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Paramount Global (NASDAQ:PARA) shares are rising in Thursday’s after-hours session after the Federal Communications Commission approved the company’s merger with Skydance Media.
Check out the current PARA stock price here.
What To Know: The FCC granted the necessary approvals to allow Paramount to complete its planned $8 billion merger with Skydance.
The FCC approved license transfers for 28 local TV stations owned by CBS after Skydance pledged to hire an ombudsman to review complaints regarding bias concerns at CBS and to eliminate diversity, equity and inclusion (DEI) programs.
"Americans no longer trust the legacy national news media to report fully, accurately and fairly. It is time for a change. That is why I welcome Skydance's commitment to make significant changes at the once storied CBS broadcast network,” FCC chairman Brendan Carr said in a statement.
“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. Skydance will also adopt measures that can root out the bias that has undermined trust in the national news media.”
The approval comes more than a year after Skydance announced plans to acquire Paramount Global and its subsidiaries.
PARA Price Action: Paramount Global shares were up 2.41% in after-hours, trading at $13.58 at the time of publication on Thursday, according to Benzinga Pro.
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