CBS Network Enters New Era: Major Changes Ahead Under Skydance Leadership
Historic Transition at CBS
The Federal Communications Commission has cleared the final hurdle for CBS parent company Paramount Global to complete its merger with Skydance Media, with the $8.4 billion deal receiving regulatory approval.
The deal, which was announced in July 2024 after months of negotiations, will see Larry Ellison, Skydance, and RedBird Capital acquire the controlling shares of Paramount Global. The merged entity will be known as “Paramount Skydance Corp” and will remain publicly traded, though controlled by the Ellison family.
Leadership and Structural Changes
The network has already experienced significant leadership changes in 2025, including turnover at the top of CBS News and 60 Minutes. Bill Owens, the executive producer of 60 Minutes, resigned in protest in June, while Wendy McMahon departed from her role, citing strategic differences. Tom Cibrowski, formerly of ABC News, was brought in as CEO and editor-in-chief in March.
New Editorial Direction
Industry observers anticipate a significant shift in the editorial direction of CBS News under its new ownership. In recent filings, Ellison and Skydance have indicated their commitment to pursuing “American storytelling” while promoting a new, “unbiased” editorial direction for CBS News.
As part of the merger approval process, Paramount agreed to conduct “a comprehensive review” to ensure CBS operates in the public interest without bias. The company will also appoint an ombudsman, reporting directly to the president of CBS News, to address issues as they arise over the next two years.
Impact on Programming and Operations
The network is adapting to changing viewer habits as consumers shift to streaming media and traditional TV viewership declines. Paramount has been allocating more resources to its streaming business, Paramount+, while the merger with Skydance, led by David Ellison, is viewed as a strategic move to revitalize its fortunes amid industry-wide linear declines and a challenging macro-economic environment.
Meanwhile, the CBS Television Network Affiliates Association, representing more than 200 local CBS stations, has raised concerns about how the transfer of control could impact local television operations, particularly regarding network control over affiliate finances, programming exclusivity, and contract renewal practices.
