The US Federal Communications Commission (FCC) has authorized Paramount Global and Skydance Media’s merger for $8 billion (£5.9 billion). The merger between the independent film studio with one of Hollywood’s oldest and most prestigious corporations was initially reported in 2024.
The permission comes just weeks after Paramount Global agreed to pay $16 million (£13.5 million) to resolve a legal dispute with US President Donald Trump over an interview with former Vice President Kamala Harris, which was carried on subsidiary CBS. The compensation did not contain an apology or an expression of sorrow. FCC Chairman Brendan Carr, who was chosen by the president, confirmed the merger’s approval on Thursday, saying he appreciated Skydance’s proposals to make “significant changes” at CBS.
The two firms stated on Friday that they anticipated the merger to be finalized by August 7. The FCC agreed to transfer broadcast licenses for 28 CBS television stations that were previously owned and operated. Americans no longer trust the legacy national news media to report fully, accurately, and fairly,” Mr. Carr claimed. “It is time for a change.”
Mr Carr stated that Skydance had made pledges to the agency, including a “commitment to unbiased journalism” in which the amalgamated firm would appoint an ombudsman to investigate claims of bias.
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