Skydance Gets Green Light to Acquire Paramount as Colbert’s Show Faces Sudden Cancellation
US regulators on Thursday approved an $8 billion deal for Skydance to acquire Paramount Global after receiving assurances the merged company will follow Trump administration guidelines against programs promoting diversity, equity and inclusion.
Approval came with “written commitments” by Skydance to ensure the new company’s news and entertainment programming “will embody a diversity of viewpoints across the political and ideological spectrum,” according to Federal Communications Commission chairman Brendan Carr.
The regulatory nod comes shortly after CBS, a Paramount subsidiary, announced an end date for The Late Show with Stephen Colbert—a mainstay of late-night television that often critiqued US President Donald Trump.
CBS said the cancellation, scheduled for 2026, was “purely a financial decision against a challenging backdrop in late night” and had “no relation to the show’s performance, content, or other matters at Paramount.”
Colbert had recently ridiculed Paramount’s $16 million settlement with Trump over a lawsuit he filed in 2024, calling it “a big fat bribe” aimed at securing regulatory approval for the Skydance merger.
Trump had sued Paramount for $20 billion, alleging CBS News’ 60 Minutes edited an interview with Kamala Harris in a way that favored his then-2024 rival. Paramount had described the suit as meritless.
Trump celebrated Colbert’s cancellation on Truth Social, writing: “I absolutely love that Colbert got fired. His talent was even less than his ratings.”
Democratic Senator Elizabeth Warren responded, saying: “CBS canceled Colbert’s show just THREE DAYS after he called out CBS parent company Paramount for its $16M settlement with Trump—a deal that looks like bribery.”
Colbert, who took over the iconic Late Show in 2015 following David Letterman, has long been known for mixing sharp political satire with mainstream entertainment.
The move raises questions about editorial independence at CBS and potential political pressure in media consolidation deals. As the late-night landscape shifts, so too does the line between comedy, commentary, and corporate influence.
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Skydance Gets Green Light to Acquire Paramount as Colbert’s Show Faces Sudden Cancellation