FCC Greenlights $8.4 Billion Paramount-Skydance Merger Amid Controversy

The FCC has approved a merger between Paramount Global and Skydance Media for $8.4 billion. The deal includes prominent media assets like CBS and Paramount Pictures. Concerns about press freedom and diversity followed the decision amid criticism from dissenting FCC Commissioner Anna Gomez and Democratic Senators.

The U.S. Federal Communications Commission has approved an $8.4 billion merger between Paramount Global and Skydance Media, including assets like CBS and Nickelodeon. Paramount resolved a lawsuit with a $16 million payment, separate from the FCC's review of the merger.

Skydance committed to unbiased journalism and will invest $1.5 billion in Paramount. The FCC's decision was not unanimous, with Democratic Commissioner Anna Gomez dissenting over press freedom and editorial control concerns.

Investors reacted positively, with Paramount's stock seeing a slight increase. The merger signals a shift in the entertainment landscape, marking the end of an era for the Redstone family. New leadership roles have been named for the combined entity.

(With inputs from agencies.)