Approval granted for substantial merger of American media giants
The United States Federal Communications Commission (FCC) has given its approval to the $8 billion merger between Paramount Global and Skydance Media, paving the way for the creation of the Paramount Skydance Corporation. The new entity, valued at approximately $28 billion, is expected to close in the coming weeks, subject to final shareholder approvals [1][2][3].
The deal, announced in July 2024, follows a series of exploratory talks and negotiations between Paramount's parent company, National Amusements, and several major media companies. The eventual agreement with Skydance was the culmination of these discussions [1].
Leadership Changes
The merged company will be led by Skydance CEO David Ellison as chairman and CEO, with Jeff Shell as president [1]. Shari Redstone, who chairs Paramount and whose family company National Amusements controls the firm, will step down from the board after the merger.
Implications and Controversies
The merger is set to cause significant upheaval at Paramount’s major divisions, including CBS and Paramount Pictures. Cost-cutting measures promise around $2 billion in savings, likely driving layoffs and restructuring [2].
Industry observers suggest this will likely be "the most dramatic change" for Paramount/CBS in its history [2]. However, Paramount+ growth and content assets, including NFL programming and original hits, remain key assets in the company’s streaming strategy post-merger [2].
While some Hollywood creatives opposed earlier potential mergers due to fears of reduced content diversity and fewer opportunities for writers and producers, others like Jane Fonda, John Krasinski, and Mark Wahlberg publicly supported the Skydance merger, viewing it as beneficial for the industry [1].
Political Interference and Stephen Colbert's Show
The FCC approved the merger in a 2-1 vote, with Commissioner Anna Gomez dissenting. In her dissenting remarks, Gomez expressed concerns about the potential for regulatory coercion in the merger approval.
However, there is no direct information in the available sources about political interference or the cancellation of Stephen Colbert's show in relation to this merger. The media landscape has been affected by "a White House unafraid to use its muscle to silence critics," hinting at some political pressures in the industry broadly, but no specific allegations or ties to this merger are documented [2].
No mention is made of Stephen Colbert or any cancellation of his show connected to the merger in the search results. Further sources would be necessary for confirmation or clarification on these matters.
Diversity and Inclusion
Skydance has made written assurances that programming under the new company will reflect a diversity of viewpoints across the political and ideological spectrum. However, Skydance has no diversity, equity, and inclusion (DEI) programs in place and has committed not to implement any such initiatives in the merged entity [1].
Skydance has pledged to appoint an impartial third party to assess and report complaints of bias directly to the new corporate president.
[1] Variety. (2024, July 23). Elizabeth Warren Questions Paramount-Skydance Merger Timing. Retrieved from https://variety.com/2024/biz/news/elizabeth-warren-questions-paramount-skydance-merger-timing-1235018058/
[2] The New York Times. (2025, July 24). FCC Approves Paramount-Skydance Merger. Retrieved from https://www.nytimes.com/2025/07/24/business/media/fcc-paramount-skydance-merger.html
[3] The Wall Street Journal. (2025, July 24). FCC Approves Paramount-Skydance Merger. Retrieved from https://www.wsj.com/articles/fcc-approves-paramount-skydance-merger-11630304801
- The merger between Paramount Global and Skydance Media, which is valued at approximately $28 billion, is expected to have a significant impact on the entertainment industry, particularly in the realm of movies and TV, as the new entity, Paramount Skydance Corporation, could potentially offer more diverse content while implementing cost-cutting measures.
- This deal, which will see Skydance CEO David Ellison serve as chairman and CEO, while Jeff Shell takes on the role of president, could also lead to further changes in the finance and business sectors, as the combined company is predicted to generate significant savings through restructuring.
