Paramount-Skydance Deal Approved Amid Press Freedom Scrutiny

The Federal Communications Commission granted final approval for the $8.4 billion merger between Paramount Global and Skydance Media despite intense partisan opposition and growing worries about press freedom issues.

The deal brings together CBS alongside Nickelodeon and Paramount Pictures under the leadership of Skydance CEO David Ellison who is the son of Oracle co-founder Larry Ellison. The merged company will be led by Jeff Shell who previously served as NBCUniversal chief.

The FCC voted 2-1 to approve the deal after Paramount Global settled a $16 million lawsuit with former President Trump regarding CBS News coverage which sparked accusations about political favoritism. The incoming owners of the company have made promises to Commissioner Brendan Carr about maintaining impartial journalism according to the Trump appointee. Democratic Commissioner Anna Gomez criticized the decision because it enables "unprecedented newsroom control."

Skydance gained FCC approval through its promise to avoid diversity initiatives and its commitment to establish an ombudsman position for handling editorial complaints.

The merger process received strong criticism from Senators Edward Markey and Ben Ray Luján who described it as fundamentally flawed and politically driven. Paramount Global faces significant challenges to recover its market position during the streaming revolution because its stock value has declined substantially. The deal represents a significant shift in the Redstone family's control of American media through their legacy.