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Paramount's $8 Billion Deal with Skydance Clears Regulatory Hurdle After Months-Long Turmoil
Federal regulators have approved Paramount's $8 billion merger with Skydance, clearing the way to close a deal that combines Hollywood glamour with political intrigue.
The stamp of approval from the Federal Communications Commission comes after months of turmoil surrounding President Donald Trump's legal battle with "60 Minutes," the crown jewel of Paramount-owned broadcast network CBS.
With the specter of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount earlier this month agreed to pay a $16 million settlement with the President.
"Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change," said FCC Chairman Brendan Carr in a statement accompanying the deal's approval.The merger aims to bring more balance to "once-storied" CBS network, according to Carr.