Paramount and Skydance close their $8 billion merger, kicking off reign of new entertainment giant

Skydance pointed to the Supreme Court’s 2023 decision on affirmative action in college admissions, but such moves also arrive amid the Trump administration’s wider crackdown on DEI in the workplace — and the company cited recent federal mandates impacting employers, too, noting that Paramount announced ”significant changes” to its recruiting and hiring practices in February 2025.

The FCC approved the merger by a 2-1 vote on July 24. The regulator who opposed it, FCC Commissioner Anna Gomez, expressed disdain for how it all came together — pointing to ”months of cowardly capitulation to this administration.”

”In an unprecedented move, this once-independent FCC used its vast power to pressure Paramount to broker a private legal settlement and further erode press freedom,” Gomez, who was appointed by President Joe Biden, said in a statement. She also said the agency overstepped its authority by ”undermining legitimate efforts to combat discrimination and expand opportunity.”

Paramount’s new leaders will be watched particularly closely for how they deal with CBS News, given the $16 million settlement with Trump following his complaint about last fall’s ”60 Minutes” interview with his Democratic opponent, then-Vice President Kamala Harris. And the merger could also have ripple effects across other Paramount properties, including its late night and comedy programming.

When first announcing the deal in July 2024, Ellison also stressed the need to transition into a ”tech hybrid” to stay competitive in today’s entertainment landscape. That included plans to ”rebuild” the Paramount+ streaming service, among wider efforts to expand direct-to-consumer offerings in a world with more entertainment options and shorter attention spans.