On July 24, 2025, the U.S. Federal Communications Commission (FCC) granted final approval for the $8.4 billion merger between Paramount Global—owner of CBS, Paramount Pictures, CBS News, MTV, Comedy Central, and Paramount+—and Skydance Media. The vote split along party lines, with Democratic Commissioner Anna Gomez dissenting due to concerns over political interference in newsroom autonomy. FCC Chair Brendan Carr, appointed by former President Donald Trump, supported the deal under specific conditions: CBS must roll back its Diversity, Equity, and Inclusion programs, hire an ombudsman, and commit to promoting broader ideological diversity in its content.
The deal paves the way for David Ellison, founder of Skydance and son of Oracle billionaire Larry Ellison, to become CEO of the newly merged Paramount Skydance Corporation. Jeff Shell, former NBCUniversal head, is expected to serve as president. Shari Redstone, current Paramount chairwoman, will exit with a cash payout of approximately $1.75 billion, marking the end of her family’s long-standing control over CBS and Paramount.
Originally announced in July 2024, the merger secured earlier approvals from the Securities and Exchange Commission and the European Commission. However, the U.S. review process dragged out for months amid political and cultural scrutiny. The FCC extended the deadline to early October before finally granting approval.
Market reaction was swift. Paramount shares rose by nearly 2.2 percent, closing at $13.56, reflecting investor optimism following the long-awaited regulatory clearance. The stock had already gained over 25 percent year-to-date, suggesting strong market confidence in the merger’s potential to revitalize the struggling media giant.
Elsewhere in the markets, Deckers Outdoor posted standout results that sent its stock surging more than 11 percent in a single day. The footwear company, known for brands like UGG and Hoka, reported a 50 percent surge in international sales and expanded its stock buyback authorization to $4.55 billion, roughly 12 percent of its total market cap. Newmont Corporation also reported strong quarterly performance amid soaring gold prices. With $1.2 billion in free cash flow and a completed $2.5 billion divestiture plan, Newmont announced a $3 billion share buyback and increased its dividend, driving its stock up nearly 7 percent.
The Paramount–Skydance deal is part of a broader trend of consolidation in the media industry, as traditional companies seek scale to compete with tech-first streamers like Netflix and Amazon. Legacy broadcasters are grappling with shrinking linear TV audiences and shifting advertising revenues, pushing them toward mergers and restructurings. The approval’s political terms also reflect increasing government influence over content governance. Critics argue that requiring changes to DEI policies and editorial practices may set troubling precedents for media independence.
In financial terms, the merger is expected to unlock $1.5 billion in new capital and deliver up to $2 billion in cost savings. Restructuring of underperforming cable networks like MTV and Comedy Central is likely, along with leadership changes at CBS News. Executives including streaming chief Chris McCarthy and film head Brian Robbins are anticipated to depart. These shifts may signal broader realignments in news coverage, creative programming, and corporate culture.
While Wall Street welcomed the deal, analysts caution that Paramount Skydance must deliver on its promises. Success will depend on its ability to win sports broadcasting rights, grow its Paramount+ streaming service, and navigate cultural backlash. With increasing calls for ideological balance and political scrutiny of media content, the merger may test the boundaries between business strategy and public trust.
The deal’s approval marks a turning point not just for Paramount, but for the future of American media. Whether it leads to sustainable growth or triggers further polarization remains to be seen