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The $8.4 billion merger between Paramount Global and Skydance Media has officially received approval from U.S. regulators, paving the way for a significant reshaping of the American media landscape.

This merger places CBS, Paramount Pictures, and Nickelodeon under the leadership of David Ellison, tech heir and CEO of Skydance, amid a politically charged debate over freedom of the press in the Trump era.

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Paramount investor relations
Yahoo Finance: PARA Stock
CBS News on merger
Analysis via Seeking Alpha

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Leadership Shakeup and Market Reaction

David Ellison will serve as chair and CEO of the new Paramount, while Jeff Shell, former head of NBCUniversal, will take over as president. Meanwhile, Chris McCarthy, one of Paramount’s current CEOs, will depart post-merger. After the announcement, Paramount’s stock rose about 1.4% in after-hours trading, reaching $13.45.

Political Accusations and Legal Settlements

The FCC approved the merger in a partisan 2-1 vote, with Democratic Commissioner Anna Gomez dissenting. Gomez accused Paramount of “cowardly capitulation” to political pressure after it paid $16 million to settle a lawsuit brought by Donald Trump over a “60 Minutes” segment featuring Vice President Kamala Harris.

“This reeks of the worst form of corruption,” said Senator Edward Markey of Massachusetts, referencing the timing of the settlement and merger approval.

Trump has long criticized CBS and other media outlets for liberal bias and “fake news.” As part of the approval, Skydance agreed to appoint an ombudsman for editorial complaints and vowed not to support diversity, equity, and inclusion (DEI) initiatives—moves that align with Trump’s agenda.

Public Backlash: Redstone Family Legacy Ends 

The merger also signals the end of an era for the Redstone family, which built Paramount into a global media empire. Shari Redstone, daughter of the late media mogul Sumner Redstone, became chair in 2019 in hopes of revitalizing the company, which has struggled to keep up in the era of streaming.

Late-night host Stephen Colbert called the Trump settlement “a big fat bribe.” His show was canceled shortly after—though Paramount claimed it was for financial reasons.

Still, FCC Chairman Brendan Carr, a Trump appointee, praised the merger, saying the commitments made by Skydance would help CBS “operate in the public interest.”