Paramount, Skydance expected to close deal on Aug. 7
Paramount and Skydance announced Friday that, with the Trump administration's approval, the highly anticipated merger between the entertainment giants is expected to take place next month.
The Aug. 7 date, unveiled in a press release, comes after the Federal Communications Commission (FCC) on Thursday allowed Skydance's acquisition of Paramount to move forward after the merger was first proposed last year.
FCC Chair Brendan Carr in announcing the decision said he welcomed Skydance's commitment to remaining "unbiased" in its journalism and willingness to promote “a diversity of viewpoints across the political and ideological spectrum."
“Americans no longer trust the legacy national news media to report fully, accurately, and fairly,” Carr added. “It is time for a change.”
The move caps off months of turmoil between Paramount Global, the parent company of CBS, and President Trump. Trump sued CBS's "60 Minutes" last year after he argued an interview it aired with former Vice President Harris was altered in her favor during the 2024 presidential election cycle.
While the company fought the claims, including releasing a full transcript from the episode, it ultimately settled with the administration for $16 million. Those funds are set to go to Trump's eventual presidential library.
The news outlet has also faced criticism in recent days after CBS made the decision to sunset "The Late Show with Stephen Colbert" next May, after more than 30 years on air. Paramount said the move was based on finances, but critics have argued the settlement and Skydance deal were likely involved — and bribery allegations have been floated.
Comedian Stephen Colbert, who has hosted the show since 2015, has been openly critical of the merger. Colbert blasted the network earlier this week for choosing to axe the show and thanked those who have reached out in support, including Democrats, press freedom advocates and many of his late-night counterparts.
He added that "one key mistake" the network made when moving forward with the plan is that "they left me alive."
Colbert also lashed out at Trump after the president said in a post online that he "absolutely" loved that the comedian was getting "fired."
“How dare you, sir,” the host responded. “Would an untalented man be able to compose the following satirical witticism: ‘Go f‑‑‑ yourself.’”
Under the terms of the $8 billion merger, the company will become "New Paramount" and will be led by Trump-ally and billionaire David Ellison, the son of tech tycoon and Oracle founder Larry Ellison.