Skydance seals $8 billion merger with Paramount after lawsuit deal
'Today marks an exciting and pivotal moment as we prepare to bring Paramount's legacy as a Hollywood institution into the future of entertainment,'Ellison said. 'We aim to honour exceptional storytelling while modernising how we make and deliver content.'According to AP, the merger was approved just two weeks after securing regulatory clearance from the Trump administration. Paramount agreed to pay a $16 million legal settlement to President Donald Trump after a 2024 60 Minutes interview with then-Vice President Kamala Harris, a move that drew accusations of political appeasement.The controversy deepened after CBS abruptly cancelled The Late Show with Stephen Colbert, shortly after Colbert criticised the settlement on-air. While Paramount cited financial constraints, critics questioned the timing.SKYDANCE COMMITS TO OVERHAUL To gain favour with regulators, Skydance pledged oversight reforms, including the appointment of an ombudsman to handle complaints of bias at CBS News. The company also stated its commitment to hosting diverse viewpoints. However, it confirmed it would eliminate Paramount's existing Diversity, Equity, and Inclusion (DEI) programs, citing recent federal mandates and the 2023 Supreme Court ruling on affirmative action.The merger received a 2-1 vote from the Federal Communications Commission (FCC) on July 24. While FCC Chairman Brendan Carr hailed it as a way to restore balance in national media, Commissioner Anna Gomez strongly opposed the decision, calling it a threat to press freedom and a capitulation to political pressure.With Ellison at the helm, all eyes will now be on how the Paramount will be handling the challenges in streaming, news, and late-night programming, especially as it focuses on transforming into a next-generation tech-and-media hybrid.- EndsWith inputs from Associated Press
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