Skydance Media CEO David Ellison (Shutterstock image)
Paramount, Skydance Media $8 Billion Merger Set to Close Aug. 7
July 25, 2025
Skydance Media’s $8 billion acquisition of Paramount Global to become Paramount Skydance Corp. is expected to close on Aug. 7 — two weeks after the Federal Communication Commission gave its approval.
Skydance CEO David Ellison will become chairman and CEO of the new company, while former NBCUniversal CEO Jeff Shell becomes president.
To get the FCC’s greenlight, Paramount agreed to end its diversity, equality and inclusion (DEI) policies, and promised to maintain an ombudsman for two years to review and report complaints of political bias or concerns regarding CBS’s news programming.
The merger was also in limbo due to President Trump’s $20 billion lawsuit against CBS News regarding the editing of a pre-election “60 Minutes” interview with Democrat candidate Kamala Harris. CBS agreed to pay Trump $16 million, and additional funds, to settle the matter.
In a July 25 press release, Paramount said that common share holders have until July 31 to decide whether to cash out their shares or receive shares in the new company. Paramount employees with retirement accounts holding company shares have until July 28 to cash out or roll over into new accounts.
Skydance has previously stated that it expects to generate $2 billion in annualized savings between the two companies post-merger closing.
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