US FCC Approves Skydance's $8 Billion Acquisition of Paramount

Approved by a 2-to-1 Vote
Paramount Owns Subsidiaries Including CBS

The United States Federal Communications Commission (FCC) announced on July 24 (local time) that it has approved Skydance Media's acquisition of Paramount Global and its subsidiaries for approximately $8 billion (11 trillion won).

AP Yonhap News

Brendan Carr, an FCC commissioner, stated in the merger approval announcement, "Skydance has provided a written commitment that the news and entertainment programming of the new company to be established through the merger will ensure diversity of viewpoints across the entire political and ideological spectrum, and that CBS's reporting will be fair, unbiased, and fact-based."

Paramount also plans to hire an ombudsman for two years to review complaints regarding bias. The new company will abolish its DEI (diversity, equity, and inclusion) policies.

Commissioner Carr said, "Americans no longer trust that mainstream national news outlets report fully, accurately, and fairly. That is why I welcome Skydance's commitment to bring about significant change at the once-renowned CBS network."

This agenda item was approved by a vote of two in favor and one against. Anna Gomez, a Democratic commissioner who cast the dissenting vote, said in a separate statement, "After months of cowardly capitulation to this administration, Paramount has ultimately gotten what it wanted. Unfortunately, the people who will ultimately pay the price for these actions are the American public."

Paramount Global owns subsidiaries and channels including Paramount Pictures, CBS, MTV, Nickelodeon, Comedy Central, and Showtime.

According to the terms of the merger, the combined company's valuation will be approximately $28 billion (38.05 trillion won), with Skydance founder David Ellison and RedBird Capital agreeing to invest $8 billion.

David Ellison, who will become the CEO of the new Paramount created by the merger, is the son of Oracle chairman Larry Ellison, who is also a friend of President Donald Trump.