Media Merger Gets Green Light

Paramount Global and Skydance Media Merge in $8 Billion Deal

The Federal Communications Commission (FCC) has given the green light to a massive media merger. Paramount Global and Skydance Media are set to join forces after a long wait. The FCC approved the transfer of 28 local TV stations, clearing the last hurdle for this $8 billion merger.

FCC Vote and Concerns

The FCC voted 2-1 to approve the deal. The only no vote came from Commissioner Anna Gomez, who had concerns about Paramount's settlement with President Trump and other concessions. Gomez stated that the deal might not be good for the public.

FCC's Push for Changes

The FCC, led by Chairman Brendan Carr, pushed for changes. Skydance promised to shut down diversity programs and appoint an ombudsman. Carr said the media needs a change and welcomed Skydance's commitments.

Settlement with Trump

The deal comes after Paramount settled a lawsuit with Trump. Trump sued over a "60 Minutes" interview with Kamala Harris. Paramount agreed to pay $16 million to settle. Some people think this settlement helped the merger get approved.

Details of the Deal

Under the deal, Skydance and RedBird Capital will buy Shari Redstone's shares. The new company will be called Paramount Skydance Corp. David Ellison will be the CEO. Shari Redstone will get $1.75 billion and leave the board.

Paramount's Cost-Cutting Measures

Paramount has been cutting costs while waiting for approval. The company laid off employees and aimed to save $500 million. The three co-CEOs are set to get big severance packages if they lose their jobs.