Trump administration greenlights Paramount's $8 billion merger with entertainment group Skydance

Trump administration regulators have approved Skydance Media’s $8 billion bid to acquire CBS News parent company Paramount, paving the way for a tectonic shift in ownership of one of America’s three major networks.

Trump administration regulators have approved Skydance Media’s $8 billion bid to acquire CBS News parent company Paramount, paving the way for a tectonic shift in ownership of one of America’s three major networks.

The Federal Communications Commission said Thursday that it had approved the acquisition, with FCC Chairman Brendan Carr adding in a news release that the move would bring change to the company's news coverage. Paramount owns CBS, which includes CBS News.

"Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change," Carr said. "That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network. In particular, Skydance has made written commitments to ensure that the new company’s programming embodies a diversity of viewpoints from across the political and ideological spectrum."

"Today’s decision also marks another step forward in the FCC’s efforts to eliminate invidious forms of DEI discrimination," Carr added.

David Ellison; Shari Redstone.AP; Getty ImagesIn recent days, Paramount's new owner made a number of concessions to the FCC, including agreeing to not implement any diversity, equity or inclusion programs. Skydance also said it would "undertake a comprehensive review" of CBS and "will commit, for a period of at least two years, to have in place an ombudsman." That role would report to the president of the new company.