The highly anticipated mega-merger between Paramount Global and Skydance Media has officially cleared its final hurdle. The Federal Communications Commission (FCC) has approved the transfer of Paramount’s TV station licenses to Skydance, marking the resolution of a significant regulatory challenge for the deal.
News of the FCC’s approval broke around 6 p.m. eastern on July 24, 2025, with the deal slated to close on August 7, 2025. The merger has been shrouded in controversy, fueled by allegations that Donald Trump and his administration leveraged their influence to secure concessions from the companies, claims which remain unsubstantiated.
In a related development, CBS settled a lawsuit filed by Trump for $16 million, addressing his accusations of "news distortion" concerning an October 2024 interview with Kamala Harris. Legal experts widely dismissed the lawsuit’s merit. Notably, Trump directed FCC head Brendan Carr to investigate CBS News, despite the commission's limited direct control over such matters.
Adding to the pre-approval drama, CBS announced the cancellation of “The Late Show with Stephen Colbert,” citing financial losses—a claim met with skepticism. Speculation arose that Colbert's frequent criticism of Trump influenced the decision, though no concrete evidence supports this.
Further fueling the fire, unconfirmed reports suggested CBS would donate substantial commercial time for PSAs aligned with causes supported by Trump. The path to approval wasn't smooth; multiple rounds of negotiations between the companies were suspended before resuming. Other media companies also pursued deals with Paramount during these intervals.
Paramount, controlled by National Amusements, has been on the market since Shari Redstone, daughter of the company's founder Sumner Redstone, initiated the sale process in late 2023. She holds significant shares in the company. The final deal, valued at approximately $8 billion, has been signed.
The newly formed entity, tentatively dubbed “Paradance” or “Skyamount,” is anticipated to undergo significant cost-cutting measures under its new leadership. Critics fear this could negatively impact the news programming of CBS and its local stations, while supporters argue that such measures are crucial for media companies to maintain efficiency and profitability.
A logo presented at an investor event in July 2024 may not represent the final branding of the combined company.