• Loading stock data...
Friday, October 10, 2025
One week until Asset Class at the NYSE Request to Attend

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

Oregon Ducks inside linebacker Will Straton celebrates a stop as the Oregon Ducks host the Oregon State Beavers Sept. 20, 2025, at Autzen Stadium in Eugene, Oregon.

CBS Eyes Breakthrough As Big Ten Ratings Still Lag Behind SEC

The network will air No. 7 Indiana at No. 3 Oregon on Saturday.
Netflix

Netflix Claims Bigger NFL Package ‘Doesn’t Really Fit’ Sports Strategy

Roger Goodell has signaled media-rights conversations could restart next year.
exclusive

LSU Signs Multimillion-Dollar Jersey Patch Deal Before NCAA Approval

A new proposal would allow jersey sponsors in 2026.

NFL Viewership Reaches Highest Level Since 2010, Up 8% from 2024

Through Week 5, the league’s audience levels are at a 15-year high.

Featured Today

Paul Cartier

Sports Organists Are Still Thriving in the Era of Raucous Arena Music

“When they walk out and they see a real organ guy, it’s like, ‘Wow.’”
Sep 27, 2025; Milwaukee, Wisconsin, USA; Milwaukee Brewers center fielder Jackson Chourio (11) rounds the bases after hitting a home run during the sixth inning against the Cincinnati Reds at American Family Field.
October 4, 2025

Milwaukee Moneyball: Brewers Are Beating MLB’s Deeper Pockets

Milwaukee is holding its own against big-budget competitors.
Kōloa Rum Company Rum Rusher
September 27, 2025

Panthers Bubbly, Jets Wine, Manning Whiskey: The Sports Booze Boom

A sommelier dives into the sports booze trend—and tries Jets wine.
Nov 17, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Steelers fans wave Terrible Towels against the Baltimore Ravens during the fourth quarter at Acrisure Stadium
September 26, 2025

Steelers’ Irish Roots Are Deeper Than NFL Dublin Game

The Steelers have history and the foundation for a future in Ireland.
October 6, 2025

Mark Sanchez Charged With New Felony in Indianapolis Case

The broadcaster and ex-NFL quarterback faces up to six years in prison.
Mar 19, 2023; Miami, Florida, USA; USA shortstop Trea Turner (8) throws to first base for an out during the first inning at LoanDepot Park.
October 7, 2025

Fox Picks Up Media Rights to 2026 World Baseball Classic

The network will repeat its role in the international baseball tournament.
Sponsored

How Jenny Just Is Shaping the Future of Sports Ownership

Jenny Just on bringing her investment experience to sports ownership.
Sep 27, 2025; Athens, Georgia, USA; Georgia Bulldogs running back Josh McCray (2) runs against Alabama Crimson Tide linebacker Nikhai Hill-Green (41) and defensive back Keon Sabb (3) in the second half at Sanford Stadium.
exclusive
October 2, 2025

College Football Viewership Is Up Double Digits. Here’s Why

Average game viewership is up by more than 10% so far.
The NBC Sports broadcast team works Michigan State's football game against Boston College on Saturday, Sept. 6, 2025, at Spartan Stadium in East Lansing.
October 2, 2025

NBC Sports, Peacock Stay on YouTube TV With Long-Term Deal

The broad-based agreement keeps NBC channels with the key distributor.
Georgia Bulldogs quarterback Gunner Stockton (14) throws the ball during the first half of a NCAA college football game against Alabama in Athens, Ga., on Saturday, September 27, 2025.
October 1, 2025

Alabama-Georgia Draws 10.4M Viewers, Drives Record CFB Season Pace

ABC drew 10.4 million viewers for Alabama-Georgia.
Green Bay Packers wide receiver Christian Watson (9) pulls down a touchdown reception against Dallas Cowboys cornerback DaRon Bland (26) in the fourth quarter during their football game Sunday, November 13, at Lambeau Field in Green Bay, Wis.
September 24, 2025

Packers-Cowboys Game Is Getting Super Bowl–Like NBC Treatment

The network will bring its pregame show to Dallas.