Skydance acquires CBS and Paramount Pictures (2025)
Skydance completed the acquisition of CBS and Paramount Pictures on 7 August 2025 for $8 billion, buying from National Amusements.[1][2]
Skydance Media, controlled by the Ellison family, combined with Paramount Global to form Paramount Skydance Corporation, ending the control National Amusements and the Redstone family had held over CBS and Paramount Pictures. Paramount Class A holders could take $23.00 in cash a share and Class B holders $15.00, and because the deal transferred control of CBS's television station licences it needed the consent of the Federal Communications Commission, which granted it over one commissioner's dissent.
The $8 billion figure is the one the FCC's news release gives for the transaction; the SEC filings state the per-share consideration but no total on a stated basis. CBS and Paramount Pictures are held by the merged company, Paramount Skydance Corporation, from completion.
The FCC granted the transfer of control of Paramount Global, including its CBS owned-and-operated television stations, from the Redstone-controlled National Amusements to Skydance and the Ellison family, with Commissioner Gomez dissenting. The order found no material public interest harm and granted the applications on the strength of commitments from Skydance that it described as firm and definite, although they were not written into the licences as formal conditions.
behavioural — An ombudsman reporting to the President of the combined company for at least two years, to evaluate complaints of bias involving CBS.
behavioural — No diversity, equity and inclusion programmes to be established, with Paramount's existing DEI initiatives confirmed as ended.
behavioural — Programming to reflect a diversity of viewpoints, with fair, unbiased and fact-based reporting at CBS, and a reaffirmed commitment to local news.
Sources (2) & corrections
Last verified . Every ownership fact above is backed by one of these primary documents. Numbers in brackets in the text refer to this list.