• Loading stock data...
Wednesday, May 28, 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

Vince McMahon

Former WWE Exec Flips on Vince McMahon in Sex Abuse Lawsuit

Janel Grant and John Laurinaitis announced their settlement Wednesday.

Big 12 Men’s Coaches in Favor of Expanding March Madness

Kansas coach Bill Self said the conference supports the idea.
Mar 16, 2025; Fort Worth, TX, USA; UAB Blazers forward Yaxel Lendeborg (3) drives to the basket as Memphis Tigers forward Nicholas Jourdain (2) defends during the first half at Dickies Arena.

Prospects Picking College Over NBA Draft at Record Rate

The 2025 NBA draft has its lowest number of early entrants since 2015.

Featured Today

How Rolex Paved the Way for Luxury’s Love Affair With Tennis

“It’s almost impossible to think about tennis without thinking about Rolex.”
Mar 23, 2025; Miami, FL, USA; Alexandra Eala (PHI) reacts after winning a point against Madison Keys (USA)(not pictured) on day six of the Miami Open at Hard Rock Stadium.
May 24, 2025

Alex Eala Is Defying Her Country’s Odds to Make French Open History

The Philippines native has overcome a unique set of financial odds.
May 24, 2025

Indiana Is the Center of the Basketball Universe—Thanks to Both Pro Teams

The Fever and Pacers are thriving at the same time.
Around the Horn - October 26, 2020
May 23, 2025

‘Quirky, Nutty, Bombastic’: 10 ‘Around the Horn’ Faces on Their Top Moments

“A quirky, nutty, bombastic, mostly wrong, sometimes right, crazy sports family.”

NBA East Finals Delivers Strong TV Ratings, but West Is Struggling

The Knicks and Thunder are both up 3–1 in their conference finals series.
May 22, 2025

NBC Eyes MLB Rights, Looks to Own Sunday Nights Year-Round

The league continues to shop media rights being forfeited by ESPN.
Around the Horn
May 23, 2025

Behind the Scenes of Around the Horn’s Final Days

FOS followed Tony Reali at the penultimate taping of the ESPN icon.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

In Episode 7 of Portfolio Players, go inside the boardroom with Avenue Capital CEO and former Milwaukee Bucks co-owner Marc Lasry on Giannis’s future, women’s sports, and upstart leagues like TGL and Unrivaled. 
May 21, 2025

Paige Bueckers’s WNBA Debut Delivers 121% Ratings Bump on Ion

Friday’s doubleheader averaged 612,000 viewers.
Dec 9, 2024; Toronto, Ontario, CAN; New York Knicks guard Jalen Brunson (11) watches as center Karl-Anthony Towns (32) celebrates after making a three point basket to clinch a win against the Toronto Raptors near the end of the fourth quarter at Scotiabank Arena.
May 20, 2025

NBA Playoff TV Ratings Up 3% Ahead of Late-Round Test

Games are averaging 4.17 million viewers across ABC, ESPN, and TNT.
May 18, 2025; Charlotte, North Carolina, USA; Scottie Scheffler is interviewed after winning the PGA Championship golf tournament at Quail Hollow.
May 20, 2025

PGA Championship TV Ratings Dip As Scottie Scheffler Dominates Again

CBS drew an average of 4.76 million viewers for Sunday’s final round.
May 20, 2025

Caitlin Clark, Fever Draw Record 2.7M Viewers vs. Sky

Caitlin Clark recorded her third career triple-double.