Merger of Paramount and Skydance finalized at an estimated worth of $8 billion amidst ongoing FCC investigation into CBS
The merger between Skydance Media and Paramount Global, valued at $8 billion, has officially been completed, marking a new chapter for the entertainment industry. The new company, named "Paramount, a Skydance Corporation," now includes CBS, Comedy Central, MTV, Paramount Plus, and an iconic movie studio.
At the helm of this merged company is David Ellison, son of billionaire Oracle co-founder Larry Ellison, who now oversees CBS as CEO. Ellison has expressed his excitement about leading Paramount into its next chapter and supporting creative talent. His vision is to honor exceptional storytelling while modernizing content delivery.
One of the most significant changes post-merger is the approach to diversity, equity, and inclusion (DEI). Skydance, for its part, does not have DEI programs in place and will not establish such initiatives. As a result, Paramount has eliminated or modified DEI programs across the company to ensure they are consistent with the company's commitment to equal opportunity and governing law.
This decision has sparked both support and criticism. Supporters argue that it is an attempt to combat alleged editorial bias and restore trust in CBS News’ fairness. However, critics express concerns over the loss of efforts to promote diversity and equity within the company.
In relation to CBS News, Skydance has committed to ending existing DEI initiatives, hiring an ombudsman to monitor complaints about fairness and bias, and conducting a comprehensive review of CBS to make any necessary changes aimed at increasing viewpoint diversity across political and ideological spectra.
The move away from DEI programs at Paramount post-merger reflects the political and regulatory context under which the merger was approved. The FCC chairman has opened proceedings against CBS News for "news distortion" in the airing of a "60 Minutes" interview with then-Vice President Kamala Harris. Additionally, Paramount and CBS were forced to pay eight figures and change their editorial policy in a settlement with President Trump.
The new company, Paramount, a Skydance Corporation, has stated that this move positions them to forge a new path forward in the entertainment industry. The close of the transaction signifies a significant change in Paramount's corporate and editorial culture regarding DEI. This shift is expected to have far-reaching implications for the future of diversity and inclusion in the media landscape.
[1] "Paramount Global and Skydance Media Complete $8 Billion Merger." Variety. (URL) [2] "Paramount, a Skydance Corporation, Eliminates DEI Initiatives." The New York Times. (URL) [3] "FCC Probes CBS News for 'News Distortion'." The Wall Street Journal. (URL) [4] "Trump Settles Lawsuit with Paramount and CBS." CNN. (URL)
- The move to discontinue DEI programs at Paramount, a Skydance Corporation, is a reflection of the political and regulatory context surrounding the $8 billion merger.
- The new company, Paramount, a Skydance Corporation, has expressed that this change in approach positions them to forge a new path in the entertainment industry.
- As CEO, David Ellison has shown excitement about leading Paramount into a new chapter, promising to honor exceptional storytelling while modernizing content delivery.
- The decision to discontinue DEI initiatives has sparked both support and criticism, with some arguing it's an attempt to combat alleged editorial bias and restore trust.
- In response to concerns over diversity and equity, Paramount has committed to implementing an ombudsman to monitor complaints about fairness and bias, and conducting a comprehensive review of CBS.
- The complete merger of Paramount Global and Skydance Media has brought about a significant change in the corporate and editorial culture of the combined entity, with far-reaching implications for the future of diversity and inclusion in the media landscape.
