The FCC approval of the Paramount-Skydance merger actually finalized on Thursday, and this clears the way for the $8 billion acquisition after more than 250 days of review. The Federal Communications Commission voted 2-1 to approve this major media industry consolidation, which now enables Skydance Media to complete its takeover of Paramount Global within the coming weeks.

CBS Faces DEI Ban as Chris McCarthy Exits in $8B Skydance Deal

The Chris McCarthy resignation has become official as the Paramount co-CEO announced his departure following the FCC Paramount Skydance merger completion. McCarthy, who’s been with the company for 22 years, actually exercised change-of-control provisions rather than accept a reduced role under David Ellison’s leadership.

The CBS DEI ban represents one of the key merger conditions right now. FCC Chairman Brendan Carr stated that Skydance committed to eliminating all diversity programs at the combined company.

FCC Chairman Brendan Carr stated:

“Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change. That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network.”

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Executive Departures Shape New Structure

The Chris McCarthy resignation triggers substantial severance payments that are worth twice his annual salary along with bonuses. McCarthy actually built the Yellowstone franchise through his $200 million Taylor Sheridan deal, which is now valued at $3 billion across multiple spinoffs.

Taylor Sheridan had stated:

“I sure hope that if this merger takes place, they have the foresight to keep him. I don’t know of another executive that I could do this with.”

The FCC Paramount Skydance merger also forces out Paramount Pictures head Brian Robbins, while CBS president George Cheeks remains but in a diminished capacity.

Political Pressure Drives Merger Terms

The CBS DEI ban emerged from intense regulatory pressure following Paramount’s controversial $16 million Trump settlement. Democratic Commissioner Anna Gomez cast the sole dissenting vote, and she criticized the Skydance media deal approval process.

Commissioner Anna Gomez stated:

“The Paramount payout and this reckless approval have emboldened those who believe the government can — and should — abuse its power to extract financial and ideological concessions, demand favored treatment, and secure positive media coverage.”

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The media industry consolidation reflects broader streaming competition challenges right now. Paramount carried $14.6 billion in debt, which necessitated this transformative FCC Paramount Skydance merger for survival.