Media merger: CBS owner Paramount to enter $8.4B deal with Skydance, after lawsuit settlement with Trump; new owners commit $20 mn to pro MAGA ads
The merger will hand over control of some of the biggest names in entertainment, CBS, Paramount Pictures, the Paramount+ streaming service, and cable networks like MTV, Nickelodeon, and Comedy Central, to independent studio Skydance, backed by billionaire David Ellison and investment firm RedBird Capital.
'We're going to celebrate now,' a source close to Skydance told The New York Post. 'We're all beat up. Just exhuasted, but it was well worth it.
The next step is to close the deal early by Aug 7.'
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Gold Is Surging in 2025 — Smart Traders Are Already In
IC Markets
Learn More
Undo
The FCC's decision, passed by a 2-1 vote, came just weeks after Paramount paid $16 million to settle a lawsuit filed by Donald Trump over a 2020 '60 Minutes' interview with then-vice president Kamala Harris, which the president claimed was deceptively edited to sway the 2024 election. While CBS denied the allegation, it chose to settle to avoid any delays to the merger.
Crucial to gaining FCC approval were assurances from Ellison, son of Oracle founder Larry Ellison, and RedBird Capital that the new management would ensure unbiased journalism at CBS. The company has promised to appoint an independent ombudsman to oversee complaints related to editorial fairness and transparency, the New York Post reported.
In a move seen as politically charged, Paramount also scrapped its diversity, equity and inclusion (DEI) initiatives to align with the Trump administration's stance, which argues such policies amount to discrimination.
'Americans no longer trust the legacy national news media to report fully, accurately, and fairly,' said FCC Chair Brendan Carr, a Trump appointee.
"It is time for a change. That is why I welcome Skydance's commitment to make significant changes at the once storied CBS broadcast network."
Dissenting FCC Commissioner Anna Gomez, the sole Democratic vote against the deal, condemned the decision, saying, 'After months of cowardly capitulation to this administration, Paramount finally got what it wanted.'
As part of the deal, Shari Redstone, the controlling shareholder of Paramount Global, will receive $1.75 billion in cash and step down from the company's board. Her departure marks the end of the Redstone family's direct influence over the media empire her father, Sumner Redstone, built.
Skydance, known for producing hits like Top Gun: Maverick and Mission: Impossible – The Final Reckoning, will merge with Paramount to form 'Paramount Skydance Corp.'
The newly formed company will remain publicly traded but under the control of the Ellison family. David Ellison will serve as chairman and CEO, while former NBCUniversal boss Jeff Shell will become president.
The FCC also approved the transfer of 28 CBS-owned TV station licences to the new company. This came shortly after CBS abruptly cancelled The Late Show with Stephen Colbert, citing financial reasons. The programme, despite strong ratings, was reportedly losing $40 million a year.
Trump, who originally sued Paramount for $20 billion, claimed this week that the real settlement was closer to $36 million. The new owners committed $20 million to run pro-MAGA public service ads.
The merger marks a dramatic turning point for Paramount, which has struggled in recent years with declining revenues and the challenges of streaming-era disruption. Redstone had initially reunited CBS and Viacom in 2019 in a bid to strengthen the company's competitive footing, but the rapidly changing media landscape proved difficult to navigate.
With the deal now approved, all eyes will be on Ellison and Skydance as they take the reins of one of America's most iconic media brands.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
16 minutes ago
- Indian Express
Jay Leno on steering clear of politics on The Tonight Show: ‘Don't think anybody wants to hear lecture'
Jay Leno revisited his two-decade tenure on The Tonight Show in a candid conversation with David Trulio, President & CEO of the Reagan Foundation, explaining why he consistently avoided political humour. 'I like to think that people come to a comedy show to kind of get away from the things, the pressures of life, whatever it might be,' Leno said, adding, 'I love political humour, don't get me wrong, but what happens is people wind up cozying too much to one side or the other.' Leno was known for walking a fine line between humour and neutrality during his run from 1992 to 2009 (and again briefly from 2010 to 2014). He told Trulio that his strategy was simple: appeal to everyone. 'Why shoot for just half an audience? Why not try to get the whole?' 'I don't understand why you would alienate one particular group,' he said. 'Or just don't do it at all. I'm not saying you have to throw your support or whatever, but just do what's funny.' According to Fox News, Leno recalled receiving conflicting hate mail over the same jokes, with one viewer accusing him of siding with Republicans, and another calling him a Democratic sympathiser. 'And I go, 'Well, that's good.' That's how you get a whole audience,' he said. Leno's philosophy on comedy is simple. 'Funny is funny,' he told Trulio. 'I don't think anybody wants to hear a lecture.' He drew a contrast with the current political climate in comedy, where many late-night hosts have embraced explicit political opinions. 'Now you have to be content with half the audience because you have to give your opinion,' Leno noted. He pointed to his long friendship with fellow comedian Rodney Dangerfield as a model for apolitical comedy. 'I knew Rodney 40 years,' Leno said. 'I have no idea if he was Democrat or Republican. We never discussed, we just discussed jokes.' The interview comes just before CBS announced the cancellation of The Late Show with Stephen Colbert. As reported by CNN and Fox News, the network cited financial constraints, but the decision drew speculation about political motives, given Colbert's consistent criticism of Donald Trump. Weeks before the announcement, CBS and its parent company Paramount paid Trump $16 million in a settlement related to a 60 Minutes segment. Colbert had openly criticised the deal, calling it a 'big fat bribe' on-air. The show is now set to end in May 2026. (With inputs from CNN, Fox News)
&w=3840&q=100)
First Post
an hour ago
- First Post
Phone jammers, masked guards: Why Zohran Mamdani's lavish Uganda wedding bash is receiving flak
New York City mayoral candidate Zohran Mamdani, a Democratic socialist, is facing backlash over his three-day wedding celebrations with artist Rama Duwaji at his family's lavish compound in Uganda last week. As per reports, the property had tight security, with around nine masked guards watching one gate. The Indian-origin politician's festivities, however, have sparked anger. Here's why read more New York mayoral candidate, State Rep. Zohran Mamdani (D-NY) kisses the hand of his wife Rama Duwaji as they celebrate during an election night gathering at The Greats of Craft LIC on June 24, 2025 in the Long Island City neighborhood of the Queens borough in New York City on June 24. File Photo/AFP New York City mayoral candidate Zohran Mamdani has been in the limelight since besting Andrew Cuomo to win the Democratic nomination to run the city last month. The Indian-origin socialist's shocking victory has brought him to the centre stage of US politics. Besides his views, Mamdani has also been making headlines for his personal life. The 33-year-old, who married artist and animator Rama Duwaji in February, reportedly held a lavish three-day celebration to celebrate his wedding at his family's luxurious estate in Uganda last week. STORY CONTINUES BELOW THIS AD The festivities, however, have sparked controversy. Here's why. Mamdani's wedding bash in Uganda Zohran Mamdani, the son of Indian filmmaker Mira Nair and renowned Ugandan academic Mahmood Mamdani, celebrated his wedding with Rama Duwaji, 27, at a lavish compound owned by his family in Uganda, as per a New York Post report. The private compound is located in the posh Buziga Hill area outside the capital city of Kampala. The neighbourhood is home to some of Uganda's richest, including billionaire businessman Godfrey Kirumira. Mamdani was born in Uganda and spent the first few years of his life there before moving to the US at the age of seven. The Queens politician returned to his birthplace to mark his love for his wife. Duwaji and Mamdani, who met on the dating app Hinge, had eloped in February. The couple hosted wedding celebrations at the compound guarded by masked security guards, with guests partying until midnight last week, reported New York Post. Mamdani's family home is secluded and spread over two acres of lush gardens, surrounded by trees, with at least three security gates. STORY CONTINUES BELOW THIS AD A witness told The Post that the security was so tight that one gate was being watched by around nine guards. 'Outside the Mamdani house were more than 20 special forces command unit guards, some in masks, and there was a phone-jamming system set up — and all for the strictly invite-only Mamdani event,' the witness added. Guests were served fruit juices and they danced to music from a local DJ last Thursday (July 24). As per a witness, Mamdani is believed to have addressed guests later that night, with the party ending after midnight. 'Then on Friday, inside the compound, there were military style tents being taken down when the party had finished,' they added. 'Then what looked like Mamdani personal security guards took over at the gates.' Mamdani had previously confirmed his trip to Uganda on his Instagram, saying he would stay there until the end of the month. Why Mamdani's wedding bash is facing flak Zohran Mamdani, who says he wants to raise taxes on the top one per cent of New Yorkers, is facing backlash over his reported extravagant wedding festivities. Andrew Cuomo, who is still in the NYC mayoral race as an independent, took a potshot at his rival. In a poll on X, he asked his followers to vote on whether Mamdani's three-day wedding was 'champagne socialism' or 'trust fund socialism.' STORY CONTINUES BELOW THIS AD Correct term? — Andrew Cuomo (@andrewcuomo) July 27, 2025 Some locals found the wedding bash 'insensitive' as Uganda was in mourning for former Ugandan Supreme Court Judge George Kanyeihamba, who lived just three minutes from Mamdanis' house. Ugandan President Yoweri Museveni visited Kanyeihamba's residence to pay his last respects and 'the street was blocked by the president's cars,' a local was quoted as saying. 'Because of the culture here, it was insensitive to have a wedding celebration in the same week as mourning – or 'Okukungubaga' – as it's called here,' another told The Post. 'He has not even been buried, and we have his friends coming to give last words and to mourn before the burial next week, yet Mamdani is celebrating his wedding for three days,' the source added. STORY CONTINUES BELOW THIS AD As reports of Mamdani's lavish wedding celebrations surfaced, X users also took a jibe at the socialist candidate. One posted, 'Zohran Mamdani wants to ban all guns and defund the police, then flies to Uganda for his wedding, guarded by masked special forces at his family's multimillion-dollar compound. Socialism for thee, not for me.' Another user mocked him as 'man of the people'. 'Zohran Mamdani: Nothing says American like getting married on your family's luxury Uganda compound. A man of the people,' they wrote. 'Mamdani clearly doesn't see the irony—his wealth and lavish lifestyle, including that Uganda wedding bash with armed guards, stem directly from capitalism. As a self-proclaimed Democratic Socialist, he thrives while pushing policies like defunding the NYPD and rent freezes that could financially ruin everyone else,' another tweeted. With inputs from agencies
News18
an hour ago
- News18
‘America Is Crumbling': Man Bats For Diversifying Life Abroad In Viral Video
Last Updated: The man expressed his concern over the way things are unfolding in the US and advised others to start preparing for an uncertain future. A video shared by an American man named Adam is gaining widespread attention for its strong message about the state of the US. In the video, Adam shared his concerns about what he believes is a visible decline in the country and advises others to start preparing for an uncertain future. In the clip posted on Instagram, Adam is seen delivering his message with a text overlay that reads: 'America is crumbling before our eyes. You need to diversify: Remote income, Second residency, New passport and International banking." A Cautionary Message Alongside the video, Adam also wrote a detailed caption. He expressed his concern over the way things are unfolding in the country and shared why he believes it is important to act now. 'The USA seems to be falling apart. You need to diversify your life instead of depending on America for everything. There are poor countries today that were great just 100 years ago. You'd be naive to think that it could never happen to the US. You need to diversify your life to protect yourself and your family. You're in the right place." Here Is How Internet Reacted The video has triggered strong reactions across social media. Some users agreed with Adam's views while others shared their own perspectives on the current situation in US. One user commented, 'India gets 130 billion dollars every year from US by Indians working." Another person added, 'I don't think people realize that the damage has been done. Even if everything in the US somehow went 'back to normal' tomorrow, the trust has been lost. Nobody is going to trust that it doesn't happen all over again in the next election cycle." The comment section also featured some sarcasm and humour. 'MAGA thinks everything is great," someone wrote while a person added, 'You forgot international wifey bro." More People Are Speaking Up What Adam shared is not a standalone concern. A recent Guardian report shows that more people across US are beginning to voice similar anxieties about their future. In a poll conducted by The Guardian, six in ten Americans said the economy had disrupted at least one major life goal whether that is owning a home, starting a family or simply feeling secure. Martha Knight, a resident of Louisville, Kentucky, shared that the idea of having kids is now deeply tied to financial concerns. Soaring housing prices in the city have made homeownership feel impossible. For Danielle, a 35-year-old based in Austin, Texas, the uncertainty has shaped her choices. 'I love the community I built here, but as a queer person, I've been hesitant to buy a home and even have kids due to rigid abortion bans and economic instability," she told The Guardian. The country she once felt secure in now feels unfamiliar, calling 'The American Dream is a farce." view comments Location : Delhi, India, India First Published: July 28, 2025, 13:55 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
