FCC clears Paramount, Skydance merger
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CNBC's Julia Boorstin joins 'Money Movers' to discuss what the Paramount-Skydance merger means for media and the landscape of M&A.
The Oracle chairman will not have any "veto rights, or any special or outsized voting rights," per an amendment filed with the FCC
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Shares of Paramount are set to open higher after the FCC approval its merger but amid ongoing uncertainty about its strategic plans under Skydance Media.
With the FCC having cleared the Skydance Media-Paramount merger and the deal set to close in a matter of weeks, Paramount Global co-CEO Chris McCarthy will leave the media conglomerate, a company source confirmed to Variety.
Upon the deal’s closing, Skydance and its financial partners are set inject $1.5 billion in cash into Paramount. However, that’s intended to go toward reducing Paramount’s long-term debt ($14.16 billion as of Q1 of 2025) to help stabilize its balance sheet.
FCC Commissioner Anna Gomez has issued a scathing statement of dissent following the approval of the Paramount and Skydance Media deal on Thursday, noting the merger marks a “direct violation of the first amendment.”