The Federal Communications Commission (FCC) has approved a request by Paramount Global to transfer more than two dozen broadcast TV licenses to Skydance media, clearing the last remaining hurdle before the two media companies could close on their $8 billion merger.
According to two sources who spoke with The Desk, officials within the FCC’s Media Bureau gave formal notification to Paramount Global and CBS that the request to transfer 28 CBS-held broadcast TV licenses to Skydance Media was approved. The licenses include those connected to CBS-owned or operated stations in major markets like New York City, Los Angeles, Chicago, Dallas-Fort Worth, Detroit, Atlanta, San Francisco, Seattle and Sacramento.
The deal was approved after Paramount offered key concessions to appease President Donald Trump and members of his administration. Earlier this month, the company settled a defamation lawsuit brought by Trump over a “60 Minutes” news broadcast last year that he claimed painted his then-political opponent in a more-favorable light. Legal experts said Paramount was likely to win the lawsuit on First Amendment grounds, but the company agreed to pay $16 million toward the build-out of Trump’s future library or museum in order to end the matter.
Separately, the FCC received assurances from Skydance executives that Paramount under its ownership will not operate diversity, equity and inclusiveness (DEI) programs in its hiring and firing practices and would exert greater oversight of CBS News to ensure its news programming was fair and balanced.
“Americans no longer trust the legacy national news media to report fully, accurately, and fairly,” FCC Chairman Brendan Carr said on Thursday. “It is time for a change — that is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network.”
FCC Commissioner Anna Gomez — the lone Democrat on the agency’s board — voted to oppose the transfer of licenses from CBS to Skydance, saying she was troubled by the concessions Paramount made to win over Trump and members of his administration.
“After months of cowardly capitulation to this Administration, Paramount finally got what it wanted,” Gomez said in a statement. “Unfortunately, it is the American public who will ultimately pay the price for its actions.”
Pending further regulatory hurdles, Paramount and Skydance now expect their deal to close in early August, according to two sources familiar with the transaction. The FCC is expected to issue a statement on the matter by the end of Thursday.
