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Economic Times
4 days ago
- Business
- Economic Times
Trump lawsuit, DEI cuts, ombudsman; what's changing after $8.4 billion Paramount‑Skydance merger
FCC allows Skydance's $8 billion merger with Paramount. CBS and 28 station licences transferred; DEI policies scrapped; newsroom oversight introduced. Synopsis The FCC has approved the $8.4 billion merger between Paramount Global and Skydance Media, transferring CBS station licenses and ending the Redstone family's control. David Ellison will lead the new Paramount, with Skydance promising editorial fairness and appointing an ombudsman. The deal includes ending DEI programs, a move praised by some but criticized by others for press freedom concerns. The US Federal Communications Commission (FCC) has approved an $8.4 billion merger between Paramount Global and Skydance Media, ending months of uncertainty. The decision clears the way for CBS, Nickelodeon, and Paramount Pictures to come under new ownership. ADVERTISEMENT It will be the start of a new family dynasty at Paramount, historically run by the Redstone family. When the deal closes, David Ellison, son of billionaire Larry Ellison, will take control. As part of the approval, the FCC agreed to transfer licences for 28 CBS-owned television stations to Skydance. The move followed a $16 million settlement by Paramount to resolve a lawsuit filed by President Donald Trump over a 2024 "60 Minutes" interview with then-Vice President Kamala Harris. The FCC's approval came despite criticism from within the agency. To secure the green light, Skydance and RedBird Capital promised to maintain journalistic integrity. The company will appoint an ombudsman to review complaints of editorial bias and ensure coverage reflects a range of political and ideological Chairman Brendan Carr praised the move, saying, 'It is time for a change. Skydance's commitment to make significant changes at the once-storied CBS broadcast network is welcomed.' ADVERTISEMENT As part of the agreement, Paramount will end its diversity, equity, and inclusion (DEI) programs. The move aligns with the Trump administration's view that such initiatives are discriminatory. Carr called the decision a step toward ending "invidious forms of DEI discrimination." ADVERTISEMENT Democratic FCC Commissioner Anna Gomez opposed the merger, calling it harmful to press freedom. She criticised the agency for using its power to push Paramount into a legal settlement and accused it of enabling political influence over newsroom decisions.'Even more alarming, it is now imposing never-before-seen controls over editorial judgment, in direct violation of the First Amendment,' she said as quoted by India Today. ADVERTISEMENT David Ellison, CEO of Skydance and son of Oracle co-founder Larry Ellison, is expected to lead the new Paramount. Former NBCUniversal head Jeff Shell will become president. The merger also puts the future of several current Paramount executives in doubt, with reports of upcoming cost cuts. ADVERTISEMENT The deal, first announced in July 2024, faced delays and scrutiny but eventually moved forward after no higher bids emerged. The merger officially ends the Redstone family's decades-long influence over Paramount, once shaped by Sumner Redstone and later led by his daughter, Shari Redstone. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY
Time of India
5 days ago
- Business
- Time of India
Trump lawsuit, DEI cuts, ombudsman; what's changing after $8.4 billion Paramount‑Skydance merger
The US Federal Communications Commission (FCC) has approved an $8.4 billion merger between Paramount Global and Skydance Media, ending months of uncertainty. The decision clears the way for CBS, Nickelodeon, and Paramount Pictures to come under new ownership. It will be the start of a new family dynasty at Paramount, historically run by the Redstone family. When the deal closes, David Ellison, son of billionaire Larry Ellison, will take control. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Data Science Others CXO Healthcare Finance Project Management Artificial Intelligence MCA others Degree Digital Marketing Leadership Data Science Public Policy Operations Management PGDM Management MBA Product Management Data Analytics Technology Design Thinking Cybersecurity Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details As part of the approval, the FCC agreed to transfer licences for 28 CBS-owned television stations to Skydance. The move followed a $16 million settlement by Paramount to resolve a lawsuit filed by President Donald Trump over a 2024 "60 Minutes" interview with then–Vice President Kamala Harris. The FCC's approval came despite criticism from within the agency. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Skydance pledges editorial fairness To secure the green light, Skydance and RedBird Capital promised to maintain journalistic integrity. The company will appoint an ombudsman to review complaints of editorial bias and ensure coverage reflects a range of political and ideological views. Live Events FCC Chairman Brendan Carr praised the move, saying, 'It is time for a change. Skydance's commitment to make significant changes at the once-storied CBS broadcast network is welcomed.' As part of the agreement, Paramount will end its diversity, equity, and inclusion (DEI) programs. The move aligns with the Trump administration's view that such initiatives are discriminatory. Carr called the decision a step toward ending "invidious forms of DEI discrimination." Internal opposition and press freedom concerns Democratic FCC Commissioner Anna Gomez opposed the merger, calling it harmful to press freedom. She criticised the agency for using its power to push Paramount into a legal settlement and accused it of enabling political influence over newsroom decisions. 'Even more alarming, it is now imposing never-before-seen controls over editorial judgment, in direct violation of the First Amendment,' she said as quoted by India Today. Leadership changes David Ellison, CEO of Skydance and son of Oracle co-founder Larry Ellison, is expected to lead the new Paramount. Former NBCUniversal head Jeff Shell will become president. The merger also puts the future of several current Paramount executives in doubt, with reports of upcoming cost cuts. The deal, first announced in July 2024, faced delays and scrutiny but eventually moved forward after no higher bids emerged. The merger officially ends the Redstone family's decades-long influence over Paramount, once shaped by Sumner Redstone and later led by his daughter, Shari Redstone.
Yahoo
5 days ago
- Business
- Yahoo
FCC Approves Paramount-Skydance Deal After Skydance's CBS Ombudsman, Anti-DEI Pledges
The FCC has granted approvals necessary to clear the way for the $8 billion merger of Paramount Global and David Ellison's Skydance Media. The agency OK'd the transfer of licenses for 28 CBS-owned local TV stations to the Skydance-led ownership group that is taking over Paramount Global — removing the merger's final regulatory hurdle. The FCC approval comes more than a year after the parties first announced the agreement. More from Variety FCC Chairman Brendan Carr 'Pleased' With Skydance Commitment to Reform CBS Tanya Simon to Lead CBS News' '60 Minutes' as Executive Producer 'South Park' to Get 50 New Episodes as Trey Parker, Matt Stone Reach Five-Year Deal With Paramount; Entire Series to Stream on Paramount+ With the last obstacle removed, the deal is expected to close in the coming weeks. The commission voted 2-1 to approve the deal, with Commissioner Anna Gomez opposing it. Gomez, the lone Democrat on the commission, said she was troubled by Paramount's payment to settle a suit brought by President Trump and by other concessions. 'After months of cowardly capitulation to this Administration, Paramount finally got what it wanted,' Gomez said. 'Unfortunately, it is the American public who will ultimately pay the price for its actions.' The approval by the FCC, led by Trump-appointed chairman Brendan Carr, comes after Skydance made commitments in to the agency in two areas: ensuring diversity, equity and inclusion (DEI) programs at Skydance and Paramount have been shut down; and appointing an ombudsman to review 'complaints of bias or other concerns' involving CBS as part of ensuring 'viewpoint diversity.' Skydance's top lawyer outlined the pledges in two letters to Carr dated July 22. 'Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change,' Carr said in a statement. 'That is why I welcome Skydance's commitment to make significant changes at the once storied CBS broadcast network.' Paramount Global declined to comment. A rep for Skydance did not immediately respond to a request for comment. Carr has been unapologetic in pushing Trump's agenda to eradicate DEI and crack down on alleged 'media bias' in dealing with companies under the FCC's regulatory purview. At the FCC's monthly open meeting earlier Thursday, Carr said he was 'pleased' with Skydance's stated commitments on both fronts, saying, 'They're hitting on issues that I think we need to see significant change on.' Meanwhile, the FCC approval comes after Paramount agreed to pay $16 million to President Trump to settle his lawsuit against CBS over a '60 Minutes' interview with Kamala Harris. Trump, which had been demanding an absurd $20 billion in damages, alleged the Harris interview was deceptively edited and constituted consumer fraud and interference with the 2024 presidential election. Before settling, Paramount and CBS moved to dismiss Trump's suit as 'an affront to the First Amendment.' Trump, Paramount and Carr had each claimed that the FCC's deal-approval process was separate from the '60 Minutes' suit — despite allegations from Sen. Elizabeth Warren and others that the settlement was a quid-pro-quo to secure the Trump administration's approval of Paramount-Skydance. Carr, in a Feb. 7 interview with Fox News, said Trump 'has been right on these media bias issues' in discussing the FCC's review of a conservative group's complaint that the '60 Minutes' Harris interview represented 'news distortion.' He previously told Fox News the 'news distortion' complaint would likely factor into the FCC's review of the Skydance-Paramount merger. Under the Paramount-Skydance deal, announced July 7, 2024, after months of on-again-off-again talks, Larry Ellison (father of David Ellison), Skydance and Gerry Cardinale's RedBird Capital will buy the shares of Shari Redstone's National Amusements Inc. (which owns 77% of the voting power in Paramount Global). At that point Skydance will merge with Paramount to become 'Paramount Skydance Corp.' While it will be controlled by the Ellison family, Paramount Skydance will remain publicly traded. The new company is to be led by chairman and CEO David Ellison, with Jeff Shell (former CEO of NBCUniversal) installed as president. Shari Redstone is set to receive $1.75 billion in cash upon closing of the Skydance deal, and she will exit the merged company's board. As the deal had been in limbo pending FCC approval for months, Paramount undertook several rounds of layoffs, as the company's current three co-CEOs — CBS head George Cheeks, Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks, and Paramount Pictures head Brian Robbins — aimed to slash $500 million in annualized costs. The trio of co-CEOs are eligible for stepped-up severance payments in the event of a sale or merger. Under revised terms of their employment contracts, Cheeks, McCarthy and Robbins will receive severance payments equivalent to two times their annual base salary plus twice their annual target bonus amount, among other benefits, in the event they're terminated in connection with a sale or merger of Paramount Global (or within two years of such a transaction). In addition, Paramount last fall added a provision to their employment agreements that will let them quit and receive those same severance benefits if they are demoted. Pictured above (l. to r.): FCC chairman Brendan Carr; Paramount Global chair Shari Redstone; Skydance Media CEO David Ellison Best of Variety New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts? Final Emmy Predictions: Talk Series and Scripted Variety - New Blood Looks to Tackle Late Night Staples
Newsweek
5 days ago
- Business
- Newsweek
Paramount's Blockbuster Merger with Skydance Cleared by FCC
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Federal Communications Commission (FCC) on Thursday approved the $8.4 billion merger between Paramount Global and Skydance Media, paving the way for a major shakeup in the entertainment industry. The deal includes the transfer of iconic properties such as CBS, Paramount Pictures, and Nickelodeon. As part of the approval process, the FCC authorized the transfer of broadcast licenses for 28 CBS-owned and -operated television stations to the new ownership group. The green light followed Paramount's $16 million settlement of a lawsuit filed by President Donald Trump, related to a contentious 60 Minutes interview with former Vice President Kamala Harris that aired in October. The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. The main gate to Paramount Studios is seen on Melrose Avenue, July 8, 2015, in Los Angeles. Associated Press FCC Chairman Brendan Carr clarified that the agency's review of the Paramount–Skydance merger was conducted independently and was not influenced by the civil lawsuit involving President Trump. The merger received approval after Skydance and its financial backer, RedBird Capital, pledged to uphold editorial independence and ensure balanced journalism across CBS and other outlets. As part of that commitment, Skydance announced it will appoint an ombudsman to address complaints of editorial bias and other concerns, aiming to bolster transparency and public trust. Additionally, Paramount has dismantled its diversity, equity, and inclusion programs to reflect the Trump administration's stance that such initiatives constitute discriminatory affirmative action. This is a breaking news story. Updates to follow.
Yahoo
02-06-2025
- Business
- Yahoo
CBS to Create CBS Atlanta, Move Affiliation from WANF to WUPA
Gray Media's Atlanta television station WANF will end its 31-year affiliation with the CBS Network to become an independent television station. Gray said that going forward, WANF will leverage its local news operation, complete control of its daily program schedule, and the resources of the locally based Gray Media to better serve the local community with on-air and online content throughout the day that is more responsive to the growing Atlanta metropolis. "As residents of Atlanta along with our families, this company's leadership and our corporate colleagues have been keenly focused on improving what we watch every day on WANF and its sister station, WPCH PeachtreeTV," said Gray's executive chairman Hilton Howell. "We are excited to now take WANF in a new direction that puts full control of the station's offerings in local hands and that allows us to expand our investment in local news, weather and sports by, for and about the people who, like us, live in Greater Atlanta." The affiliation is changing from Gray's WANF to CBS-owned WUPA on August 16. It will also include launch of CBS News Atlanta streaming channel. Gray said it anticipates making additional financial and other resource investments in WANF to enable it to "transition successfully to a strong independent local television station." WUPA will be branded as CBS Atlanta and include the upcoming launch of the CBS News Atlanta streaming channel, "a comprehensive news experience that will keep the Atlanta community updated on the latest regional weather, traffic, local and breaking news." "Launching our first owned CBS station in Atlanta is a milestone moment for us," said Jennifer Mitchell, president of CBS Stations and CBS News and Stations Digital. "This expansion allows us to bring the full strength of CBS' award-winning news, sports and entertainment programming directly to one of the most vibrant and influential markets in the country. With WUPA and the launch of the CBS News Atlanta streaming channel, we're not just delivering content - we're investing in the community, local journalism and ensuring Atlanta viewers receive the same trusted, high-quality journalism that defines CBS in every market we serve." WUPA's live linear feed will also be available on Paramount+, in addition to an expansive slate of original series, hit shows and movies from Paramount Global's portfolio of popular brands.
