
A merger between Paramount Global and Skydance Media has been formally approved by the Federal Communications Commission, following months of uncertainty and skepticism.
The $8.4 billion deal was formally approved by the Trump administration Thursday, after FCC commissioners voted 2-1 along party lines, meaning that Skydance will take control of Paramount in the coming weeks.
In a statement accompanying the deal’s approval, Trump-appointed FCC Chairman Brendan Carr hailed the merger as an opportunity to bring more balance to the “once-storied” CBS network.
“Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change,” Carr said.
It comes after a period of turmoil revolving around President Donald Trump’s legal battle with “60 Minutes,” the crown jewel of Paramount-owned broadcast network CBS.
Paramount earlier this month agreed to pay a $16 million settlement with Trump, following fears the president would block the long and hard-fought deal with Skydance.
Critics described the settlement as a thinly-veiled “bribe” to appease Trump, amid rising concerns over the state of editorial independence in the U.S. news media.
Further outrage also emerged after CBS said it was canceling Stephen Colbert’s “Late Show” just days after the comedian sharply criticized the parent company’s settlement on air. Paramount cited financial reasons for the show’s cancelation, but big names both within and outside the company have questioned those motives.
Earlier this week Skydance reassured the Trump administration that it would eliminate diversity, equity and inclusion policies and hire an ombudsman to review “complaints of bias” at CBS News once the merger has been completed.
In letters to Carr, Skydance’s general counsel Kyoko McKinnon noted that while Skydance “does not have DEI programs in place today,” the company confirmed that the New Paramount would not establish any similar practices in the future.
Carr also gloated Tuesday morning over the abrupt cancellation of Stephen Colbert’s late-night CBS show – which was announced last week.
“The partisan left’s ritualist wailing and gnashing of teeth over Colbert is quite revealing,” he said. “They’re acting like they’re losing a loyal DNC spokesperson that was entitled to an exemption from the laws of economics.”
Carr’s post came the morning after Colbert fired back at Trump directly for celebrating that he “got fired,” telling the president to “go f*** yourself” during a ‘Late Night’ monologue that also saw him promise that “the gloves would be off” over his final 10 months on air. The show is expected to continue through May 2026.
With additional reporting from Justin Baragona.