Skydance, Paramount defend $8.4 billion merger against FCC opposition

Skydance Media and Paramount Global (PARA.O) defended their proposed $8.4 billion merger on Thursday, urging the Federal Communications Commission (FCC) to reject objections from critics who have labelled the deal "unwarranted" and "meritless," per a Reuters report.

In December, the Center for American Rights, a public-interest law firm, petitioned the FCC to block the merger due to concerns about potential Chinese influence on US media stemming from Tencent Holdings' investment in Skydance.

Skydance and Paramount described petitions from the Center for American Rights and other critics, including LiveVideo.AI and Fuse Media, as lacking merit and procedurally flawed.

"The petitions fail to identify any specific harm to competition that would justify denying the applications or imposing conditions," the companies argued in an FCC filing.

Skydance dismissed LiveVideo.AI's claims of an unfair sales process, asserting that such allegations are irrelevant to the FCC's regulatory purview.
The merger deal, struck in July 2024, would combine the two media companies in a two-step process, finalizing months of speculation about the future of Paramount, one of Hollywood's most established studios.

Also Read: Skydance to Acquire Paramount After Bronfman Jr. Exits Bid