FCC approves Paramount, Skydance merger following Trump lawsuit

The Federal Communications Commission has approved an $8 billion merger between media companies Paramount and Skydance following a lawsuit brought by President Trump against CBS News, which is owned by Paramount.

The FCC announced the approval of the merger on Thusrday, with Chairman Brendan Carr saying that he welcomed “Skydance’s commitment to make significant changes at the once storied CBS broadcast network,” The Hill news outlet reported.

“Americans no longer trust the legacy national news media to report fully, accurately, and fairly,” Carr said. “It is time for a change.”

He also applauded Skydance's written commitment to “ensure that the new company’s programming embodies a diversity of viewpoints from across the political and ideological spectrum.”

“Skydance will also adopt measures that can root out the bias that has undermined trust in the national news media,” Carr said. “These commitments, if implemented, would enable CBS to operate in the public interest and focus on fair, unbiased, and fact-based coverage.”

Earlier this month, Paramount agreed to settle Trump's "60 Minutes" lawsuit for $16 million.

Paramount was sued by Trump for $20 billion over CBS News allegedly deceptively editing a "60 Minutes" interview with then-Vice President Kamala Harris last year, who at the time of the interview was also the Democratic nominee in the presidential race.

Carr had held up the merger and previously indicated the Harris interview could have constituted a legitimate “news distortion complaint.”

CBS canceled “The Late Show” with host Stephen Colbert last week, days after he had accused Paramount on air of paying Trump a “big fat bribe.”

The merged company, which will be known as “New Paramount,” told the FCC that it will “promote transparency and increased accountability” through an ombudsman for at least a two-year period who will report to the company president and evaluate complaints of bias, according to the FCC.

Skydance doesn't have any diversity, equity, and inclusion programs, and is committed to not establishing any at New Paramount, confirming that the new company will also be committed to equal opportunity employment and nondiscrimination, the federal agency added.

“New Paramount” also reaffirmed to the FCC “its commitment to localism as a core component of the public interest standard, and emphasizes that it will work closely with its affiliated broadcast stations to ensure a productive partnership that will strengthen its affiliates’ ability to serve their local communities,” per the agency.

The new company will be led by David Ellison, who is the son of Oracle founder Larry Ellison, a Trump ally and one of the richest people in the world.