Trump's FCC approves $8 billion Paramount merger with Skydance after CBS cancels Colbert
The merger clears the way for an $8.4 billion sale of some of the most prominent names in entertainment, including the CBS broadcast television network, Paramount Pictures, and the Nickelodeon cable channel.
The agreement comes after Paramount paid $16 million to settle a lawsuit filed by Trump over a '60 Minutes' interview with former Vice President Kamala Harris that aired in October.
FCC Chairman Brendan Carr has said the agency's review of the proposed merger was not connected to the lawsuit.
But it is also just days after Paramount wielded the axe against Colbert, sparking uproar within the entertainment industry and questions over whether Trump was involved in the decision.
Last Thursday, CBS announced that the comedian's decade-long run as the host of CBS' late night flagship will end next May.
The cancellation was revealed two days after Colbert used the term 'big fat bribe' to describe Paramount's $16million settlement with President Trump.
Colbert gained a reputation as one of Trump's fiercest critics, departing from the traditional late-night in favor of a more overtly partisan approach.
Following the announcement of The Late Show's cancellation, Trump took to Truth Social on Friday to gloat over the news in a celebratory post.
'I absolutely love that Colbert got fired. His talent was even less than his ratings,' he wrote.
Approval for the merger came after Skydance and its investment partner, RedBird Capital, assured the FCC of their commitment to unbiased journalism that represents diverse viewpoints.
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.
Paramount also eliminated its diversity, equity, and inclusion initiatives to align with the new administration's view that such affirmative action policies are discriminatory.
Carr said he welcomed 'Skydance's commitment to make significant changes at the once storied CBS broadcast network.
'In particular, Skydance has made written commitments to ensure that the new company's programming embodies a diversity of viewpoints from across the political and ideological spectrum.'
Carr also hailed what he called a victory in 'the FCC's efforts to eliminate invidious forms of DEI discrimination.'
The FCC voted 2-1 to approve the deal, with Democratic FCC Commissioner Anna Gomez dissenting.
'After months of cowardly capitulation to this Administration, Paramount finally got what it wanted. Unfortunately, it is the American public who will ultimately pay the price for its actions,' she said.
She added 'in an unprecedented move, this once-independent FCC used its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom.
'Even more alarming, it is now imposing never-before-seen controls over newsroom decisions and editorial judgment, in direct violation of the First Amendment and the law.'
Skydance CEO David Ellison, son of Oracle co-founder Larry Ellison, is poised to become chairman and chief executive of the new Paramount.
Jeff Shell, former chief executive of Comcast's NBCUniversal, will be its new president.
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