NEW YORK (AP) — On Thursday, federal regulators gave the green light to Paramount’s $8 billion merger with Skydance, paving the path to finalize a deal that combines the allure of Hollywood with underlying political drama.
Receiving the Federal Communications Commission’s approval follows a period of controversy linked to President Donald Trump’s legal battle with “60 Minutes,” a leading program of Paramount-owned CBS. With the Trump administration considered as a possible barrier to the crucial Skydance merger, Paramount earlier agreed to a $16 million settlement with the President to mitigate risks.
Critics argued the settlement resembled a covert bribe to placate Trump, raising further concerns over the autonomy of media outlets. Additional controversy brewed when CBS announced the cancellation of Stephen Colbert’s “Late Show” shortly after the comedian criticized the company’s settlement live on air. Paramount attributed the cancellation to financial reasons, but this rationale has faced skepticism from prominent figures inside and outside the company.
In a statement accompanying the deal’s approval, FCC Chairman Brendan Carr hailed the merger as an opportunity to bring more balance to “once-storied” CBS network.
“Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change,” Carr said.
