Paramount Global’s public feud with Donald Trump has taken a strange turn: after writing the former president a multi-million-dollar check, the company secured federal approval for one of the largest media mergers in recent history.
At the center of this story is a string of high-profile moments — from South Park lampooning its own network to Stephen Colbert and Jon Stewart lashing out at company brass. The tension has played out in plain view, even as the company quietly cleared its biggest hurdle: getting the Federal Communications Commission to greenlight its $8 billion merger with Skydance.
In a sharply worded statement, F.C.C. Chairman Brendan Carr praised Skydance for rejecting diversity, equity, and inclusion programs and for promising “significant changes” to CBS. That network, once a legacy symbol of American journalism, had come under fire from Trump after 60 Minutes aired an interview with Kamala Harris that he claimed was unfair. His lawsuit against Paramount, filed shortly before the 2024 election, was widely seen as baseless. But Paramount chose to settle for $16 million earlier this month.
Just days later, The Late Show with Stephen Colbert was canceled. The company cited financial reasons, including the show’s $40 million loss last year. But the timing — and Colbert’s longstanding criticism of Trump — sparked speculation that the move was politically motivated. Some Democratic lawmakers called the cancellation “preemptive compliance.”
Colbert responded by turning his own show into a critique of the company, mocking both the payout to Trump and Paramount’s claim that his exit was merely economic. Jon Stewart followed suit, calling the settlement an “extortion fee” and accusing Paramount of selling out its journalistic independence.
Meanwhile, South Park aired an episode that portrayed Jesus Christ warning children to keep quiet or risk being canceled. Trump appeared in the episode as well, sharing a bed with Satan and erupting over a nude portrait of himself. The satire landed the same week that Paramount signed a $1.25 billion deal with South Park’s creators.
From a corporate perspective, Paramount’s actions have cleared the runway for David Ellison’s takeover. Skydance’s founder — and son of Oracle billionaire Larry Ellison — will now lead a media giant reshaped by mergers, lawsuits, and late-night fallout.
But even as the deal makes strategic sense, it has left behind troubling optics: high-level editorial exits, intense regulatory pressure, and a growing sense that America’s media institutions are bending under political and economic strain.