FCC clears Paramount, Skydance merger
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The Federal Communications Commission has approved the $8 billion merger of Paramount Global and Skydance Media, claiming âsignificant changes,â are coming to the CBS owner.
With the FCC having cleared the Skydance Media-Paramount merger and the deal set to close in a matter of weeks, Paramount Global co-CEO Chris McCarthy will leave the media conglomerate, a company source confirmed to Variety.
The cable business has cratered. The news division is in turmoil. A.I. is coming for movies. And those are just the obvious challenges.
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Shares of Paramount are set to open higher Friday after long-awaited FCC approval for its merger erased a big question mark hovering over the company's future, but amid ongoing uncertainty about its strategic plans under Skydance Media.
Hours after announcing the approval of Skydanceâs merger with Paramount, FCC Chairman Brendan Carr touted the companyâs commitment to âaddressing bias & restoring fact-based reportingâ at CBS News, among other things.
Upon the dealâs closing, Skydance and its financial partners are set inject $1.5 billion in cash into Paramount. However, thatâs intended to go toward reducing Paramountâs long-term debt ($14.16 billion as of Q1 of 2025) to help stabilize its balance sheet.