FCC Greenlights Paramount and Skydance's $8.4 Billion Merger
The FCC approved the merger between Paramount Global and Skydance Media, paving the way for the $8.4 billion transaction. Paramount settled a lawsuit over a '60 Minutes' interview with Kamala Harris by paying $16 million. Skydance committed to unbiased journalism and transparency by appointing an ombudsman.
The Federal Communications Commission (FCC) approved the merger between Paramount Global and Skydance Media on Thursday, setting the stage for an $8.4 billion deal. This merger includes significant players in the entertainment sector, such as CBS, Paramount Pictures, and Nickelodeon.
The FCC's decision allows broadcast licenses for 28 CBS stations to transfer to new ownership, as confirmed by FCC Chairman Brendan Carr. This action follows Paramount's $16 million settlement in a lawsuit initiated by U.S. President Donald Trump concerning a '60 Minutes' interview with former Vice President Kamala Harris.
Skydance Media, along with its partner, RedBird Capital, emphasized their dedication to maintaining diverse and impartial journalism. To ensure transparency, Skydance plans to appoint an ombudsman for evaluating editorial bias complaints. Meanwhile, Paramount has revised its diversity policies to comply with the current administration's stance.
(With inputs from agencies.)
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