Paramount and Skydance announced on Friday that, following approval from the Trump administration, their eagerly awaited merger is anticipated to finalize next month.
They set a date for August 7th, as mentioned in a press release. This followed the Federal Communications Commission (FCC) allowing Skydance’s acquisition of Paramount to progress, a proposal that surfaced last year.
FCC Chair Brendan Kerr shared the news, expressing his commitment to supporting fairness in journalism and encouraging a diverse range of viewpoints across the political spectrum.
“Americans are losing trust in the traditional national news media to deliver complete, accurate, and fair reporting,” Kerr stated. “It’s time for something new.”
This decision has led to ongoing confusion between CBS’s parent company, Paramount Global, and President Trump. Trump had previously sued CBS’s “60 Minutes,” claiming that an interview with former Vice President Harris was edited to present her more favorably during the 2024 campaign.
The company responded by releasing a complete transcript from the interview but ultimately reached a $16 million settlement with the administration, which will go towards Trump’s final presidential library.
Recently, CBS faced backlash after deciding to end “The Late Show with Stephen Colbert” after more than 30 years. Paramount cited financial reasons for the decision, but critics speculated that it might relate to the merger and alleged bribery issues.
Stephen Colbert, who has hosted the show since 2015, has been vocal against the merger. Earlier this week, he thanked supporters from various backgrounds, including Democrats and advocates for press freedom, expressing that the network had made a significant mistake.
Colbert also reacted to Trump’s comment about him being “dismissed” with humor, questioning if someone without exaggeration could truly craft the next wave of satire.
With the $8 billion merger, the newly formed company will be referred to as “the new Paramount,” under the leadership of David Ellison, a billionaire and ally of Trump, who is the son of Oracle founder Larry Ellison.
