Paramount, Skydance Latest 90-Day Merger Extension Kicks Off Today

A second 90-day extension on Paramount Global’s proposed sale to David Ellison’s Skydance automatically triggered today as per the deal agreement, leaving the parties and the FCC more time to nail things down. Approval by the Commission led by Brendan Carr is required to transfer CBS broadcast licenses to Skydance.

Any discussions will unfold against a presumably more favorable backdrop, that being a $16 million settlement announced last week between CBS and Donald Trump.

More from Deadline

The status of any conversations between the FCC and Skydance couldn’t be ascertained. The current window to close the deal runs through early October.

The President sued the network and 60 Minutes for $20 billion last fall alleging the newsmagazine edited its presentation of an interview with Kamala Harris to make the then-Democratic candidate sound better. Allegations shifted after Trump won to rest on a more convoluted, commercial argument. CBS has always denied all allegations and Trump’s case wasn’t considered strong.

The settlement provides funds for Trump’s presidential library and covers his legal expenses. It does not include an expression of regret or apology.

Paramount co-CEO George Cheeks told shareholders that settlements are not uncommon to avoid unpredictable legal costs, the risk of an adverse judgment that could result in financial and reputational damage and the disruption to business operations that prolonged legal battles can cause.

The settlement with Trump “offers a negotiated resolution that allows companies to focus on their core objectives rather than being mired in uncertainty and distraction,” he said at Par’s virtual annual meeting last Wednesday.

Paramount and Skydance announced their a long-gestating merger agreement after six months of back and forth exactly a year ago – on July 7, 2024

Best of Deadline

Sign up for Deadline’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.