On Thursday, Skydance Media and Paramount Global announced the completion of their $8 billion merger, officially forming "Paramount, a Skydance Corporation." The merger, which has been under consideration for some time, comes as the Federal Communications Commission (FCC) continues its investigation into CBS News, particularly regarding the network's handling of a controversial interview with then-Vice President Kamala Harris.
The new entity will be led by CEO David Ellison, the son of Oracle co-founder Larry Ellison. Under his leadership, Paramount will encompass a range of media and entertainment assets, including CBS, Comedy Central, MTV, and Paramount Plus. Following the merger, Paramount’s Class B shares began trading on the Nasdaq under the ticker symbol "PSKY."
In his statement, Ellison expressed a commitment to honoring Paramount's legacy while modernizing content delivery and enhancing audience experiences. He highlighted the importance of strong leadership in supporting creative talent and outlined a vision focused on creative excellence and innovation.
In a notable shift, Skydance has announced plans to eliminate diversity, equity, and inclusion (DEI) initiatives at Paramount and will introduce an ombudsman for CBS News. This decision follows legal challenges faced by CBS, including a settlement with President Trump related to the aforementioned interview, which involved claims of editorial distortion.
As the merger takes effect, industry observers are watching closely for how these changes will impact CBS News and the wider media landscape. Skydance has indicated that it aims to align its storytelling with diverse audiences while adhering to non-discrimination laws, emphasizing a commitment to equal opportunity.