...Regulator clears controversial deal amid concerns over media bias and political influence
The US Federal Communications Commission (FCC) has approved a £6.2 billion ($8 billion) merger between Paramount and Skydance Media, paving the way for a major shake-up in the American media landscape.
The long-anticipated deal encompasses major assets, including the CBS broadcast television network, Paramount Pictures, and the Nickelodeon channel.
“Americans no longer trust the legacy national news media to report fully, accurately, and fairly,” FCC Chairman Brendan Carr said in a statement on Thursday. “It is time for a change. That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network.”
Carr noted that Skydance had provided written assurances that the newly merged entity would reflect a diversity of political and ideological viewpoints across its programming. The company also pledged to appoint an independent third party to report directly to the CEO on complaints of editorial bias.
He also stated that Skydance currently has no diversity, equity, and inclusion (DEI) initiatives and has agreed not to implement such programmes in the new organisation.
Shari Redstone, chair of Paramount, will step down from the company’s board once the merger is finalised. Her family’s firm, National Amusements, is selling its controlling stake in Paramount to Skydance.
Skydance is owned by David Ellison, the son of Oracle founder and billionaire Larry Ellison.
The FCC’s approval was not unanimous. Commissioner Anna Gomez, the sole Democrat on the three-member panel, voted against the deal, citing unease over Paramount’s recent settlement with former US President Donald Trump.
“The Paramount payout and this reckless approval have emboldened those who believe the government can — and should — abuse its power to extract financial and ideological concessions, demand favoured treatment, and secure positive media coverage,” she wrote in a dissenting opinion.
Earlier this month, Paramount agreed to pay Trump £12.5 million ($16 million) after he sued over the editing of a “60 Minutes” interview with former Vice President Kamala Harris. The FCC’s ruling also follows CBS’s announcement that it is cancelling The Late Show with Stephen Colbert.
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