Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue.

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.

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.

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.

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

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.