FCC Approves CBS-Skydance Merger

## Overview of the Federal Communications Commission (FCC) The **Federal Communications Commission (FCC)** is a pivotal independent agency within the United States government, responsible for regulating communications across various platforms, including radio, television, wire, internet, Wi-Fi, satellite, and cable. Established in 1934 under the Communications Act, the FCC replaced the Federal Radio Commission and took over wire communication regulation from the Interstate Commerce Commission[1][2]. ### Mission and Objectives The FCC's mission is to ensure rapid, efficient, and accessible communication services nationally and internationally without discrimination. It aims to promote national defense and safety of life and property through effective communication systems[1]. The agency is funded entirely by regulatory fees and had a budget of $388 million in fiscal year 2022, employing 1,433 personnel[1]. ### Key Achievements - **Regulatory Frameworks**: The FCC has developed and enforced numerous regulations, such as the Telecommunications Act of 1996, which significantly impacted the competitive landscape of the communications industry[1]. - **Spectrum Management**: It has played a crucial role in managing radio frequency spectrum, ensuring efficient use and allocation for various services[1]. - **Consumer Protection**: The FCC has implemented measures to protect consumers, including rules on net neutrality and measures to reduce robocalls[4]. ### Current Status Today, the FCC continues to play a vital role in shaping the U.S. communications landscape. It is composed of five commissioners appointed by the President, with one serving as Chairman[6]. The agency is actively involved in promoting broadband access and ensuring fair competition in the communications market[2]. ### Notable Aspects - **Regulatory Oversight**: The FCC conducts regular inspections and enforces compliance with its regulations, such as the Legal ID requirement for radio stations[4]. - **International Cooperation**: It collaborates with international bodies to align communications standards and policies[1]. - **Technological Advancements**: The FCC supports the

CBS, originally founded in 1927 as the Columbia Broadcasting System, is a major American media company known primarily for its commercial broadcasting, television production, and publishing activities. It began as a radio network established by talent agent Arthur Judson but was soon acquired by William S. Paley, who transformed it into a dominant force in radio by leveraging advertising revenue through large audiences[1][5]. CBS expanded into television early, launching experimental broadcasts in 1931 and pioneering the first color TV broadcast in 1940 from its Chrysler Building transmitter in New York City[1][2]. The network became a leader in television entertainment and news through the mid-20th century, with iconic programs and personalities such as Ed Sullivan, Lucille Ball, and Walter Cronkite contributing to its popularity[3]. CBS also innovated in network news with the Columbia News Service, led by Edward R. Murrow, which established its reputation for serious journalism in the 1930s and 1940s[2]. Throughout its history, CBS diversified into related sectors like recording (Columbia Records) and publishing but eventually refocused on broadcasting and entertainment. It underwent several corporate transformations, including a merger with Westinghouse Electric Corporation in 1995, adoption of the CBS Corporation name, and acquisition by Viacom in 2000. After splitting from Viacom in 2005 and operating independently, CBS re-merged with Viacom in 2019 to form ViacomCBS, which was renamed Paramount Global in 2022. In 2025, CBS became the flagship network of the newly formed Paramount Skydance Corporation following an $8 billion merger with Skydance Media[3][4]. Today, CBS remains a key player in American media, known for its broad programming reach, influential news division, and historical significance in radio and television innovation. Its long-standing presence and adaptability in business and technology make it a cornerstone of the broadcasting industry. CBS’s leadership under President and CEO George Che

Skydance Media is a diversified global media and entertainment company founded in 2010 by David Ellison, who envisioned creating a multi-platform studio producing high-quality, event-level content spanning feature films, television, animation, interactive media, and new media experiences[1][3][7]. Headquartered in Santa Monica, California, Skydance has grown to employ over 500 people across two continents, developing a strong reputation for innovation and versatility in entertainment[1][3]. The company’s origins trace back to 2006, when David Ellison, an accomplished pilot inspired by aerobatics (“skydancing”), helped finance the World War I aviation film *Flyboys*. Formally launched in 2010 with a $350 million financing deal supported by Ellison’s father, Larry Ellison, Skydance quickly secured a co-financing agreement with Paramount Pictures, gaining access to major film projects and distribution[2]. Its first major hit was the 2010 remake of *True Grit*, directed by the Coen Brothers, which earned 10 Academy Award nominations and became one of the highest-grossing westerns of the 21st century[1][2]. Skydance solidified its prominence with blockbuster franchises such as *Mission: Impossible*—notably *Ghost Protocol* (2011), which featured Tom Cruise performing stunts on the Burj Khalifa and became the highest-grossing film in the series at that time—and expanded into television with successful series like Amazon’s *Reacher* and *Tom Clancy's Jack Ryan*[1][5]. The company has also diversified into New Media (2019) and Sports (2021) divisions, reflecting its strategic multi-platform approach[5]. In 2025, Skydance merged with Paramount Global in an $8 billion deal to form Paramount, a Skydance Corporation, creating a next-generation media powerhouse combining Skydance’s production and technological expertise with Paramount’s vast creative library and global

Paramount Pictures is one of the oldest and most influential film studios in the world, with its origins dating back to 1912 when Adolph Zukor founded the Famous Players Film Company. It officially became Paramount Pictures after a series of mergers with Jesse L. Lasky’s company and the distribution firm Paramount Pictures Corporation, founded by W.W. Hodkinson, who also designed the iconic mountain-and-stars logo symbolizing the studio’s roster of contracted stars[1][2][4][7]. This logo has become one of the most recognizable in entertainment history, initially featuring 24 stars representing its prominent actors[4]. Throughout its history, Paramount has been a pioneer in the film industry, producing and distributing landmark films and franchises such as *The Godfather*, *Breakfast at Tiffany’s*, and *Indiana Jones*, helping shape Hollywood’s Golden Age and modern blockbuster era[6]. The studio experienced significant ups and downs, including financial struggles during the Great Depression when it gambled on provocative films, and later corporate transformations. In 1966, Gulf+Western Industries acquired Paramount, marking a strategic shift toward media and communications, culminating in the rebranding as Paramount Communications in 1989[6]. Paramount’s legacy includes key contributions to technological and cultural milestones in entertainment. It was the last major studio physically located in Hollywood, maintaining a historic connection to the film industry’s roots[4]. The company has also been at the forefront of evolving media landscapes, adapting to changes in distribution, ownership, and content delivery, notably under Viacom ownership in the 1990s, which saw a resurgence in box office success[6]. Today, Paramount remains a major player in global media, producing diverse content across film, television, and digital platforms, continuing its century-long tradition of innovation and influence in entertainment and media technology. Its enduring brand and extensive library underscore its significant role in the intersection of business, culture, and technology in the entertainment industry.