Paramount Global says its long-awaited $8.4 billion merger with Skydance Media is expected to close by August 7, following federal approval. The merged company will be renamed Paramount Skydance Corp, trading under the ticker PSKY.
Skydance CEO David Ellison is set to lead the new entity, inheriting key assets like Paramount Pictures, CBS, and various cable channels. He plans to restructure operations, boost Paramount+ streaming, and achieve $2 billion in cost savings, News.Az reports, citing Reuters.
The FCC approved the deal on Thursday, shortly after Paramount settled a $16 million lawsuit from Donald Trump over a “60 Minutes” segment. Critics argue the settlement may have influenced regulatory approval, though the FCC insists its decision was independent.
As part of the deal, Skydance agreed to appoint an ombudsman at CBS to address editorial concerns and to end DEI initiatives criticized by Trump. This also ends Shari Redstone’s decades-long control of the company, marking a major shift in the media empire founded by her father.
In parallel changes, Paramount CFO Naveen Chopra left the company in June to join Roblox.
