• Loading stock data...
Thursday, October 23, 2025

CBS Sports at Stake As Paramount Acquisition Gets Contentious

Two weeks ago, Paramount said its proposed $8 billion merger with Skydance was on track and set to close by late June. There is now late-arriving drama in that intended timetable.

Ron Chenoy-Imagn Images

There is new drama in the proposed $8 billion Skydance-Paramount merger as Skydance seeks to thwart a rival, late-arriving bid for the CBS Sports parent. 

Skydance—which has attempted to acquire the CBS Sports parent since last summer and said two weeks ago that it intends to close the deal by late June—told the Federal Communications Commission that a new, $13.8 billion bid for Paramount from a consortium called Project Rise Partners is “a transparent attempt to delay the commission’s approval of” the Skydance deal. 

Additionally, Skydance said Project Rise failed to produce a bid for Paramount during a prior, 45-day “go-shop” period specifically created to invite other offers.

“Project Rise is seeking to hijack this commission proceeding to buy time for litigation to proceed in the Delaware Court of Chancery, in an effort to force Paramount’s board to consider Project Rise’s belated—and unserious—bid to acquire the company,” Skydance attorneys wrote in a letter to the FCC. “But its objections here are as untimely as its bid, and it plainly lacks standing to object to the proposed transaction.”

Among the other claims in the Skydance letter were that many of Project Rise’s listed backers were entirely misrepresented.

“Project Rise’s alleged financing sources … are split between entities that are plainly incapable of funding a transaction of this size, on the one hand, and well-known investors who apparently were listed without their permission on the other,” Skydance’s letter continues. 

Project Rise said in a statement that “the attack by Skydance is outrageous and an effort to deflect from the real issue here: Project Rise Partners’ offer is superior to Skydance’s and would greatly benefit shareholders.”

Bigger Picture

The ongoing situation injects a significant new wrinkle in the pending Skydance-Paramount deal, which is aimed in part at providing a much more solid foundation for the company in a rapidly changing media industry. 

Paramount continues to amass streaming subscribers, and CBS Sports broadcasts, particularly of the NFL and March Madness, are a critical element of its entire operations. The company, however, missed analysts’ projections for both revenue and earnings in its most recent quarter. Like each of its main competitors, Paramount faces large-scale challenges surrounding an accelerating decline of the linear TV business. 

CBS News has separately been in the midst of a large-scale legal battle with President Donald Trump—a situation that could complicate the final deal stages considerably. If the pact is completed, though, a larger and stronger Paramount will likely be more of a force in the sports rights market. 

Skydance’s backers include the billionaire Ellison family and RedBird Capital Partners.

Editors’ note: RedBird IMI, of which RedBird Capital Partners is a joint venture partner, is the majority owner of Front Office Sports.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

breaking

Terry Rozier, Chauncey Billups Arrested In FBI Gambling Probes

The Billups arrest was tied to an illegal Mafia poker operation.
draftkings
exclusive

DraftKings Is Paying Up to $250M for Prediction-Market Railbird

The deal was announced Tuesday, but financials weren’t disclosed.
Texas Tech tortillas

Texas Tech Is Attempting a Tortilla Crackdown 

Rebellious students are known to smuggle the tortillas in their underwear.

Featured Today

Christie's

Lou Gehrig’s $4M Jersey and the Exploding Sports Memorabilia Market

An ultra-rare sports collection is about to hit the auction block.
@chef__tezz/Instagram
October 19, 2025

Inside the NFL’s Private Chef Network

Private chefs are the unsung architects of player performance.
October 18, 2025

How Vanderbilt Went From SEC Doormat to Dark Horse CFP Candidate

After beating LSU, Clark Lea said: “Internally, we expect to win.”
May 27, 2025; Indianapolis, Indiana, USA; Indiana Pacers guard T.J. McConnell (9) shoots a three point basket over New York Knicks guard Josh Hart (3) during the third quarter of game four of the eastern conference finals for the 2025 NBA Playoffs at Gainbridge Fieldhouse
October 18, 2025

NBA Stars Swap Wine With League Friends and Foes

A wine-exchange tradition emerged from the bubble season’s close quarters.

YouTube Stars Help Bring Back Golf Channel’s ‘Big Break’

The show will return in 2026 after an 11-year hiatus.
Netflix
October 21, 2025

Netflix Staying on the Sidelines As TNT Sports Parent Seeks Buyer

The streaming giant shows little interest in acquisition possibilities.
Candace Parker
October 22, 2025

Candace Parker Wants NFL-Style Coverage From NBA Media

Amazon will stream its first NBA doubleheader Friday.
Sponsored

Michelle Wie West: Women’s Sports Doesn’t Need Charity

The LPGA legend on redefining women’s sports and the future of golf.
Apr 11, 2025; Dallas, Texas, USA; A view of an NBA basketball and backyard and NBA logo before the game between the Dallas Mavericks and the Toronto Raptors at the American Airlines Center.
October 17, 2025

NBA Tries to Solve Fragmentation Issue It Helped Create

A new “Tap to Watch” feature will direct fans to live games.
Mar 12, 2025; Denver, Colorado, USA; General view of ESPN broadcast camera during a game between the Minnesota Timberwolves and Denver Nuggets at Ball Arena.
October 16, 2025

ESPN’s New NBA Segment Resists Hot Takes

LeBron James tweeted in favor of the new segment.
Aug 30, 2025; Columbus, Ohio, USA; Ohio State Buckeyes wide receiver Brandon Inniss (1) attempts to make a catch over Texas Longhorns defensive back Graceson Littleton (29) in the first half at Ohio Stadium.
October 16, 2025

SEC Games Help ABC Dominate College Football Ratings at Midseason

Texas–Ohio State on Fox remains the most-watched game of the season.
Oct 10, 2025; Phoenix, Arizona, USA; Las Vegas Aces center A'ja Wilson (22) celebrates with teammates after game four of the 2025 WNBA Finals at Mortgage Matchup Center.
October 14, 2025

WNBA Finals Draws 1.5M Viewers, Second-Highest Series on ESPN

The four-game series averaged 1.5 million viewers.