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FCC Approves Skydance–Paramount $8 Billion Merger With Bias Monitor, DEI Ban

Closing on August 7, the merged entity will begin trading as PSKY under David Ellison, marking the end of DEI programs with a new news-ombudsman oversight.

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Overview

  • The Federal Communications Commission voted 2-1 to approve the $8 billion Skydance acquisition of Paramount Global after a 251-day review, mandating the elimination of all diversity, equity and inclusion initiatives and the appointment of a bias-review ombudsman at CBS.
  • Paramount agreed to pay President Donald Trump $16 million to settle his lawsuit over a “60 Minutes” interview and canceled Stephen Colbert’s late-night show in moves widely seen as clearing regulatory hurdles.
  • Skydance and Paramount have scheduled the merger to close on August 7, after which the combined entity will begin trading on Nasdaq under the ticker PSKY.
  • David Ellison will chair and serve as CEO of Paramount Skydance Corp., with Jeff Shell appointed as president, while Shari Redstone plans to exit the board with a $1.75 billion cash payout.
  • The deal injects $1.5 billion in fresh capital to reduce Paramount’s debt, offers $4.5 billion in shareholder payouts and targets up to $2 billion in annual cost savings.