• Paramount and Skydance will officially merge on August 7, creating “New Paramount.” FCC Chairman Carr says the deal aims to fix trust in biased legacy media. Meanwhile, the Trump lawsuit settlement has sparked bribery allegations and executive resignations at CBS.

WASHINGTON, D.C. (TDR) — Paramount Global and Skydance Media announced Friday that their long-awaited merger will be finalized on August 7, barring unforeseen complications in the $8 billion agreement. The newly formed entity will be named “New Paramount.”

Federal Communications Commission Chairman Brendan Carr granted approval Thursday, delivering sharp criticism of legacy broadcast networks in the process.

“Americans no longer trust the legacy national news media to report fully, accurately and fairly. It is time for a change,” Carr said, emphasizing that Skydance had committed to restoring editorial balance at CBS News.

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Carr added that the new media entity would work to “root out the bias that has undermined trust in the national news media” and promote “a diversity of viewpoints” across its platforms.

Trump Lawsuit Settlement Raises Eyebrows in Washington

The FCC’s approval closely followed news that Paramount settled a lawsuit filed by President Donald Trump, agreeing to pay $16 million to cover legal fees and contribute to his presidential library. The lawsuit accused CBS News of manipulating a 2024 “60 Minutes” interview with then-candidate Kamala Harris to favor Democrats during the election.

The suit alleged “substantial news distortion” designed to “confuse, deceive and mislead the public” about Harris’s positions — claims CBS firmly denied.

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The settlement has ignited political backlash, particularly from Senator Elizabeth Warren, D-Mass., who has called for a federal investigation.

“With Paramount folding to Donald Trump at the same time the company needs his administration’s approval for its billion-dollar merger, this could be bribery in plain sight,” Warren said. “I’m calling for a full investigation into whether or not any anti-bribery laws were broken.”

Internal Fallout at CBS News

The Trump-Harris interview controversy stems from apparent editing discrepancies. During the October 2024 interview, Harris gave a lengthy answer about the Israel-Hamas conflict, but two separate CBS programs — 60 Minutes and Face the Nation — aired clips showing different responses.

CBS later published the full transcript, defending the piece:

“In reporting the news, journalists regularly edit interviews — for time, space or clarity… 60 Minutes is always guided by the truth and what we believe will be most informative,” the network stated.

Nevertheless, internal dissent grew. CBS News President Wendy McMahon and 60 Minutes executive producer Bill Owens both resigned earlier this year, citing their discontent with the company’s editorial direction and perceived loss of independence.

Further intensifying tensions, CBS recently canceled “The Late Show with Stephen Colbert,” removing one of its marquee progressive platforms during the merger process.

Is the Paramount-Skydance deal a realignment of media accountability — or just a costly tradeoff for political favor?

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