Paramount-Skydance merger approved
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McCarthy became co-CEO of Paramount, alongside George Cheeks and Brian Robbins, in April 2024. The trio took on the role after the ouster of Bob Bakish as the company was in its first round of negotiations with Skydance. McCarthy is also president of Showtime/MTV Entertainment and oversees the company’s streaming platforms Paramount+ and Pluto TV.
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Shares of Paramount Global surrendered early gains Friday, closing down 1.6% at $13.05. They initially got a bit of a pop from the FCC’s long awaited approval of the merger wtih Skydance Media. But investors remain cautious as the combined entity’s basic strategy on key fronts from cable to streaming
Paramount Global will take on a (slightly) different name and a brand new ticker when the entertainment company’s messy merger with Skydance Media finally closes next week.
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Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue.
The FCC hinging its approval of the merger on Paramount decommitting from DEI is the latest example of public-sector agendas affecting private-sector talent strategy.
Hours after announcing the approval of Skydance’s merger with Paramount, FCC Chairman Brendan Carr touted the company’s commitment to “addressing bias & restoring fact-based reporting” at CBS News, among other things.