Paramount and Skydance introduced Friday that, with the Trump administration’s approval, the extremely anticipated merger between the leisure giants is predicted to happen subsequent month.
The Aug. 7 date, unveiled in a press release, comes after the Federal Communications Fee (FCC) on Thursday allowed Skydance’s acquisition of Paramount to maneuver ahead after the merger was first proposed final yr.
FCC Chair Brendan Carr in saying the choice mentioned he welcomed Skydance’s commitment to remaining “unbiased” in its journalism and willingness to promote “a variety of viewpoints throughout the political and ideological spectrum.”
“People not belief the legacy nationwide information media to report totally, precisely, and pretty,” Carr added. “It’s time for a change.”
The transfer caps off months of turmoil between Paramount International, the guardian firm of CBS, and President Trump. Trump sued CBS’s “60 Minutes” final yr after he argued an interview it aired with former Vice President Harris was altered in her favor throughout the 2024 presidential election cycle.
Whereas the corporate fought the claims, together with releasing a full transcript from the episode, it ultimately settled with the administration for $16 million. These funds are set to go to Trump’s eventual presidential library.
The information outlet has additionally confronted criticism in latest days after CBS made the choice to sundown “The Late Present with Stephen Colbert” subsequent Could, after greater than 30 years on air. Paramount mentioned the transfer was based mostly on funds, however critics have argued the settlement and Skydance deal had been seemingly concerned — and bribery allegations have been floated.
Comic Stephen Colbert, who has hosted the present since 2015, has been brazenly vital of the merger. Colbert blasted the network earlier this week for selecting to axe the present and thanked those that have reached out in assist, together with Democrats, press freedom advocates and many of his late-night counterparts.
He added that “one key mistake” the community made when moving forward with the plan is that “they left me alive.”
Colbert additionally lashed out at Trump after the president said in a post online that he “completely” beloved that the comic was getting “fired.”
“How dare you, sir,” the host responded. “Would an untalented man be capable of compose the next satirical witticism: ‘Go f‑‑‑ your self.’”
Beneath the phrases of the $8 billion merger, the corporate will develop into “New Paramount” and might be led by Trump-ally and billionaire David Ellison, the son of tech tycoon and Oracle founder Larry Ellison.