Skydance Media and Paramount Global have successfully merged, forming a new media conglomerate and putting an end to ongoing confusion surrounding a contract that included corruption allegations against the Trump administration.
Skydance Corporation’s new entity, Paramount, officially began trading on Nasdaq under the ticker symbol PSKY on the day the merger was finalized.
“This is an exciting and significant moment as we look to carry forward Paramount’s legacy as a cornerstone of Hollywood into the evolving entertainment landscape,” stated David Ellison, CEO and Chairman of Paramount, Skydance Corporation.
“It’s genuinely an honor and a privilege to help steer this iconic brand into its next chapter.”
Skydance first announced the merger last July, but plans were paused after President Donald Trump clashed with CBS News, a subsidiary of Paramount Global.
Trump launched a $10 billion lawsuit against CBS News regarding a 60-minute interview with Democrat Kamala Harris, his election opponent. He later escalated his damages claim to $20 billion after winning reelection.
Last month, Paramount Global reached a $16 million settlement with Trump, even though many regarded the lawsuit as weak and believed he would not prevail. Following this, Trump mentioned that Skydance committed to an additional $20 million in advertising and programming support, bringing the total to $36 million.
The agreement raised concerns from Democrats and critics who called it an attempt at bribery and a threat to freedom of speech.
Once the settlement was achieved, the FCC voted 2-1 to approve the merger, citing Skydance’s assurances regarding content and its decision not to implement policies on diversity, equity, or inclusion.
Commissioner Anna Gomez, appointed under the Biden administration, criticized the merger, suggesting it won’t be the last time Trump threatens the First Amendment.
In a statement released Thursday, she claimed the conclusion of the Skydance and Paramount merger marked “a troubling chapter in our country’s history.”
Gomez expressed that the new company seems “unashamed” to trade First Amendment principles for profit, agreeing to what she described as “an unprecedented form of government control over newsroom decisions and editorial choices.”
The so-called government-approved “truth arbitrators” at CBS are tasked with ensuring that journalists “do not criticize this administration or voice opinions that diverge from its agenda.”
“Unfortunately, this will not mark the end of this administration’s initiative to silence critics and shape favorable narratives, imposing ideological constraints on newsrooms meant to operate independently,” she remarked.
“With established institutions like CBS making these trade-offs, it’s our responsibility to hold this administration accountable for its abuses.”
This announcement arises as Trump intensifies his focus on public broadcasters.
In May, he signed an executive order to halt funding for PBS and NPR, labeling public news broadcasters as “biased.”
