FCC Approves $8B Paramount-Skydance Merger with DEI Ban at CBS

The Federal Communications Commission has greenlit the $8 billion acquisition of Paramount Global by Skydance Media, ending a 250-day regulatory review. The 2-1 vote clears the path for one of the media industry's most significant consolidations in recent years.

CBS will face immediate structural changes, including a ban on all diversity programs—a key condition of the merger. FCC Chairman Brendan Carr confirmed Skydance's commitment to eliminate DEI initiatives across the combined entity.

The deal triggers executive reshuffling, with Paramount co-CEO Chris McCarthy departing after 22 years. His exit activates change-of-control provisions, yielding severance packages worth twice his annual compensation. McCarthy leaves behind a substantial legacy, including the $3 billion Yellowstone franchise developed through his Taylor Sheridan partnership.