UPDATE: In a critical move, Skydance chief David Ellison met with FCC Chairman Brendan Carr on July 15 to expedite approval for his company’s acquisition of Paramount Global. This high-stakes meeting comes as the FCC is on the verge of making a decision regarding the transfer of CBS broadcast licenses, a pivotal moment that could reshape the media landscape.
The meeting included Ellison, Carr, chief of staff Greg Watson, and special counsel Ben Arden from the Media Bureau. During this urgent discussion, Ellison emphasized Skydance’s commitment to unbiased journalism and diverse viewpoints, elements crucial for ensuring that CBS’s editorial decisions reflect the broad ideological spectrum of American audiences.
With pressure mounting from organizations like the Teamsters and the Center for American Rights, who are advocating for specific concessions, the urgency of this approval process cannot be overstated. Last week, representatives from the CBS Television Network Affiliates Association also engaged with the FCC, pushing for guarantees related to local resources.
Ellison’s meeting highlighted the significant public interest benefits of the transaction, stating that the Ellison family and investment firm RedBird bring fresh leadership capable of navigating the challenges of today’s media environment. He reassured the FCC that New Paramount would preserve and enhance the legacy of CBS and its 28 owned-and-operated local television stations.
Additionally, the discussion touched upon the controversial topic of Diversity, Equity, and Inclusion (DEI) programs. The FCC has indicated that companies seeking approval for such deals must agree to discontinue support for these initiatives. Skydance has expressed a commitment to promoting non-discrimination and equal employment opportunities at New Paramount, aligning with the precedents set by other major firms like T-Mobile and Verizon.
Ellison also addressed concerns regarding Tencent’s stake in the company, clarifying that it is a non-voting, passive investment constituting less than 5 percent of the company’s equity post-deal. He underscored that he will lead New Paramount with a dedicated team focused on American storytelling, ensuring no involvement from Chinese entities.
The urgency of Ellison’s meeting comes in the wake of a $16 million settlement involving Paramount and former President Trump, alongside the shocking cancellation of the Late Show with Stephen Colbert. As the media world closely watches these developments, Ellison’s actions indicate that decisive changes are on the horizon for Paramount.
As the FCC nears a decision, all eyes are on the outcome of this acquisition. Stakeholders are eager to see if Ellison and his partners at RedBird will take control, marking a new chapter for Paramount in a rapidly evolving media landscape.