmed these remarks.In a separate development, CBS announced last week that it would cancel “The Late Show with Stephen Colbert” after the host’s contract expires in 2026, citing financial reasons. 

Jeff Shell

Following the merger’s closure, Skydance is expected to swiftly implement its leadership structure.

Former NBCUniversal and Fox executive Jeff Shell will assume the role of president of the combined company, while Cindy Holland, a respected former Netflix programming executive, is slated to oversee the streaming business. George Cheeks, a current co-CEO of Paramount Global and head of CBS, is expected to remain with the new entity, while Brian Robbins, another co-CEO and head of Paramount’s movie operations, is likely to depart.

The FCC’s review was required due to CBS’s ownership of nearly 30 broadcast television stations, necessitating agency approval for any change in control.