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2025-04-08 14:59
The $8B merger agreement between Paramount Global (NASDAQ:PARA) and Skydance Media has been extended by 90 days following its initial expiration on April 7, 2025.
The deal, originally slated to close by the above date, has been automatically extended for an additional 90 days—pushing the new target to July 7, 2025—due to the pending approval from the Federal Communications Commission.
The merger aims to combine Skydance Media—a Santa Monica-based production house—with Paramount Global, which owns assets like CBS, MTV, and Nickelodeon, creating an enterprise valued at ~$28B.
The FCC's informal 180-day review timeline, which started in late 2024, can be paused or extended. A second 90-day buffer may be delayed to October 4, 2025, if needed.
Legal challenges loom, as a class-action lawsuit filed by New York City pension funds in Delaware alleges that the merger undervalues public shareholders and prioritizes the interests of Paramount's (NASDAQ:PARA) controlling shareholder, Shari Redstone.