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Paramount's $8.4 bln Skydance merger faces FCC challenge by Center for American Rights
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Paramount's $8.4 bln Skydance merger faces FCC challenge by Center for American Rights
Dec 17, 2024 10:44 AM

Dec 17 (Reuters) - The Center for American Rights, a

non-profit public-interest law firm, has petitioned the Federal

Communications Commission (FCC) to challenge the planned $8.4

billion merger between Paramount Global ( PARAA ) and Skydance

Media, a filing showed on Tuesday.

China's Tencent Holdings' ( TCTZF ) investment in Skydance

sparks concerns about foreign influence on U.S. media, the firm

said.

The group also said Paramount's CBS News division "has a

troubling track record of ideological bias and news

manipulation" and the CBS Television division has shown "racial

discrimination in hiring and promotion".

Paramount declined to comment, while Skydance did not

immediately respond to Reuters request for comment.

In July, David Ellison's Skydance struck a deal with

Paramount to combine the two media houses in a complex two-step

process, ending months of discussion and speculation about the

future of one of Hollywood's oldest studios.

The merger is expected to close in the first half of 2025.

The deal would combine Paramount, home of such classic films

as "Chinatown," "Ferris Bueller's Day Off" and "Breakfast at

Tiffany's," with Skydance which was its financial partner on

several major films, including "Top Gun: Maverick," "Mission:

Impossible-Dead Reckoning" and "Star Trek Into Darkness."

Earlier this year, a Paramount investor sued to block the

deal saying it would cost its shareholders $1.65 billion.

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