Paramount and Skydance Complete $8 Billion Merger Amid FCC Probe

Paramount and Skydance have completed their $8 billion merger to form Paramount, a Skydance Corporation. The new company oversees CBS, Comedy Central, MTV, and Paramount Plus. FCC chairman Brendan Carr has not closed proceedings against CBS for "news distortion." Paramount Class B shares began trading on the Nasdaq Stock Market under the ticker symbol PSKY.

Paramount and Skydance Media have successfully completed their $8 billion merger, forming a new entity called Paramount, a Skydance Corporation. The newly formed company will oversee a diverse portfolio of assets, including CBS, Comedy Central, MTV, and Paramount Plus. The merger has been hailed as a significant move in the entertainment industry, aiming to blend the legacy of Hollywood with cutting-edge technology.

David Ellison, who will serve as the new company's chairman and CEO, expressed his enthusiasm in an open letter. He emphasized the company's commitment to realizing $2 billion in cost synergies post-merger and transitioning the entire enterprise to a single technology platform. The new company will operate under the ticker symbol PSKY on the Nasdaq Stock Market.

The merger faced regulatory scrutiny and controversy, particularly due to President Donald Trump's lawsuit against CBS over a "60 Minutes" interview with Kamala Harris. In response, Paramount agreed to pay a $16 million settlement to the president. The settlement has sparked debate and criticism, with some viewing it as a veiled bribe to appease Trump, while others question the motives behind CBS's decision to cancel Stephen Colbert's "Late Show."

The Federal Communications Commission (FCC) approved the merger by a 2-1 vote on July 24, with FCC Chairman Brendan Carr hailing it as an opportunity to bring more balance to CBS. The merger has also raised concerns about diversity, equity, and inclusion (DEI) initiatives at Paramount, with Skydance confirming the elimination of such programs in its filings.

The new company's leadership team includes former Paramount Pictures chief Sherry Lansing and Oracle CEO Safra Catz. David Ellison will serve as CEO, while Jeff Shell, the former CEO of NBCUniversal, has been appointed president. George Cheeks, previously the CEO of CBS, will remain as the chair of the TV media segment.

The merger is expected to have significant implications for the entertainment industry, with the new company aiming to transform Paramount into a tech-forward entity that blends the creative heart of Hollywood with the innovative spirit of Silicon Valley. The company plans to operate Paramount-owned streamers Paramount+ and Pluto TV on a unified technology stack beginning in 2026.

References:
[1] https://variety.com/2025/tv/news/paramount-skydance-deal-closes-1236477281/
[2] https://abcnews.go.com/Business/wireStory/paramount-skydance-close-8-billion-merger-kicking-off-124457072