Jon Stewart and Stephen Colbert’s late-night careers are hanging in the balance as Skydance Media CEO David Ellison’s proposed $8 billion takeover of Paramount has hit a roadblock for the second time, according to a report by RadarOnline.com.
The merger between Paramount, the parent company of Colbert’s network CBS and Stewart’s network Comedy Central, has been given a second 90-day extension, pushing back the final decision to July 7. This extension gives regulators, executives, and the Federal Communications Commission (FCC) more time to iron out the details of the deal. One major hurdle standing in the way is the FCC’s pending approval of CBS’ broadcast license transfer to Skydance Media.
The extension comes in the aftermath of Paramount’s $16 million settlement with former President Donald Trump. Trump had sued the network over an interview with Vice President Kamala Harris on “60 Minutes,” claiming that it was unfairly edited. The decision to settle the lawsuit has sparked controversy, with critics accusing Paramount of capitulating to Trump in order to avoid political backlash.
Concerns over the potential ramifications of the Paramount settlement were heightened when Trump hinted at a “side deal” with David Ellison, the son of Oracle billionaire co-founder Larry Ellison. Trump mentioned a multimillion-dollar agreement that included advertising support for Trump-endorsed causes, raising questions about the network’s independence under new ownership.
Trump’s praise for the Ellises has fueled speculation that Colbert and Stewart, who have been vocal critics of the former president, could face repercussions if the takeover is finalized. Stewart recently voiced his concerns about the merger during a podcast appearance, suggesting that changes could be on the horizon for his show “The Daily Show” under new ownership.
The merger with Skydance has been in the works since 2023, when former Paramount CEO Bob Bakish began exploring potential partnerships with other media companies. After initial offers were rejected, Bakish was ousted in 2024, paving the way for David Ellison to step in and negotiate a deal that would diminish the Redstone family’s control over Paramount.
Ellison’s plan for Paramount includes incorporating AI technology into production processes and enhancing their streaming platform Paramount+. The future of Colbert and Stewart’s late-night shows remains uncertain as the fate of the merger hangs in the balance.
