$8B Paramount – Netherlands merger is cleared after phase-out by regulators with CBS Network
Federal regulators on Thursday approved a $8 billion merger of Paramount and Skydance, clearing the path to a deal that combines Hollywood glitz with political conspiracy.
In US President Donald Trump with 60 minutesis the crown jewelry of Paramount’s broadcast network CBS. Paramount earlier this month agreed to pay the president $16 million in U.S. settlement as the ghost of the Trump administration potentially blocked a tough deal with Skydance.
Critics of the settlement used it as a cover-up bribe to appease Trump, which raised alarms on editorial independence overall. CBS said it was canceling it, further anger emerged Stephen Colbert’s late performance A few days after the comedians thrilled criticism of the parent company for airing. Paramount cites financial reasons, but well-known insiders and outside the company have questioned those motivations.
FCC Chairman Brendan Carr (appointed by Trump) praised the merger in a statement accompanying the deal’s approval as an opportunity to bring more balance to the “once-stored” CBS.
“Americans no longer believe that traditional national news media can report completely, accurately, fairly. Now is the time to make a change,” Carl said.
“Cowardly surrender”
While seeking approval, Skydance Management assured the regulator that it will pay close attention to any biases in CBS news and hire an Ombudsman to review any complaints about fairness. In Tuesday’s filing, the company’s general counsel insisted that the new Paramount would embody “various views in the political and ideological spheres” and also noted that it plans to conduct a “full review” of CBS for “any necessary changes.”
The FCC voted 2-1 and the regulators who opposed it expressed disdain.
“After months of cowardly surrender, Paramount finally got what he wanted,” FCC Commissioner Anna Gomez said in a statement. “Unfortunately, it is the American public that will eventually pay the price for their actions.”
Gomez was appointed by former President Joe Biden.
Regarding whether the cancellation of Stephen Colbert’s late performance was politically motivated or purely financial. Colbert hints at “bribery” related to Trump’s lawsuit and corporate deals.
Paramount and Skydance said they wanted to close a deal by September this year and now it seems to be in a way that will happen if not soon.
Over the past year, the merger may appear to be breaking down periodically as both parties go beyond the terms. But the two companies finally reached a deal to evaluate the merged company’s $28 billion, with a consortium of Skydance family founders David Ellison and Redbird Capital agreeing to invest $8 billion.
Ellison said that with the change in the guards, Ellison stressed the need to transition to a “technical hybrid” to remain competitive in today’s entertainment venues. This includes plans to “rebuild” the Paramount+ streaming service, as well as a broader effort to directly target consumer products in a world with more entertainment options and a shorter span of attention.
Trump’s 60 minutes litigation
Ellison is ready to become CEO of Paramount restructuring. In addition to having about $28.8 billion in American wealth, Larry Ellison was described as a friend by Trump.
When Paramount 60 minutes His Democratic opponent Kamala Harris interviewed in last year’s presidential election. Trump accused the program of deceptive editorial interviews to help Harris win the election. After initially demanding US$10 billion in compensation, Trump raised his bet to $20 billion while asserting that he suffered “mental pain.”
The case quickly became a rigorous test of whether the company supports its journalists and supports Trump. For brevity, editors are common in television news, and CBS believes Trump’s claims have no advantage. But Trump has piled up later on, especially after Carl launched an investigation earlier this year.
By early July, Paramount agreed to pay Trump $16 million in the United States. The company said the money would go to Trump’s future presidential library and pay for his legal fees, but insisted that it did not apologize or express regret for the story.
The settlement sparked outcry from critics who withdrew dispatches from the legal battle to increase the chances of ending Skydance deals. Democratic U.S. Sen. Elizabeth Warren said the deal was “probably bribery” and called for investigations and new regulations to limit donations to the presidential library.
Even in the months leading up to the deal, concerns about editorial independence from CBS have accumulated – Paramount is in charge 60 minutes Stories in new ways and journalists on the internet express frustration at the change in the award-winning program, which has nearly 57 years of staple food every week
In April, the then executive producer 60 minutes Bill Owens resigned and noted that “It’s obvious that I will not allow me to do the show like I’ve been.”
Another Domino also resigned in May when CBS News CEO Wendy McMahon also cited, citing a disagreement with the company “on the road ahead”, due to speculation that Paramount has reached a settlement with Trump. CBS has since appointed Tanya Simon as the top producer 60 minutes – Raise respected insiders in a way that can be seen as a calm nerve, leading to changes that will happen to Skydance’s Ellison.
