financetom
Business
financetom
/
Business
/
Skydance, Paramount dismiss objections to planned $8.4 bln merger
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
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)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Dormakaba reports improved core profit helped by cost cuts
Dormakaba reports improved core profit helped by cost cuts
Sep 2, 2024
Sept 3 (Reuters) - Swiss security technology group Dormakaba reported an 8.3% rise in its full-year adjusted core profit on Tuesday, helped by the cost cutting programme launched in July last year. The company, whose products range from entrance systems to safe locks, posted adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 416.9 million Swiss francs ($488.9 million)...
Explainer-What is the issue with Cathay Pacific's A350 Rolls-Royce engines?
Explainer-What is the issue with Cathay Pacific's A350 Rolls-Royce engines?
Sep 2, 2024
(Reuters) - Hong Kong's Cathay Pacific Airways ( CPCAF ) said on Monday it was inspecting all 48 of its Airbus A350 widebody jets after the in-flight failure of a component in an engine that is made by British manufacturer Rolls-Royce. WHAT HAPPENED ON THE FLIGHT? A problem unfolded several minutes after take-off on flight CX383 from Hong Kong to...
Exclusive-Tesla plans six-seat Model Y, production slated for 2025 in China, sources say
Exclusive-Tesla plans six-seat Model Y, production slated for 2025 in China, sources say
Sep 2, 2024
SHANGHAI (Reuters) - Tesla plans to produce a six-seat variant of its Model Y car in China from late 2025, two people with direct knowledge of the matter said, as the U.S. automaker strives to increase the appeal of its best-selling yet aging electric vehicle (EV). Tesla has asked suppliers to prepare accordingly for a double-digit increase of Model Y...
Volvo Trucks to launch electric truck with 600 km range
Volvo Trucks to launch electric truck with 600 km range
Sep 2, 2024
Sept 3 (Reuters) - Sweden's Volvo will launch a long-range variant of its FH Electric truck, capable of covering up to 600 km (373 miles) on a single charge, its truckmaking arm said on Tuesday. The new model, expected to hit the market in the second half of 2025, caters to customers requiring longer hauls by maximizing battery space while...
Copyright 2023-2026 - www.financetom.com All Rights Reserved