Paramount bidder Skydance plays patriotism card in push for deal OK
David Ellison, Skydance's CEO, met with Federal Communications Chairman Brendan Carr to seek approval for his firm's long-in-the-making merger with Paramount, according to a letter from a Skydance lawyer included in a federal filing. The transaction has roiled Paramount subsidiary CBS News and its longtime crown jewel, '60 Minutes,' amid fights over its editorial independence. Ellison is the son of tech billionaire Larry Ellison, a major supporter of President Donald Trump.
David Ellison and Skydance's general counsel said they expressed their commitment to embracing 'diverse viewpoints' that will reflect 'the varied ideological perspectives of American viewers,' according to the filing. They also also addressed concerns about potential Chinese influence, saying that China-based tech giant Tencent, which holds a stake in Skydance, will own only a non-voting, passive interest in any new version of Paramount of less than 5%.
Paramount, which also owns Comedy Central and its namesake movie studio, among other major media entities, declined to comment.
Since Skydance announced its intention to merge with Paramount in an $8 billion transaction a year ago, the deal has faced multiple delays — first under the outgoing Biden administration, then under Trump. The president accused CBS News' marquee program, '60 Minutes,' of distorting an interview with Democratic opponent Kamala Harris during the 2024 election and subsequently filed a lawsuit. While many legal experts viewed the suit as frivolous, media reports said Paramount boss Shari Redstone favored exploring a settlement with Trump as a way to overcome further regulatory hurdles. The settlement, for $16 million, was announced earlier this month.
The settlement, and the negotiations leading up to it, rankled several high-profile members of CBS. '60 Minutes' correspondent Scott Pelley said in June that such an agreement would be 'very damaging' to CBS and Paramount. In April, longtime '60 Minutes' editor Bill Owens stepped down, citing the program's loss of editorial independence. CBS News boss Wendy McMahon quit a month later.
On Monday's episode of 'The Late Show,' host Stephen Colbert, a frequent Trump critic, blasted the agreement as a 'big fat bribe.'
On Thursday, CBS said it would cancel the 32-year-old late night franchise, effective in May, for financial reasons. Trump cheered the announcement Friday on Truth Social, his social media site, saying that he 'absolutely loves' the decision.
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