Paramount

Paramount, as it now exists, is four days old in its current shape. On August 7, 2025, Paramount Global and Skydance Media completed their $8.4 billion merger, capping what Reuters called “a drawn-out deal process marked by political scrutiny and shareholder concerns” (Reuters). On August 11 — four days later — the renamed company announced its first signature move: a seven-year, $7.7 billion deal for exclusive U.S. rights to the UFC on Paramount+ and CBS (Akron Beacon Journal). Everything about the new Paramount has to be read through that sequence: a politically conditioned merger, followed immediately by a bet that live sports could carry the company into the streaming era.

The merger: $8.4 billion and a political gauntlet

The combined company was renamed Paramount Skydance Corp, and its Class B shares began trading on the Nasdaq under the ticker PSKY on August 7, closing up $0.10 at $11.74 (Reuters). Skydance founder David Ellison became chairman and CEO. “Today marks Day One of a new Paramount,” he said, promising “a series of focused efforts to re-engineer how our company operates, produces its creative content, and goes to market” (Reuters).

The company was organized into three business segments — studios, direct-to-consumer, and TV media — with Ellison emphasizing expanded technological capabilities, streaming growth, and cash flow (Reuters). That discipline had a hard reason behind it: like other legacy media players, Paramount was struggling as consumers shifted to streaming, and it had taken nearly $6 billion in writedowns on its cable assets (Reuters).

The merger’s approval was the most politically charged media transaction in recent memory. The Federal Communications Commission cleared it in July 2025, weeks after Paramount settled a lawsuit filed by President Donald Trump over CBS’s editing of a “60 Minutes” interview with Kamala Harris, his Democratic presidential opponent (Reuters). Approval came with unprecedented strings: Skydance agreed to ensure CBS news and entertainment programming would be free of bias, to hire an ombudsman for at least two years to review complaints, and to end diversity programs (Reuters).

The dissent was fierce. Democratic FCC Commissioner Anna Gomez, who voted against the merger, called the closing “the final chapter of a dark moment in our nation’s history,” describing “months of cowardly capitulation, including an unprecedented payout to settle a meritless lawsuit in exchange for regulatory approval,” and said the “never-before-seen forms of government control over newsroom decisions and editorial judgment” violated the First Amendment (Reuters). FCC Chair Brendan Carr, a Republican, defended the provisions as necessary for “fact-based reporting, unbiased journalism,” saying “something fundamental needs to change when it comes to the legacy mainstream media” (Reuters).

The UFC deal: $7.7 billion and the end of pay-per-view

Four days after closing, Paramount announced the seven-year, $7.7 billion agreement giving CBS and Paramount+ exclusive rights to 30 UFC Fight Nights and 13 marquee events each year, beginning in 2026 — 43 events annually, more than doubling the annual value of UFC’s existing ESPN+ deal (Akron Beacon Journal). The deal, reported by The New York Times, carried an average annual value of $1.1 billion, but the payment schedule is weighted — lower amounts in the early years, higher sums later in the contract (Mathrubhumi English).

The most dramatic term was the distribution model: every UFC fight would stream on Paramount+, with select high-profile events simulcast on CBS, ending the long-standing pay-per-view model for premium UFC matches in the U.S. (Mathrubhumi English). TKO Group president and COO Mark Shapiro, UFC’s parent-company counterpart, told CNBC the pay-per-view format was finished: “What’s on pay-per-view anymore? Boxing? Movies on DirecTV? It’s an outdated, antiquated model” (Mathrubhumi English). Under the old arrangement, U.S. fans subscribed to ESPN+ for $12 a month and paid an additional $79.99 fee for marquee fights; under the new one, a Paramount+ subscription — $13 a month without ads or $8 with ads — would cover the entire UFC schedule (Mathrubhumi English).

“Live sports continue to be a cornerstone of our broader strategy — driving engagement, subscriber growth, and long-term loyalty,” Ellison said in a statement (Akron Beacon Journal). UFC CEO Dana White called it “incredible for UFC fans and our athletes”: “For the first time ever, fans in the US will have access to all UFC content without a pay-per-view model, making it more affordable and accessible” (Mathrubhumi English). The agreement applies only to U.S. rights, though Paramount said it intended to pursue international UFC rights as they became available (Mathrubhumi English).

The deal also folded into the Trump orbit in two ways. The Beacon Journal noted the agreement “paves the way for an anticipated UFC event at the White House next July,” part of Trump’s plans for the nation’s 250th birthday celebration in 2026, and that Ellison and Trump had been seen together at several recent UFC matches (Akron Beacon Journal). Meanwhile, combat sports were reshuffling across the industry: ESPN would take over as the exclusive U.S. home for WWE’s marquee events starting in 2026 under a new five-year deal previously held by NBCUniversal’s Peacock — WWE and UFC share the same parent company, TKO Sports (Akron Beacon Journal).

Pay packages and departures

The new Paramount’s executive pay underscored the scale of compensation the merged company paid out. Ellison received $63.2 million in compensation for 2025, covering the August 7 merger close through December 31: a $1.41 million base salary, $58.7 million in stock awards, $1.41 million in non-equity incentive pay, and $1.7 million in “other” compensation — including $1.68 million in personal security costs (TheWrap). Jeff Shell, who served as president, received $60.7 million for the same period — but by the time TheWrap published, he was described as the “former president”: he exited the company in 2026 with a separation agreement worth around $5 million (TheWrap). Other top executives’ 2025 pay included chief strategy and operating officer Andy Gordon at $48.5 million and chief legal officer Makan Delrahim at $63.6 million (TheWrap).

The company also owns MTV among its legacy cable assets, the kind of properties that generated the nearly $6 billion in writedowns the merged company disclosed (Reuters).

What this profile does not claim

This profile does not assert a complete roster of Paramount’s assets — channel-by-channel lists appeared only in lower-tier coverage and are not verified here. It does not resolve whether the FCC’s merger conditions amount to improper political influence; it reports the positions of Commissioners Gomez and Carr and leaves the judgment to them. The planned July 2026 White House UFC event is described as anticipated, not confirmed. Jeff Shell’s departure year is 2026; the exact date was not stated by the source. Paramount+ subscriber figures were not verified from a full-read source and are not stated. Deal terms reflect announcements from August 2025 and may have been amended since.