Exclusive | Paramount-Skydance deal likely to remain in regulatory purgatory

For the people running Skydance Media, a “quick and clean” regulatory approval to buy Paramount Global has been replaced by “long and slow” — and that’s if they’re lucky, On The Money has learned.The long-awaited merger’s final consummation is likely to remain in regulatory purgatory for the foreseeable future, government officials say.Despite continued heavy lobbying – and playing the so-called Trump card reminding the media world that Larry Ellison, one of the president-elect’s biggest boosters is the father of Skydance chief David Ellison– the new management hasn’t yet satisfied certain “fairness” conditions that will be demanded by the incoming administration’s regulatory big wigs.Skydance had hoped to close the deal during the first quarter of this year; incoming Federal Communication Commission chair Brendan Carr has signaled that’s not likely to happen, these people add.

He won’t rubber-stamp the $8 billion tie-up because he believes there’s evidence that Paramount’s TV-subsidiary, CBS News, plays fast and loose with basic FCC fairness rules all networks (as opposed to cable) must meet to air programming over the public airwaves.“Carr has told them a quick and clean approval is not on the table and all else remains on the table including an eventual approval or a denial,” a source close to the situation told On the Money.  Journalism has broad protections under the First Amendment, of course.But local TV has to meet certain fairness requirements to obtain FCC licenses to broadcast over public airwaves.

That means, particularly during a political season, giving both parties equal access on news shows and not overtly taking sides in news programming.  Carr is said to be particularly vexed about CBS’ once-prestigious news magazine, “60 Minutes.” As On The Money has reported, conservative critics believe the network was trying to tip the scales in the 2024 presidential election, allegedly favorably editing an ...