CBS Enters New Era as Parent Company Paramount Completes Skydance Merger and Lands Major Sports Deal
Major Media Transformation
The Federal Communications Commission has cleared the way for Paramount Global to complete its merger with Skydance Media, removing the final hurdle for the media giants to close their transaction.
The $8.4 billion merger, which received FCC approval on July 24, 2025, was officially closed on August 7, 2025. This transformative deal reshapes one of America’s most storied media companies.
New Leadership and Direction
The merger brings significant leadership changes, with Shari Redstone departing Paramount Global. David Ellison, founder of Skydance Media, has assumed the roles of chairman and CEO, while Jeff Shell has become president of the combined entity.
The merged company now controls an impressive portfolio of assets, including Paramount Pictures, CBS Entertainment Group, BET Media Group, Paramount Media Networks (MTV, Nickelodeon, Comedy Central), Paramount Streaming (Paramount+ and Pluto TV), and numerous international assets including the UK’s Channel 5 and Australia’s Network 10.
First Major Post-Merger Move
In its first significant move following the merger, Paramount has secured a landmark $7.7 billion, seven-year deal for UFC’s full slate of events. All matches will be streamed via Paramount+, with select events simulcast on CBS. Notably, the company will eliminate the pay-per-view model, making all content available to subscribers without additional fees.
Challenges and Future Outlook
The merger comes as the media landscape continues to evolve, with consumers increasingly shifting to streaming media while traditional TV and cable network viewership declines. The company is focusing on growing its streaming business, with leadership acknowledging the need to navigate industry-wide challenges while prioritizing investments in digital platforms.
Looking ahead, the company is considering a “soft merger” of its streaming platforms (Paramount+ and Pluto TV) by November 2026, potentially unifying their technological infrastructure while maintaining distinct front-end identities.