Skydance closes merger with Paramount for $8 billion

CEO David Ellison announced on Thursday that Skydance Media has finalized its $8 billion acquisition of Paramount Pictures. This deal wraps up the “tumultuous” effort to secure regulatory approval, two weeks after the US Federal Communications Commission (FCC) finally approved the July 2024 announcement.

In July, Paramount resolved a legal case initiated by then-presidential candidate Donald Trump, which alleged that the network’s esteemed news show “60 Minutes” had misrepresented an interview with former Vice President Kamala Harris through misleading edits before the election.

Trump regarded the $16 million payment from Paramount, which was reduced from his initial demand of $20 billion, as a win. Several days later, CBS revealed that it was canceling “The Late Show with Stephen Colbert,” the flagship late-night variety show of the network.

The network claimed that the decision was purely financial, but Colbert, a frequent critic of Trump, criticized the move and called the “60 Minutes” deal a “hefty bribe.”

On Thursday, Ellison apparently addressed the network, whose news division, he said, had “one of the most historic legacies in American television journalism, including ‘60 Minutes.’”

Addressing the company’s “news partners” directly on Thursday, Ellison said: «We recognize that this has been a difficult period, and we are deeply grateful for your resilience, professionalism, and unwavering commitment to the news business.

We are extremely proud of CBS News’ legacy of impactful journalism and look forward to continuing to foster a culture in the newsroom where journalists feel empowered, trusted, and prepared to do their best work.»