Skydance and Paramount complete their merger – whither CBS News?

The headline-chewing Skydance Media takeover of Paramount Global was formally concluded Thursday. The merger marks the transition from three decades of control by the Redstone family to companies controlled by the Ellison family – tech mogul Larry and his son, David.

In a lengthy open letter new Chairman and CEO David Ellison touted the benefits of combining tech platforms and studio creative services, while amping up direct-to-consumer streaming programming. CBS and other TV media, while providing more than 60% of Paramount’s revenue, received lesser attention.

However what Ellison did say about CBS News was notable: “News partners: We recognize it’s been a challenging period and we’re deeply grateful for your resilience, professionalism, and unwavering commitment to the news business. We take immense pride in CBS News’ legacy of impactful journalism and look forward to continuing to foster a newsroom culture where journalists are empowered, trusted, and equipped to do their best work.”