Paramount will maintain its traditional slate of NFL games each weekend, alongside rights to Big 10 and revived Pac-12 college football and basketball, as well as March Madness for both men’s and women’s college basketball. However, its focus may be divided following its merger with Skydance Entertainment, finalized on August 7, 2025, backed by Oracle founder Larry Ellison’s billions and RedBird Capital’s Gerry Cardinale.
On CNBC, Skydance’s David Ellison revealed that the NFL holds a minority stake in Paramount via an existing Skydance Sports agreement. Despite an opt-out clause in the NFL’s CBS contract triggered by a change in control, Ellison expressed confidence, stating, “It’s not something we’re worried about. We’re both committed to being partners.”
Ongoing negotiations with the NFL include a “look-in” provision in the league’s current media rights deal, allowing either party to opt out in 2029. Given the NFL’s enduring draw for traditional broadcast and cable audiences, the league is more likely to drop underperforming partners than vice versa.
Ellison emphasized Paramount’s long-term commitment, saying, “We believe we’ll be in business with the NFL for the foreseeable future.”
Addressing the merger’s $2 billion in promised “synergies,” he rejected cost-cutting as a growth strategy, noting, “You can’t cut to grow. We’ve seen that doesn’t work.” Instead, Paramount plans to invest heavily in studios, streaming, and sports to drive expansion.