Paramount and Skydance extend merger deadline

The timeline for the $8 billion merger of Paramount Global and Skydance Media has been extended for an additional 90 days, in a move that was automatically triggered as agreed upon by both parties. This extension was outlined in a filing with the Securities And Exchange Commission (SEC) back in February and became effective on April 7th when no deal had been finalized by that date.

The proposed merger has already gained approval from both the SEC and the European Commission but still requires clearance from the Federal Communications Commission (FCC) in order to move forward. The FCC is currently under the leadership of Brendan Carr, an appointee of former President Donald Trump, who has raised several key concerns during the review process of this merger.

Carr has articulated that he will oppose the merger of media conglomerates that promote diversity, equity, and inclusion, adhering to the White House’s stance against DEI initiatives. Additionally, the FCC chair is closely following a legal matter involving a challenge by the CBS network, owned by Paramount Global, aimed at dismissing a $20 billion lawsuit brought forth by Donald Trump. This lawsuit stemmed from a pre-election interview on 60 Minutes featuring Trump’s then-presidential rival Kamala Harris. CBS lawyers have condemned the lawsuit as an attack on free speech, with both parties resorting to appointing a mediator to address the situation.

In light of the media landscape, it is noteworthy to recognize the impending honor bestowed upon acclaimed actor Robert De Niro. He is set to receive a prestigious lifetime achievement award at the esteemed Cannes Film Festival, a significant recognition of his illustrious and impactful career in the film industry.

The delay in finalizing the Paramount Global and Skydance Media merger underscores the complexity and scrutiny surrounding major corporate deals, especially in the media sector. With regulatory hurdles and legal challenges to navigate, the fate of this multi-billion-dollar merger remains uncertain pending approval from the FCC. As industry dynamics continue to evolve, the outcome of this merger will undoubtedly have far-reaching implications for the media landscape and the entities involved.