Thanks to a series of filings made on Thursday, the FCC is now in position to approve the transfer of control of National Amusements, Inc. to Skydance Media — the Southern California-based entity that intends to merge with Paramount Global and assume control of the owner of CBS News & Stations.
For those working with Media Bureau Chief Holly Saurer, there’s a bit of reading ahead, as a 448-page “Comprehensive Exhibit” was submitted for each of the CBS-affiliated and independent television stations licensed to the Sumner M. Redstone National Amusements Part B General Trust.
The stations in this trust are being transferred to Sayonara, LLC, an affiliated entity of Skydance Media.
In short, FCC consent is sought for the transfer of control of Paramount Global broadcast stations from controlling shareholder NAI, led by Shari Redstone, to investors in Skydance.
This includes member of the Ellison family and RedBird Capital Partners.
Once the transaction closes, NAI will be owned and controlled by Pinnacle Media, controlled by the Ellisons.
Merger details are spelled out in the exhibit submitted for regulatory approval from the FCC.
Public interest benefits of the transaction are also shared in the document, with the companies noting that “investment in ‘New Paramount’ will enable the company to preserve and strengthen the legacy of CBS and its local stations.”
Specifically, the document states, “the transaction will enable New Paramount to preserve and enhance the legacy and broad reach of the national CBS television network and the company’s 28 owned-and-operated local television broadcast stations, while leveraging their historic strengths to successfully meet the challenges presented by today’s dynamic and disruptive media landscape.”
Some $1.5 billion of new capital, reducing the company’s leverage, will “bolster all aspects of its operations, including those of CBS and the O&O stations,” the document also notes.
“New Paramount” will be led by Skydance CEO David Ellison and Jeff Shell, Chairman of RedBird’s Sports & Media unit and former CEO of NBCUniversal, as previously announced. In the exhibit filed with the Commission, their combined leadership expertise is put in the spotlight.
Importantly, the parties state that the transaction “will not reduce competition in the broadcasting marketplace or pose any other countervailing harms.”
All of the CBS News & Stations properties, inclusive of non-affiliated properties, are noted in the transfer paperwork. This includes stations such as WKBD-50 in Detroit and WUPA-69 in Atlanta, for example.
Two low-power TV translator stations — W26DP-D in Inverness, Fla. and W36FJ-D in Sebring, Fla. — are also noted in the exhibit supplied to the FCC.
