Skydance Media has officially received regulatory clearance from the Federal Communications Commission (FCC) to proceed with its $8 billion acquisition of Paramount, the parent company of CBS News. The deal, now finalized, marks a major turning point in the U.S. media landscape, shifting control of one of the country’s largest broadcasting networks into new hands.
Led by David Ellison, Skydance now takes over a vast portfolio that includes not just CBS, but also Nickelodeon, Comedy Central, BET, MTV, The CW, and several popular film franchises. The approval follows months of regulatory hurdles, political scrutiny, and internal shakeups at CBS.
A Shift in Newsroom Direction
Skydance’s leadership has signaled it plans to reshape CBS News’ editorial direction. According to recent filings and discussions with FCC officials, the company intends to refocus on what it calls “American storytelling” while promoting a more politically balanced approach to news coverage.
As part of its agreement with regulators, Skydance has committed to establishing an ombudsman to oversee editorial fairness, a move aimed at addressing concerns about bias and accountability. This role will remain in place for at least two years and report directly to the company president.
DEI Programs Dropped as Part of Concessions
One of the more controversial elements of the approval process involved Skydance’s decision to discontinue all diversity, equity, and inclusion (DEI) initiatives across the Paramount-owned platforms. The company made the move to appease FCC leadership, aligning with a broader trend among corporations currently seeking regulatory approvals under the Trump administration.
Several other major firms, including Verizon and T-Mobile, have also reportedly pulled back on DEI efforts amid similar regulatory pressure.
Trump Lawsuit Settlement Loomed Large
The deal came shortly after Paramount agreed to settle a $16 million lawsuit brought by former President Donald Trump. The lawsuit accused CBS of unfairly editing a “60 Minutes” interview with then-Vice President Kamala Harris, suggesting it constituted voter interference. The timing of the settlement, followed closely by the FCC’s approval of the acquisition, raised eyebrows across political and media circles.
While David Ellison has ties to both sides of the political aisle—including a 2024 donation to President Joe Biden’s campaign—his father, Oracle co-founder Larry Ellison, is a known ally of Trump. The former president has since expressed approval of the Skydance-Paramount deal, further cementing the perception of a political shift in CBS’s future.
Internal Fallout at CBS
Editorial changes at CBS had already begun to take shape even before the FCC issued its final decision. Longtime “60 Minutes” executive producer Bill Owens resigned earlier this year, citing concerns about the outlet’s editorial independence. Shortly afterward, CBS News President Wendy McMahon also exited the company.
The recent cancellation of The Late Show, hosted by Stephen Colbert, added to the perception of a shifting tone at the network. While CBS said the decision was driven by financial constraints, the timing led to speculation, especially since Colbert had publicly criticized the Trump settlement.
Commissioner Voices Strong Opposition
Not all FCC commissioners supported the deal. Commissioner Anna Gomez, the only Democrat on the panel, voiced deep concerns over how the acquisition was handled, particularly regarding the pressure placed on Paramount to settle the Trump lawsuit and remove DEI policies.
Gomez raised alarms about what she viewed as federal overreach into newsroom operations and employment policy, warning that the move could set a dangerous precedent for government interference in media companies’ editorial and hiring decisions.
More Media Moves Could Be Ahead
There are signs Skydance may not be done expanding its influence. Reports suggest the company is exploring a potential acquisition of The Free Press, a digital outlet known for its conservative-leaning content. If completed, the deal would further broaden Skydance’s reach into political media.
Meanwhile, other Paramount properties—like The Daily Show—face uncertain futures under the new leadership. Host Jon Stewart has publicly acknowledged he isn’t sure whether the show will continue, given the recent shift in ownership and priorities.
Skydance’s pursuit of Paramount took years and required creative strategy. Rather than buying Paramount Global directly, Ellison targeted National Amusements, the holding company previously led by media mogul Sumner Redstone and now controlled by his daughter, Shari Redstone.
Despite facing obstacles during the Biden administration, the regulatory climate changed after Trump’s return to office. The FCC eventually approved the deal during its third review period, ending what had been a lengthy and uncertain process.
