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Yahoo
2 hours ago
- Yahoo
FCC approves Paramount-Skydance merger
The Federal Communications Commission (FCC) on Thursday approved an $8 billion merger agreement between media behemoths Paramount and Skydance, a deal that has been overshadowed for months by President Trump's lawsuit against CBS News and allegations of bribery by critics of the massive conglomerate. The FCC announced its approval of the megamerger late Thursday, with FCC Chair Brendan Carr saying he welcomed 'Skydance's commitment to make significant changes at the once storied CBS broadcast network.' 'Americans no longer trust the legacy national news media to report fully, accurately, and fairly,' Carr said. 'It is time for a change.' Carr praised Skydance for its written commitment to 'ensure that the new company's programming embodies a diversity of viewpoints from across the political and ideological spectrum.' 'Skydance will also adopt measures that can root out the bias that has undermined trust in the national news media,' Carr said. 'These commitments, if implemented, would enable CBS to operate in the public interest and focus on fair, unbiased, and fact-based coverage.' Carr has been sharply critical of broadcast news outlets since taking over as Trump's FCC chair and has mocked Democrats and other critics who say the president is attempting to crack down on news coverage of his administration. The merger's approval comes just days after Paramount agreed to pay the president's foundation $16 million to settle a lawsuit he brought against CBS News last year stemming from an interview '60 Minutes' published with former Vice President Kamala Harris, which the president argued was edited to cast her in a positive light. Carr had previously indicated the Harris interview could have constituted a legitimate 'news distortion complaint' and had held up the planned Paramount-Skydance merger. CBS also canceled 'The Late Show' with host Stephen Colbert last week, just days after the comedian accused Paramount on the air of paying Trump a 'big fat bribe.' As part of its promise to the FCC, the new company, which will be known as 'New Paramount,' has vowed to 'promote transparency and increased accountability' through an ombudsman for a period of at least two years who will report to the president of the company and evaluate complaints of bias, the FCC said. Skydance, which has no diversity, equity and inclusion programs in place today, has committed to not establishing any such initiatives at the new company and confirmed that New Paramount will also be committed to equal opportunity employment and nondiscrimination, the commission added. 'New Paramount' also reaffirmed to the FCC 'its commitment to localism as a core component of the public interest standard, and emphasizes that it will work closely with its affiliated broadcast stations to ensure a productive partnership that will strengthen its affiliates' ability to serve their local communities.' 'New Paramount' will be led by David Ellison, the son of tech tycoon and Oracle founder Larry Ellison, an ally of Trump and one of the richest people in the world. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Fox News
10 hours ago
- Fox News
'The View' co-host describes Harris interview as 'microcosm of everything that's wrong' with Democratic Party
"The View" co-host Alyssa Farah Griffin described former Vice President Kamala Harris' interview with Stephen Colbert as a "microcosm" of everything that's wrong with the Democratic Party after the party lost in 2024. "I was struck by, I'm going to try not be too harsh on this. This interview felt like a microcosm of everything that's wrong with Democrats post-election. I'm going to CBS and this sort of trying to make a point that they fired Stephen Colbert, which many on the left called an attack on democracy, a man who was making $20 million a year, someone I hold in high esteem, but the economics of his show were not working," Griffin said during an appearance on CNN's "Table for Five" on Saturday. CBS announced in July that they would be ending Colbert's late-night show at the end of the next broadcast season, citing financial reasons. However, Colbert's liberal allies believe the cancellation was political, as it came days after he criticized CBS' parent company, Paramount, for settling with President Donald Trump. "He was losing $40 million a year. He was in the Ed Sullivan Theater, which is expensive, to talk about the plight of democracy at CBS, a network that's having its own struggles right now, rather than talking about the economics of the situation and playing to something a shrinking audience that is network television, not realizing it's not where the American voters are," Griffin, an anti-Trump Republican who voted for Harris in 2024, continued. Griffin said Harris decision to appear on Colbert was like "announcing your exploratory committee on the sinking deck of the Titanic." CNN data analyst Harry Enten dismissed Harris' comments during the interview about a broken system. "Recently, I made the decision that I just – for now, I don't want to go back in the system. I think it's broken," Harris told Colbert after he asked about her declining a potential California gubernatorial run. "I just can't possibly believe that someone who was attorney general for a good period of time, a United States senator for a good period of time, and then vice president for four years and then ran for president, all of a sudden believes that the best way to solve it is from being outside the system. Oh, please. Not a chance on God's green earth that that's necessarily the case," Enten said, reacting to Harris' remarks. "What's probably going on is she saw what the polling numbers were, perhaps for her running for governor of California. Yes, she has left open the idea that maybe she could run in 2028 for the Democratic nomination. But I'll tell you Abby, I've looked at those numbers. She would be the weakest front-runner since 1992. So the bottom line is this, she is looking at the numbers. She knows what's cooking. And then all of a sudden, you know what? Actually, this lifelong politician, I want to be outside the system. Give me a break," the CNN data analyst added. Harris announced on Thursday she would be releasing a book on her failed 2024 campaign. Harris, in a video posted to social media on Thursday, announced that her new book, titled "107 Days," will be released in September and will provide details on what she calls "the shortest presidential campaign in modern history." "I believe there's value in sharing what I saw, what I learned, and what I know it will take to move forward," Harris said.
Yahoo
11 hours ago
- Yahoo
When Rupert Murdoch dies, it could plunge the Fox and News Corp empire into civil war
On July 28, President Donald Trump's attorneys filed an urgent motion in federal court demanding the expedited deposition of Rupert Murdoch—a move justified, they argued, by both Murdoch's central role in News Corp's decision-making and his allegedly precarious health. Murdoch is 94. He could die at any moment, Trump's lawyers argued. The legal maneuver, connected to the president's $10 billion defamation lawsuit against the mogul and the Wall Street Journal over a story about Trump's alleged letter to Jeffrey Epstein, has thrown the king of modern media's longevity and his empire's future into question. Trump's lawyers seem to believe the titan is in no condition to testify at trial, citing a litany of health issues including a severe back injury, seizures, two bouts of pneumonia, atrial fibrillation, a torn Achilles tendon, a serious case of COVID-19 in 2022, and an incident in February 2025 when Murdoch collapsed and fainted at breakfast with a journalist. 'Taken together, these factors weigh heavily in determining that Murdoch would be unavailable for in-person testimony at trial,' Trump's lawyers wrote. For decades, Murdoch's iron grip steered titanic assets—Fox Corporation and News Corp—across continents, through scandal, boardroom intrigue, and relentless media cycles. Yet the court's focus on his fragility, and the legal assertion that his control has been contingent on his ability to act, accelerates what could become the defining story of the next era in global media: the fractious, uncertain, and high-stakes succession battle for one of the most powerful empires in news and entertainment. Much of the Murdoch media dynasty's fate hangs in the balance of the Murdoch Family Trust. Established in 1999, after Rupert's second divorce, the trust was created to control the family's significant stake and voting power in both Fox Corporation and News Corp. Although the trust owns only about 14% of News Corp's equity, it controls roughly 40-41% of the company's voting shares, giving the Murdoch family effective control over these major media businesses through a dual-share structure. The trust was designed so that Rupert himself holds four votes during his lifetime, while his four eldest children—Lachlan, James, Elisabeth, and Prudence—hold one vote each. Upon Rupert's death, his four votes will be distributed equally to these four children, so each will then have two votes, ensuring shared control. At the moment, Lachlan is the sole chair of News Corp and the CEO of Fox Corporation, having taken over for his father after his retirement in 2023. Ultimately, the trust enables the Murdoch family to control its media empire by concentrating voting power among the four eldest children following Rupert's death. But its irrevocability and the principle of equal control have sparked ongoing legal and familial conflict that stand to jeopardize the media powerhouse Murdoch built. In late 2023, Murdoch attempted to alter the trust to grant sole posthumous control to his eldest son, Lachlan, allowing him to take over the family business entirely. This move was legally contested by the other three children, who argued it violated the original mandate of equal control. A Nevada probate court ruled in December 2024 against Rupert's attempt, but the mogul's legal team has since filed an appeal. 'Lachlan is having to pay his siblings a higher and higher value to get out of his way. … So he's in a real bind.' The trust also contains a 2030 expiration date that has only contributed to the ongoing contentious family dynamics that impact the Murdochs' businesses. The deadline could decide the fate of Fox Corporation and News Corp. Should the trust expire, its terms and centralized structure will dissolve, forcing the Murdoch heirs to determine among themselves the future structure of ownership and control over the family's immense assets. Above all, the legal battle over the trust has caused an immense divide in the family. Lachlan and Rupert's attempt to maintain control has galvanized Lachlan's three other siblings. 'They've unified them in a way that they weren't unified before and so it has been in some ways a miscalculation,' Australian journalist and Lachlan biographer Paddy Manning told Fortune. Given the long history of Murdoch sibling infighting, succession in a post-Rupert world stands to have significant impacts on the media empire. With control of the businesses passing equally to the four eldest children, boardroom gridlock—if the siblings are unable to reach consensus—could potentially paralyze key business decisions. And ongoing family divisions may shake shareholder confidence. Majority rules Murdoch biographer Michael Wolff foresees Lachlan's three vote-holding siblings ultimately aligning against him and relieving him of his command over News Corp and Fox, and eventually an implosion of the Murdoch media empire we know today. 'The voice of the three would rule. And right now that appears to be that the three would relieve their brother of control and then make a determination about what happened to the remaining assets,' he told Fortune. (James, it's worth noting, has denied there has even been a secret conspiracy between the siblings to unseat Lachlan in a rare interview with the Atlantic.) The children, Wolff predicts, will then sell off some of the assets, namely those within News Corp which includes the Wall Street Journal and the Times of London, and James could take over and pivot the editorial slant of Fox News. 'This all comes down to four people, and whether they get along or they don't get along.' James, who is deeply involved in social-justice initiatives and left-leaning politics, has long been outspoken about his deep disagreements with the editorial direction of both News Corp and Fox News, having resigned from the News Corp board in 2020, explicitly citing 'disagreements over certain editorial content published by the Company's news outlets and certain other strategic decisions.' In interviews, he's criticized his family's business for 'legitimizing disinformation.' James Murdoch declined a Fortune request for comment. Even if James were to take over Fox, he would face an uphill battle with the Fox Corporation board that has aligned itself with Lachlan and Rupert's vision. Since taking over, Lachlan has appointed two of his own directors, including former Australian Prime Minister Tony Abbott. According to Manning: Abbott's role on the board is largely to buttress Lachlan's leadership. And shareholders, Manning told Fortune, would be pretty concerned about a strategy that tampered with the editorial line, or the programming, in a way that could dilute its earnings potential. Fox Corporation declined a Fortune request for comment. As for the remaining businesses in the Murdoch portfolio, finding a suitable buyer for the myriad lesser-known assets within News Corp would be a significant undertaking. The Wall Street Journal, Wolff said, would be somewhat of an exception. 'You have vanity buyers to strategic buyers,' he added, throwing Michael Bloomberg's name into the mix. News Corp did not respond to a Fortune request for comment. Billion-dollar buyout: Acquiescing to his siblings isn't Lachlan's sole option. The eldest Murdoch son could buy out his siblings, but past attempts, in 2019 and 2023, were unsuccessful. Lachlan has never been willing to offer his siblings more than 60% of the market value of their shares. Manning sees Lachlan buying out his siblings as the most logical move, one made by Rupert himself in the 1990s. But, according to Manning, Lachlan's successful leadership at Fox and News Corp would allow his siblings to ask a high price, into the several billions of dollars, for control of the companies. 'Lachlan is having to pay his siblings a higher and higher value to get out of his way, and he's having to pay them for effectively the fruits of his strategy, which they have criticized. So he's in a real bind,' Manning told Fortune. Under Lachlan's leadership, Fox Corporation's stock has performed well, even rising throughout the initial months of his appointment. Although the stock has seen some fluctuation due to ongoing legal battles, its price reached an all-time high of $58 in February 2025. In its third-quarter financial reporting, the company disclosed $4.37 billion in revenues, a 27% year-over-year increase. As for News Corp's performance, the company's stock has soared, reflecting steady financial performance and strong growth. In 2024, the company's earnings jumped nearly 79%. Business as usual Author and journalist Claire Atkinson, who has covered the Murdochs extensively and is writing a forthcoming book on the media dynasty, points to Lachlan's business wins as a potential reason for Lachlan's siblings to allow him to remain in control. She doesn't view sweeping changes to the Murdoch businesses as inevitable following Rupert's death. 'Lachlan has run it for more than five years. The stocks have done better than other media stocks,' she told Fortune. Aside from the stock's performance, Lachlan has also helped propel Fox News' success. Fox News remains the top-rated cable news channel, leading primetime and outpacing ABC, NBC, and CBS. And he has continued Fox's expansion into streaming following the company's 2020 acquisition of Tubi, which as of July 2025, has since surpassed 100 million monthly active users. But beyond Lachlan's success, Atkinson doesn't see Elisabeth and James attempting to reclaim power at their family's enterprise. 'They've got these billion-dollar fortunes of their own to create whatever media companies they want,' she said, something Elisabeth has long been doing. The youngest Murdoch daughter started her global TV and film production and development company, Sister Pictures, in 2019. Elisabeth Murdoch did not immediately return a Fortune request for comment. Regardless of the potential outcomes, both Atkinson and Manning expect Lachlan to fight tooth and nail to remain heir to the Murdoch empire. 'I don't see him stepping aside or stepping down or relinquishing that position anytime soon at all. I think he is absolutely committed to his role,' Atkinson said. Wolff, however, questions Lachlan's willingness to go above and beyond for control over the businesses. 'There's always the sense that he would rather be doing something else, spear fishing,' he said, referring to Lachlan's favorite hobby. How hard Lachlan will have to fight to remain atop his father's enterprise is ultimately dependent upon his siblings, with whom his relationships have been strained by the weight of the Murdoch legacy and divided ideals. 'This all comes down to four people, and whether they get along or they don't get along, and whatever accommodation they can come to with each other. Nothing else matters, nothing except what these four people will want at a given moment in time,' Wolff said. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
