Paramount International and Skydance Media’s merger is now imminent.
At present, a number of shops reported that the FCC has formally cleared the best way for the $8 billion merger between Skydance and Paramount.
The information comes shortly after Skydance Media made a number of concessions to the FCC. Skydance’s chief attorneys reportedly despatched a letter on Tuesday to FCC Chair Brendan Carr, committing to put in an ombudsman to evaluation “complaints of bias or different issues” at CBS Information. The corporate additionally confirmed that Paramount has eradicated its variety, fairness, and inclusion initiatives.
In keeping with the experiences, the FCC signed off on the switch of Paramount’s broadcast licenses to the Skydance possession group, led by David Ellison, who will function chairman and CEO of the mixed firm.
The merger was first introduced one 12 months in the past and is predicted to shut within the coming weeks.
Paramount declined to remark. Skydance Media additionally didn’t reply to a request for remark.
Following the completion of the merger, ADWEEK has confirmed that Chris McCarthy, one in every of Paramount International’s co-CEOs, will exit the corporate.
McCarthy turned one of many firm’s co-CEOs in April 2024 alongside George Cheeks, president and CEO of CBS, and Brian Robbins, president and CEO of Paramount Photos and Nickelodeon. The appointments got here following the exit of then-CEO Bob Bakish amid the continued merger.
Along with being co-CEO, McCarthy was president and CEO of Showtime/MTV Leisure Studios and Paramount Media Networks.
Paramount and Skydance’s merger has confronted criticism in latest weeks following Paramount International’s $16 million settlement with President Donald Trump over a lawsuit filed final 12 months. The lawsuit accused CBS Information of “deceitful” modifying throughout a 60 Minutes interview with former Vice President and then-Democratic presidential candidate Kamala Harris.
Previous to the announcement of The Late Present’s impending cancellation, host Stephen Colbert referred to the settlement as a “massive fats bribe” to safe the merger’s approval from the Trump administration. South Park additionally put Paramount and Trump underneath hearth in its Season 27 debut on Wednesday, which aired hours after its creators inked a $1.5 billion cope with Paramount.
