Skydance, Paramount Finalize Merger; DEI Cut

Skydance Media has finalized its $8 billion merger with Paramount Global, forming 'Paramount, a Skydance Corporation' led by CEO David Ellison after more than a year of negotiations and regulatory review. The merger, which unites assets such as CBS, MTV, Paramount Pictures, and Paramount+, was approved by the FCC following Paramount's $16 million lawsuit settlement with Donald Trump over a '60 Minutes' interview. As a merger condition, Skydance agreed to eliminate Paramount's Diversity, Equity, and Inclusion (DEI) programs and to appoint an ombudsman for CBS News' editorial oversight. The cancellation of 'The Late Show with Stephen Colbert' has sparked debate, with CBS citing financial reasons but some alleging political motivation related to the Trump settlement. Paramount will be restructured into studios, direct-to-consumer, and TV media divisions, with an emphasis on technology and streaming expansion. The merged company now trades on NASDAQ under the symbol PSKY, and senior executives, including Ellison, have signed new five-year contracts.