Paramount Suitor Meets With FCC Chairman, Seeking OK for Deal
The transaction has 'significant public interest benefits,' according to a letter to the FCC signed by Skydance attorney Matthew Brill recapping the meeting. Ellison, the son of Oracle Corp. co-founder Larry Ellison, his family and RedBird Capital Partners, 'represent fresh leadership with the vision and experience' needed to drive the new company's long-term growth 'in a changing media landscape,' according to the letter that was made public on Friday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
6 hours ago
- Business Insider
FCC clears Skydance-Paramount merger
The U.S. Federal Communications Commission has approved the merger between Skydance Media and Paramount (PARAA) (PARA) Global. Commissioner Olivia Trusty said, 'I support today's approval of the Paramount Global and Skydance Media merger. This transaction reflects the free market at work, where private investment, not government intervention, is preserving an iconic American media institution. During its review of the transaction, the Commission determined the merger was lawful and would serve the public interest. This deal brings fresh leadership, new capital, and a clear plan to compete with dominant tech platforms. Skydance's commitment to creative excellence and operational discipline offers New Paramount a real path forward in today's challenging media environment. This is a win for American jobs, American storytelling, and the principle that markets, not Washington, should decide the future of our industries. I want to thank Chairman Carr for his leadership in bringing the merger to a full Commission vote. His commitment to transparency and process has ensured that this matter received the thorough consideration it deserves.' Elevate Your Investing Strategy:
UPI
6 hours ago
- UPI
FCC approves Skydance-Paramount $8B merger
1 of 3 | The Federal Communications Commission on Thursday announced it had approved Skydance's acquisition of Paramount Global. Photo by John Angelillo/UPI | License Photo July 24 (UPI) -- The Federal Communications Commission on Thursday announced its approval of Skydance's $8 billion acquisition of Paramount Global, ending months of uncertainty surrounding the deal but inflaming allegations of corruption directed at the Trump administration. The FCC voted 2-1 in favor of Skydance's acquisition of Paramount and all of its subsidiaries, including Paramount Pictures, CBS television, Comedy Central and Nickelodeon. Among the commitments Skydance made to the Trump administration was ensuring it will include news and entertainment programming that "will embody a diversity of viewpoints across the political and ideological spectrum" and that CBS News' reporting "will be fair, unbiased and fact-based," according to the FCC. Skydance has also pledged that it will not establish any diversity, equity and inclusion policies -- ideology that seeks to create inclusive environments that the Trump administration has been seeking to remove from both public and private sectors on allegations of discrimination. FCC Chairman Brendan Carr described the merger as a change that will instill public trust in media. "It is time for a change," he said in a statement. "That is why I welcome Skydance's commitment to make significant changes at the once storied CBS broadcast network." Though the FCC said Skydance does not have any DEI programs, Carr said the agreement "marks another step forward in the FCC's efforts to eliminate invidious forms of DEI discrimination." Skydance announced the deal in July of last year, but the merger has stalled amid frictions with the Trump administration, as President Donald Trump has sparred with CBS News. Trump sued CBS News while campaigning for re-election in October for $10 billion in a lawsuit many saw as one he wouldn't win over editing of a 60 Minutes interview with his political opponent, Democrat Kamala Harris. He then upped the amount in damages to $20 billion after winning re-election. Earlier this month, Paramount Global reached a $16 million settlement with Trump that Democrats and critics of the Trump administration are calling a bribe and an affront to free speech -- accusations that only intensified after Trump earlier this week said Skydance has pledged $20 million more in advertising, PSAs and "other Similar Programming, for a total $36 MillIon Dollars." Paramount Global told UPI that the $16 million, minus fees and costs, will be allocated to Trump's future presidential library. FCC Commissioner Anna Gomez, the only Democrat of the three commissioners and the only one not appointed by Trump, dissented to the merger, and described Paramount's settlement as "cowardly capitulation" and accused the FCC of losing its independence. In her strongly worded dissent, Gomez warned that this merger will not be the last time the Trump administration threatens the First Amendment. "The Paramount payout and this reckless approval have emboldened those who believe the government can -- and should -- abuse its power to extract financial and ideological concessions, demand favored treatment and secure positive media coverage," she said. "It is a dark chapter in a long and growing record of abuse that threatens press freedom in this country." Democrats were quick to lament their concerns online. "Trump filed a sham lawsuit against CBS, but instead of fighting it CBS' parent company, Paramount, paid Trump $16 million to his future library. So, you got to ask, why did Paramount do that if the suit was quote 'meritless'?" Sen. Elizabeth Warren, D-Mass., said in a video statement published online. "Well, maybe because they needed Trump to approve their multibillion-dollar merger, which Trump just did. The appearance of this wink-wink deal basically let's every other company and every other billionaire know that Trump is open for business, apparently happy to accept offers in exchange for favors." Warren has called for a full investigation into the deal. Sens. Ed Markey, D-Mass, and Ben Ray Lujan, D-N.M., described Thursday as "a dark day for independent journalism" and called the approval of the merger "a stain on the storied history of the Federal Communications Commission. "The FCC's approval of the Paramount-Skydance merger reeks of the worst form of corruption. The timing speaks for itself: Paramount settled with Trump for $36 million on Tuesday and the FCC approved the merger on Wednesday," they said in a joint statement. "The stench of this transaction will linger over the commission for years."
Engadget
6 hours ago
- Engadget
FCC approves Skydance's $8 billion Paramount acquisition
Regulators won't stand in the way of Skydance's Paramount acquisition. The Federal Communications Commission has approved the $8 billion purchase of Paramount Global and its subsidiaries, including the parent company of CBS Network. In a statement, FCC Chairman Brendan Carr said he welcomes "Skydance's commitment to make significant changes at the once storied CBS broadcast network." Skydance, he said, has made written commitments to ensure that its "news and entertainment programming will embody a diversity of viewpoints across the political and ideological spectrum." He also said that Skydance has "committed that it will not establish" DEI programs. "Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a commitments, if implemented, would enable CBS to operate in the public interest and focus on fair, unbiased, and fact-based coverage. Doing so would begin the process of earning back Americans' trust. Today's decision also marks another step forward in the FCC's efforts to eliminate invidious forms of DEI discrimination," part of Carr's statement reads. FCC Commissioner Anna M. Gomez, however, issued a statement saying she cannot support the deal "in light of the payout and other troubling concessions Paramount made to settle a baseless lawsuit." In early July, Paramount agreed to pay $16 million to settle the lawsuit Donald Trump filed over a CBS interview with Kamala Harris during the 2020 presidential campaign. His lawyers accused the network of editing her answers to "confuse, deceive and mislead the public." Legal experts said at the time that Paramount may have settled to ensure that there are no obstacles for the merger's approval. When news about the acquisition first came out, the company said that it plans to rebuild its streaming technology while reducing costs under its new CEO David Ellison. Paramount, after all, invested billions into its streaming service Paramount+, and it had yet to turn a profit. The company said that it was allocating the $16 million to Trump's future presidential library and not paying him "directly or indirectly." "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," Gomez said in her statement. "Once again, the agency is undermining legitimate efforts to combat discrimination and expand opportunity by overstepping its authority and intervening in employment matters reserved for other government entities with proper jurisdiction on these issues. 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." She added: "The Paramount payout and this reckless approval have emboldened those who believe the government can — and should — abuse its power to extract financial and ideological concessions, demand favored treatment, and secure positive media coverage. It is a dark chapter in a long and growing record of abuse that threatens press freedom in this country. But such violations endure only when institutions choose capitulation over courage. It is time for companies, journalists, and citizens alike to stand up and speak out, because unchecked and unquestioned power has no rightful place in America."
