The FCC has approved Skydance’s $8 billion (€6.8bn) acquisition of Paramount Global and its subsidiaries, including the ultimate parent company of the CBS network of owned and operated broadcast television stations, by granting a series of applications that transfer FCC licences and authorisations.

Chairman Carr said: “Americans no longer trust the legacy national news media to report fully, accurately, and fairly. 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. In particular, Skydance has made written commitments to ensure that the new company’s programming embodies a diversity of viewpoints from across the political and ideological spectrum. Skydance will also adopt measures that can root out the bias that has undermined trust in the national news media. These commitments, if implemented, would enable CBS to operate in the public interest and focus on fair, unbiased, and fact-based coverage. Doing so would begin the process of earning back Americans’ trust. Today’s decision also marks another step forward in the FCC’s efforts to eliminate invidious forms of DEI discrimination. And Skydance’s commitment to enhancing local news and reporting—coverage valued by the public—will also inure to the benefit of the American people.”

Commitment to Unbiased Journalism. Skydance has made written commitments to ensuring that the new company’s array of news and entertainment programming will embody a diversity of viewpoints across the political and ideological spectrum and that CBS’s reporting will be fair, unbiased, and fact-based. To promote transparency and increased accountability, Skydance commits, for a period of at least two years, to have in place an ombudsman who will report to the President of New Paramount and evaluate complaints of bias.

Ensures that Discriminatory DEI Policies End. Skydance, which has no DEI programmes in place currently, has committed that it will not establish any such initiatives at the new company and confirms that New Paramount will also be committed to equal opportunity employment and nondiscrimination. This will ensure that the combined business will enact policies and practices consistent with the law and the public interest.

Injection of New Capital and Enhanced Local News. Approving this transaction will unleash the investment of $1.5 billion into Paramount, bolstering all aspects of its operations, including broadcast. Skydance also reaffirms its commitment to localism as a core component of the public interest standard, and emphasises that it will work closely with its affiliated broadcast stations to ensure a productive partnership that will strengthen its affiliates’ ability to serve their local communities.

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Categories: Articles, Broadcast, Business, FTA, M&A, Policy, Regulation

Tags: FCC, Paramount CBS, skydance