Upon the deal’s closing, Skydance and its financial partners are set inject $1.5 billion in cash into Paramount. However, that’s intended to go toward reducing Paramount’s long-term debt ($14.16 billion as of Q1 of 2025) to help stabilize its balance sheet.

The FCC's approval, which was necessary for the deal to move forward, caps a long-running corporate saga over the fate of Paramount, which owns Paramount+, the Paramount Pictures movie and television studios, the CBS television network and CBS News and Stations. Paramount also owns Nickelodeon, BET, MTV, Comedy Central and other media brands.

The merger has faced scrutiny for what critics view as capitulations to Donald Trump, including a $16m settlement.

South Park” targeted President Trump and Paramount Global in its latest episode this week, poking fun at the president for targeting his enemies and at one point depicting him in bed

Parker and Stone reached a $1.5 billion streaming deal with Paramount after a monthslong bidding war, according to the Los Angeles Times. Paramount is the parent company of Comedy Central, where South Park airs, and CBS—which has received widespread criticism over its decision to cancel The Late Show With Stephen Colbert.

South Park' couldn't have returned at a better time. The season-opening episode is brutal in its treatment of Paramount, CBS and President Trump.