Shares in the entertainment company tick up after the Federal Communications Commission approves a deal with Skydance.

The FCC's approval, which was necessary for the deal to move forward, caps a long-running corporate saga over the fate of Paramount, which owns Paramount+, the Paramount Pictures movie and television studios, the CBS television network and CBS News and Stations. Paramount also owns Nickelodeon, BET, MTV, Comedy Central and other media brands.

Upon the deal’s closing, Skydance and its financial partners are set inject $1.5 billion in cash into Paramount. However, that’s intended to go toward reducing Paramount’s long-term debt ($14.16 billion as of Q1 of 2025) to help stabilize its balance sheet.

In a statement, FCC Chair Brendan Carr says the deal was allowed to go through only after the new owners agreed to make ideological changes to its news programming and end DEI policies

FCC Chairman Brendan Carr released a statement announcing his approval of the $8 billion merger between Paramount Global and Skydance Media after a yearlong saga.

Skydance said this week it planned to add an ombudsman who would review “any complaints of bias” and end diversity, equity and inclusion programs targeted by the Trump administration.

On 'Daily Variety' podcast, Skydance Media's overtures accelerate FCC approval of Paramount Global deal; Why Steve Stoute is Music Mogul of the Year.