After finally getting approval from the Federal Communications Commission, Skydance Media is just weeks away from completing its $8-billion merger with Paramount Global, leading to sweeping changes for some of the most iconic 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.

Paramount co-CEOs George Cheeks, Brian Robbins and Chris McCarthy expressed their thanks to the media giant's staff following news that its pending $8 billion merger with Skydance Media is expected to close Aug.

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.

The merger won approval from U.S. regulators, clearing the way for a sale that evolved into a clash over press freedom in the era of President Donald Trump.

MoffettNathanson says it will be awaiting clarity on the future of Paramount+ and the linear network portfolio

McCarthy became co-CEO of Paramount, alongside George Cheeks and Brian Robbins, in April 2024. The trio took on the role after the ouster of Bob Bakish as the company was in its first round of negotiations with Skydance. McCarthy is also president of Showtime/MTV Entertainment and oversees the company’s streaming platforms Paramount+ and Pluto TV.

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Paramount Global said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal.

Paramount’s cable business has cratered. The news division is in turmoil. A.I. is coming for movies. And those are just the obvious challenges facing David Ellison as he takes control.

South Park” creators Trey Parker and Matt Stone brought their show back with a vengeance on Wednesday, in an episode that took swings at both the parent company of the network that airs their popular animated series and President Donald Trump.

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