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Skydance, Paramount dismiss objections to planned $8.4 bln merger
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Skydance, Paramount dismiss objections to planned $8.4 bln merger
Jan 2, 2025 4:59 PM

Jan 2 (Reuters) -

Skydance Media and Paramount Global ( PARAA ) on Thursday

defended their planned $8.4 billion merger, urging the Federal

Communications Commission to dismiss opposition from critics,

calling them "unwarranted" and "meritless".

The Center for American Rights, a nonprofit public-interest

law firm, petitioned the FCC in December to block the merger,

citing concerns about foreign influence on U.S. media stemming

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

In a filing with the FCC, the companies described petitions

from the group and other critics, including LiveVideo.AI and

Fuse Media, as "procedurally defective" and lacking merit.

"Neither party identifies any transaction-related harm that

could merit denying the applications or imposing conditions,"

the companies said.

The filing dismissed concerns from LiveVideo.AI over

competition, calling its claims of a "rigged sales process"

irrelevant to the FCC's regulatory role.

The Center for American Rights and Fuse Media did not

immediately respond to Reuters' requests for comment.

LiveVideo.AI could not be immediately contacted.

David Ellison's Skydance struck a deal with Paramount in

July 2024 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 this

year.

(Reporting by Surbhi Misra in Bengaluru; Editing by Varun H K)

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