US regulators approve $8.4bn Paramount-Skydance merger
The FCC agreed to transfer broadcast licenses for 28 owned-and-operated CBS television stations to the new owners after Paramount paid $16m to settle a lawsuit filed by Donald Trump over a 60 Minutes interview with former vice-president Kamala Harris that aired in October.
The Federal Communications Commission chair, Brendan Carr, has said the agency's review of the proposed merger was not connected to the civil suit. Carr was hand-picked by Donald Trump to lead the FCC.
Paramount Global, which owns CBS, came under fire last week after the company decided to cancel The Late Show with Stephen Colbert, just a few days after its host criticized Paramount' for settling with Trump. Colbert called the settlement 'a big, fat bribe'.
In response to news of the merger on Thursday, Massachusetts senator Elizabeth Warren, who has called for an investigation into Paramount's relationship with Trump over the Skydance merger, wrote in a social media post: 'Sure looks like they paid Donald Trump $36 MILLION for this merger. Bribery is illegal no matter who is president.'
Skydance is owned by David Ellison, the son of a close Trump ally, tech billionaire and second richest man in the world Larry Ellison.
'Americans no longer trust the legacy national news media to report fully, accurately, and fairly,' said Carr in a statement announcing the FCC's approval. '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.'
The merger came after Skydance and its investment partner, RedBird Capital, assured the FCC of their commitment to unbiased journalism that represents diverse viewpoints.
But that committment to diversity appears to privilege conservative viewpoints. According to Carr, Skydance 'has made written commitments' promising its news network will address conservative grievances and stop all efforts to promote diversity, equity and inclusion.
Skydance said it would appoint an ombudsman to evaluate complaints of editorial bias or other concerns about CBS in an effort to promote transparency and increased accountability.
The sole Democrat on the three-person FCC committee, commissioner Anna Gomez, called the merger a 'deal' that was 'linked' to Paramount's $16m settlement with the Trump administration. She also decried the decision as a move that would 'erode press freedom' by 'imposing never-before-seen controls over newsroom decisions and editorial judgment'.
In his statement announcing the merger, Carr added: 'Approving this transaction will unleash the investment of $1.5 billion into Paramount, bolstering all aspects of its operations, including broadcast.'
That is precisely the same amount Paramount agreed to pay the creators of South Park earlier this week for global streaming rights over the next five years.
The first episode of the satirical animated series, broadcast on Wednesday and now streaming on the Paramount+ app, mocked Trump as a whiny, would-be autocrat with small genitalia in bed with Satan. It also featured thinly veiled criticism of the company for settling with Trump and canceling Colbert's show.
The new South Park episode ended by ridiculing reports that its new owners had agreed to give Trump $20m in public service announcements and advertising for free. The episode concluded with a mock public service announcement, ostensibly in favor of Trump, that pictured him naked with a miniature, talking penis. 'Trump, his penis is teeny-tiny', a narrator intones, 'but his love for us is large'.
Robert Mackey contributed to this report
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