Paramount and Skydance join forces in an $8 billion amalgamation, whilst the FCC's investigation into CBS lingers on
Paramount Skydance Corporation Eliminates DEI Initiatives, Installs Ombudsman at CBS News
In a significant shift, the newly formed Paramount Skydance Corporation, following the completion of its $8 billion merger between Skydance Media and Paramount Global, has announced the elimination of diversity, equity, and inclusion (DEI) initiatives at Paramount. This decision aligns with the corporate philosophy of Skydance, which historically does not maintain DEI programs.
According to Stephanie Kyoko McKinnon, Skydance's general counsel, the company has ended Paramount's DEI programs, will not set DEI-related hiring or employment targets, and will focus on attracting talent broadly from various backgrounds without disparate treatment. The company will respect legal equal opportunity requirements but avoid specific DEI initiatives or targets.
To ensure greater transparency and accountability regarding news operations, Skydance has also committed to establishing a CBS News ombudsman to handle complaints about bias or other concerns, reporting directly to the new company's president.
This move comes amidst regulatory pressures and the political environment influenced by former Trump administration policies aiming to eliminate DEI initiatives. Prior to the merger, Paramount had already modified or cut back its DEI programs to reflect these pressures.
The new company, named "Paramount, a Skydance Corporation," includes CBS, Comedy Central, MTV, Paramount Plus, and an iconic movie studio. The merger positions Paramount to forge a new path forward in the entertainment industry, combining its extensive creative library and global distribution network with Skydance's production expertise and industry-leading technological capabilities.
David Ellison, the CEO of the new company and son of billionaire Oracle co-founder Larry Ellison, has announced his vision for the company: to honor exceptional storytelling while modernizing content delivery. Ellison is also expected to aim to eliminate the perceived liberal slant at CBS News.
The company has also agreed to settle President Trump's "election interference" lawsuit for a sum expected to be north of $30 million, including $16 million upfront for Trump's presidential library. The Federal Communication Commission (FCC) is currently probing CBS News over the airing of a "60 Minutes" interview with Vice President Kamala Harris, accused of aiding Vice President Harris through deceptive editing ahead of the presidential election.
Paramount Class B shares began trading on the Nasdaq Stock Market under the ticker symbol "PSKY." Under this new leadership, Paramount Skydance Corporation is committed to ensuring its storytelling reflects the many audiences and communities it serves in a manner that complies with non-discrimination requirements and other applicable laws.
- The new company, Paramount, a Skydance Corporation, aims to modernize content delivery while honoring exceptional storytelling, as announced by CEO David Ellison, the son of billionaire Oracle co-founder Larry Ellison.
- The Paramount Skydance Corporation has eliminated diversity, equity, and inclusion (DEI) initiatives at Paramount, focusing on attracting talent from various backgrounds without disparate treatment.
- To ensure transparency and accountability, a CBS News ombudsman will be established to handle complaints about bias or other concerns, reporting directly to the new company's president.
- Amidst regulatory pressures and the political environment influenced by former Trump administration policies, the company has agreed to settle President Trump's "election interference" lawsuit for a sum expected to be north of $30 million.
