FCC approves Skydance-Paramount merger

The Federal Communications Commission on Thursday approved Skydance's $8 billion acquisition of Paramount Global.Why it matters: The long-awaited approval concludes a heavily scrutinized merger and regulatory clearance process. What they're saying: FCC chair Brendan Carr said in a statement he welcomes "Skydance's commitment to make significant changes at the once storied CBS broadcast network."He added, "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."Skydance has also committed to ensuring the newly combined company will not have diversity, equity and inclusion (DEI) programs and will invest in local news.State of play: Paramount co-CEO Chris McCarthy will exit the company once Skydance merger is completed, per a source familiar with the deal.McCarthy was named co-CEO of the company in 2024 alongside CBS head George Cheeks and Paramount Pictures and Nickelodeon head Brian Robbins following the departure of former CEO Bob Bakish.Catch up quick: The approval comes after months of formal and informal negotiations between the FCC, President Trump, Paramount and Skydance.Paramount's settlement with Trump for $16 million paved the way for the FCC to greenlight the deal, but Paramount had been making concessions long before then.Changes at the company prompted top leaders of "60 Minutes" to depart before the settlement.Paramount, like many other media companies, rolled back some of its DEI policies earlier this year.Shortly after the settlement, Skydance CEO David Ellison met with Carr last week to urge the approval of the sale of CBS' broadcast licenses.Two days later, CBS canceled "The Late Show with Stephen Colbert." Colbert has been a vocal critic of Trump and the settlement. The big picture: The landmark merger approval represents a new reality for media companies and corporate America in the Trump era.While news companies have long faced pressure from Trump over their coverage, the concessions Paramount had to make to gain regulatory approval shows how much power the president is willing to exert over the fourth estate.Press freedom advocates have slammed the settlement and Colbert's show cancellation as bowing to Trump for business reasons.Reality check: Paramount faced grim prospects for its long-term future, had it not gotten this deal over the finish line.With streaming putting more pressure on traditional TV networks, investors have become increasingly wary of broadcast and cable companies.Paramount's stock has dropped more than 60% in value over the past four years.Editor's note: This is a breaking news story. Please check back for updates.

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