Skydance and Paramount (PARA.US) refute critics: The merger's impact on competition is "unfounded"

Zhitong Finance learned that on Thursday, Skydance Media and Paramount Global (PARA.US) defended their $8.4 billion merger plan, urging the US Federal Communications Commission (FCC) to reject critics' opposition, calling it "groundless" and "worthless". The non-profit public interest law firm Center for American Rights petitioned the FCC in December to block the merger, citing concerns about Tencent Holdings (00700) investment in Skydance's foreign influence on US media. In a filing to the FCC, the two companies described the organization's and other critics' (including LiveVideo.AI and Fuse Media) petitions as "procedural defects," lacking value. The document refuted LiveVideo.AI's competition concerns, saying its alleged "manipulated sales process" was not relevant to the FCC's regulatory role. The companies said: "Neither party has identified any harm associated with the transaction that would warrant denial or conditions." David Ellison's Skydance reached an agreement with Paramount in July 2024 to merge the two media companies, a complex two-step process that ended months of discussions and speculation about one of Hollywood's oldest studios. The merger is expected to be completed this year.