Paramount Global and Skydance Media’s merger is now imminent.
Today, multiple outlets reported that the FCC has officially cleared the way for the $8 billion merger between Skydance and Paramount.
The news comes shortly after Skydance Media made several concessions to the FCC. Skydance’s chief attorneys reportedly sent a letter on Tuesday to FCC Chair Brendan Carr, committing to install an ombudsman to review “complaints of bias or other concerns” at CBS News. The company also confirmed that Paramount has eliminated its diversity, equity, and inclusion initiatives.
According to the reports, the FCC signed off on the transfer of Paramount’s broadcast licenses to the Skydance ownership group, led by David Ellison, who will serve as chairman and CEO of the combined company.
The merger was first announced one year ago and is expected to close in the coming weeks.
Paramount declined to comment. Skydance Media also did not reply to a request for comment.
Following the completion of the merger, ADWEEK has confirmed that Chris McCarthy, one of Paramount Global’s co-CEOs, will exit the company.
McCarthy became one of the company’s co-CEOs in April 2024 alongside George Cheeks, president and CEO of CBS, and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon. The appointments came following the exit of then-CEO Bob Bakish amid the ongoing merger.
In addition to being co-CEO, McCarthy was president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks.
Paramount and Skydance’s merger has faced criticism in recent weeks following Paramount Global’s $16 million settlement with President Donald Trump over a lawsuit filed last year. The lawsuit accused CBS News of “deceitful” editing during a 60 Minutes interview with former Vice President and then-Democratic presidential candidate Kamala Harris.