BUSINESS – Paramount Global has announced that its $8.4 billion merger with Skydance Media is slated for completion by August 7, 2025, following final regulatory clearance from the U.S. Federal Communications Commission (FCC). Once finalized, the combined company will be named Paramount Skydance Corporation, trading under the ticker PSKY, with Skydance CEO David Ellison set to lead the newly merged entity.
Cited from Reuters, the merger unites Paramount’s storied content libraries, including Paramount Pictures, CBS, MTV, Nickelodeon, and Comedy Central, with Skydance’s modern blockbuster franchises such as Top Gun: Maverick and Mission: Impossible – Dead Reckoning. Ellison’s leadership is expected to rejuvenate Paramount’s streaming platform, Paramount+, and address longstanding cost inefficiencies within the organization. Media analysts from MoffettNathanson note, “With that, the real work begins, rebuilding Paramount… and charting a path toward a more sustainable and competitive future”.
Regulatory approval by the FCC followed a 2‑1 partisan vote, led by Chairman Brendan Carr. The commission accepted commitments from Skydance that included appointing an ombudsman to monitor editorial bias and discontinuing diversity, equity, and inclusion (DEI) initiatives—a stipulation reportedly aligned with President Trump’s prior criticisms. While the FCC maintains its review was independent, Democrats criticized the process. Commissioner Anna Gomez described the outcome as a “cowardly capitulation” which undermines press freedom, while U.S. Senators Edward Markey and Ben Ray Luján referred to the transaction as “the worst form of corruption” following Paramount’s $16 million settlement with Trump to resolve a defamation suit linked to a 60 Minutes interview.
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The merger also marks the exit of media matriarch Shari Redstone and the transformation of Paramount from a national media legacy into a tech-entertainment hybrid. Paramount has undertaken significant structural changes during the transition, including $2 billion in cost reductions, management reshuffling, and the departure of CFO Naveen Chopra and co‑CEO Chris McCarthy.
Immediate investor sentiment was positive: Paramount shares gained about 1.4–2.2% following news of FCC approval. However, analysts warn that Paramount+ must compete more aggressively with Netflix, Disney, and Amazon without compromising journalistic integrity at CBS, especially as the company phases out legacy cable assets like Nickelodeon and MTV.
Moving forward, David Ellison and his leadership team face the challenge of balancing content investment, shareholder value, and reputational risk while reshaping Paramount into a digital-first, diversified entertainment platform. The coming weeks will test whether the merger can deliver lasting transformation, or whether governance concessions will continue to cloud the company’s direction.
