# Skydance-Paramount The merger of Skydance Media and Paramount Global created one of the largest media companies in the world. Led by [[David Ellison]] as Chairman & CEO, backed financially by his father [[Larry Ellison]] (co-founder of Oracle Corporation). --- ## The Deal | Detail | Value | |--------|-------| | **Announced** | July 7, 2024 | | **Deal value** | ~$8 billion | | **Combined entity value** | ~$28 billion | | **FCC approval** | July 24, 2025 | | **Merger closed** | August 7, 2025 | | **CEO** | David Ellison | | **President** | Jeff Shell | ### Ownership Structure - **Pinnacle Media Ventures** → 77.5% of National Amusements (Paramount's controlling entity) - **Gerry Cardinale / RedBird Capital Partners** → 22.5% of NAI - David Ellison holds 100% of the Ellison family's voting interests in the merged entity --- ## What Paramount Includes The Paramount Global portfolio is one of the most extensive in media: ### Film - **Paramount Pictures** — one of the "Big Five" Hollywood studios (est. 1912) - Skydance's production slate (Mission: Impossible, Top Gun, Star Trek, etc.) ### Broadcast Television - **CBS** — broadcast network - **CBS News** — including *60 Minutes*, *CBS Evening News*, *CBS Mornings*, *Face the Nation* ### Cable Networks - **MTV** - **Nickelodeon** / Nick Jr. / TeenNick - **BET** (Black Entertainment Television) - **Comedy Central** - **Showtime** (premium cable → integrated into Paramount+) - **VH1** - **TV Land** - **CMT** (Country Music Television) - **Smithsonian Channel** ### Streaming - **Paramount+** — direct-to-consumer streaming platform - **Pluto TV** — free ad-supported streaming (FAST) ### Publishing - **Simon & Schuster** (sold to KKR in 2023, but was part of the portfolio) --- ## FCC Approval Controversies The merger's FCC approval was entangled with Trump administration politics in extraordinary ways: ### The CBS-Trump Lawsuit Settlement ($16M) Trump had filed a **$10 billion lawsuit** against CBS over a *60 Minutes* interview with [[Kamala Harris]], alleging deceptive editing. In July 2025, Paramount settled for **$16 million** — widely seen as a political concession to ensure the Trump-appointed FCC would not block the merger. ### Concessions to the FCC As conditions of approval, Skydance/Paramount agreed to: 1. **Install an ombudsman** at CBS News to monitor for "bias" against the President - Kenneth Weinstein of the [[Hudson Institute]] was appointed — criticized for lacking journalistic or legal experience 2. **Eliminate all DEI programs** across Paramount 3. Provide up to **$20 million in free advertising and PSAs** ### Congressional Investigation Ranking Members [[Jamie Raskin]] (Judiciary) and Frank Pallone (E&C) launched an investigation into whether: - The FCC approval was conditioned on politically motivated concessions - Trump improperly influenced CBS News editorial decisions - The settlement constituted an abuse of regulatory power Sen. [[Elizabeth Warren]] also sent follow-up letters demanding transparency on the deal terms. --- ## CBS News Under Ellison Ownership ### Leadership Changes - **[[Bari Weiss]]** installed as CBS News editor-in-chief - CBS acquired Weiss's publication **The Free Press** - Multiple veteran journalists and producers resigned, citing loss of editorial independence ### 60 Minutes Controversies - **Bill Owens** (executive producer) resigned April 2025, citing "loss of independence from corporate" - **Scott Pelley** publicly warned that corporate interference had compromised the show's integrity - **December 2025:** Bari Weiss pulled a *60 Minutes* segment on Trump deportees to El Salvador after Trump officials refused to participate - Correspondent Sharyn Alfonsi said: *"Pulling it now, after every rigorous internal check has been met, is not an editorial decision, it is a political one."* - **Trump Interview (Nov 2025):** When Norah O'Donnell asked Trump about his pardon of Binance founder Changpeng Zhao, Trump instructed CBS not to air the exchange — and **CBS complied**, deleting it from both broadcast and online versions - Raskin launched a formal investigation into this editorial capitulation - **May–June 2026:** Weiss replaced *60 Minutes* EP Tanya Simon with [[Nick Bilton]] (no TV-production experience) and fired correspondents Sharyn Alfonsi and Cecilia Vega; on **June 2, 2026** CBS fired [[Scott Pelley]] a day after he accused Weiss of "murdering the show" and alleged he had been told to "inject falsehoods and bias into a politically sensitive story" — see [[Scott Pelley Firing]] and [[Media Capture]] ### Talent Friction - **Stephen Colbert** clashed publicly with new management over editorial direction on *The Late Show* - Multiple *60 Minutes* correspondents have departed or threatened to leave --- ## Warner Bros. Discovery Acquisition Bid ### The Offer | Detail | Value | |--------|-------| | **Initial offer** | $30/share (late 2025) | | **Revised offer** | $31/share (Feb 2026) | | **Total enterprise value** | ~$111 billion | | **Larry Ellison guarantee** | $40.4 billion irrevocable personal guarantee | | **Regulatory termination fee** | $7 billion | | **Ticking fee** | $0.25/share/quarter if not closed by Sept 2026 | ### What WBD Would Add - **CNN** — cable news network - **HBO / Max** — premium content + streaming - **Warner Bros. Pictures** — film studio - **TNT, TBS, Discovery networks** — cable channels - **DC Studios** — superhero IP ### Competitive Landscape - **Netflix** bid competitively but withdrew on Feb 26, 2026 - If completed, the combined Paramount-WBD entity would control **two of the three legacy broadcast/cable news operations** (CBS News + CNN), plus massive entertainment assets ### Press Independence Implications CNN staffers have expressed fears that Trump-friendly ownership will steer coverage rightward. David Ellison vowed CNN would "operate independently" and said "We want to be in the truth business" — but the CBS News track record under his ownership has given critics ample reason for skepticism. See: [[Tech Oligarch Media Map]] --- ## Military Content Angle ### The Pentagon-Hollywood Pipeline Paramount is the historic home of the military-entertainment complex's most iconic franchise: **Top Gun** (1986, 2022). The Pentagon's Entertainment Liaison Office — part of the DoD's Office of the Secretary of Defense — has cooperated with Paramount on numerous productions in exchange for script approval. ### How It Works 1. Producers apply to the DoD for access to military equipment, bases, and personnel 2. DoD requests to review the script 3. If the script conflicts with military messaging, it is denied or changes are requested 4. In exchange, studios get access to billions of dollars worth of military hardware at reduced or no cost ### Key Films (Paramount/Skydance) - **Top Gun** (1986) — Military recruiters set up tables in cinemas; Navy enlistments rose ~8% - **Top Gun: Maverick** (2022) — Full DoD cooperation; massive recruitment messaging; $1.49B worldwide - **Mission: Impossible** franchise — extensive military/intelligence themes - **Jack Ryan** (TV) — CIA-centered thriller - **Reacher** — military veteran protagonist ### Structural Alignment With [[David Ellison]]'s personal passion for military aviation, [[Larry Ellison]]'s Oracle defense contracts, and Paramount's deep Pentagon relationships, the Skydance-Paramount entity represents a uniquely tight nexus of **defense-tech capital** and **military narrative production**. --- ## Related - [[David Ellison]] - [[Larry Ellison]] - [[Tech Oligarch Media Map]] - [[Oracle Corporation]]