Paramount and Skydance merger approved and Trump visits Powell at Federal Reserve: Morning Rundown

Federal government regulators approve an $8 billion merger between Paramount and Skydance. Jerome Powell pushes back during Donald Trump’s visit to the Federal Reserve’s headquarters. And the woman behind the viral “Jet2 holiday” soundbite is surprised at its popularity.

Here’s what to know today.

Paramount’s $8 billion merger with Skydance is approved

The Federal Communications Commission said it had approved Skydance Media’s $8 billion bid to acquire CBS News parent company Paramount after Skydance made several concessions to the Trump administration. The merger paves the way for a tectonic shift in ownership of one of America’s three major networks. FCC Chairman Brendan Carr said in a news release that the move would bring change to CBS News’ coverage, claiming “Americans no longer trust legacy national news media to report fully, accurately, and fairly.”

Among the concessions that Skydance made with regulators was an agreement to not implement any DEI programs. The company also said it would “undertake a comprehensive review” of CBS and install an ombudsman for at least two years who will consider “complaints of bias” at CBS News. Other companies that have billion-dollar transactions pending before the FCC have also backed off DEI programs, including Verizon and T-Mobile.

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Earlier this month, Paramount Global settled a lawsuit with President Donald Trump for $16 million over a lawsuit in which he alleged that the way CBS edited a “60 Minutes” interview with former Vice President Kamala Harris was “election and voter interference.”

And last week, CBS announced it was canceling “The Late Show,” currently hosted by Stephen Colbert, who had recently criticized the settlement. CBS said the cancellation was “purely a financial decision against a challenging backdrop in late night.”

The lone Democrat in FCC leadership, Commissioner Anna Gomez, criticized the Trump administration’s push to secure promises from companies, including anti-DEI measures. “Even more alarming,” Gomez said in an emailed statement, the FCC “is now imposing never-before-seen controls over newsroom decisions and editorial judgment, in direct violation of the First Amendment and the law.”

In addition to CBS News, Paramount’s assets include Nickelodeon, Comedy Central, The CW, MTV, BET and several film franchises. Hours after Paramount announced Wednesday that the creators of “South Park” agreed to produce 50 new episodes in a deal reportedly valued at $1.5 billion, creators Matt Stone and Trey Parker excoriated the company and aggressively skewered Trump in the premiere episode of the Comedy Central show.

Read the full story here.

Powell pushes back during Trump’s visit to Federal Reserve

Trump visited the Federal Reserve’s headquarters amid ongoing renovations at the building, where ongoing renovations have served as the administration’s latest possible pretext for removing Fed Chair Jerome Powell from his post. Wearing a hard hat, the president said the construction cost had ballooned to “about $3.1 billion,” up from $2.5 billion. But Powell, standing next to Trump, retorted, “I haven’t heard that.” After Trump handed him a piece of paper, Powell said the elevated cost Trump was citing included of a 5-year-old project.

Trump’s visit to the Federal Reserve was notable not only because of his apparent dissatisfaction toward Powell’s refusal to lower interest rates, but also for its rarity. The last president to visit the Fed headquarters was George W. Bush in 2006. Before that, Gerald Ford visited in 1975, and Franklin D. Roosevelt inaugurated the building in 1937.

Trump, who as recently as last week suggested he might fire Powell, told reporters yesterday, “I just don’t think it’s necessary” to fire him. When asked if there was anything Powell could do to get Trump to “back off,” Trump said, “lower rates,” as he slapped Powell’s back in a friendly manner. Read the full story here.

More politics news:

• Deputy Attorney General Todd Blanche is expected to meet for the second day with Ghislaine Maxwell, Jeffrey Epstein’s longtime accomplice. But can Maxwell be trusted to tell the truth about Epstein? Her attorney says yes, but her actions in the face of past lawsuits cast doubts.

• Republican leaders are split over whether to extend Affordable Care Act funding that is slated to expire at the end of the year could mean higher insurance premiums and millions of people losing health coverage.

• The Trump administration’s allegations of “treason” against former President Barack Obama has forced former aides to figure out how to not give too much oxygen to the claims without letting them to go unchecked.

• The U.S. is cutting short Gaza ceasefire talks after the latest response from Hamas “shows a lack of desire” for a deal, Trump’s special envoy Steve Witkoff said.

• Trump signed an executive order prohibiting “third party, pay-for-play” payments to college athletes after the so-called college transfer portal has become a multimillion-dollar market in recent years.

The wrestling world remembers Hulk Hogan

Hulk Hogan, the larger-than-life wrestler who brought the theatrical sports genre to new heights of mainstream popularity, has died at the age of 71. Police in Clearwater, Florida, responded to a cardiac arrest call yesterday morning, according to a statement from the city, and he was pronounced dead at a local hospital. Hogan’s manager said he passed away surrounded by loved ones.

The WWE celebrated the hall of famer as “one of pop culture’s most recognizable figures,” and fellow wrestling icon Ric Flair remembered him as a good friend who “was always there for me even when I didn’t ask for him to be.”

Hogan became a fixture in Republican politics in recent years and appeared at last year’s Republican National Convention. Both President Donald Trump and Vice President JD Vance posted statements memorializing him. “One of the first people I ever truly admired as a kid,” Vance said. Read the full story here.

Read All About It

• More than 300 documents released a day after Bryan Kohberger was handed a life sentence in the murders of four University of Idaho students reveal new details about the grisly killings.

• President Emmanuel Macron announced that France will recognize Palestine as a state, amid growing global anger over people starving in Gaza. Within hours, Secretary of State Marco Rubio said the U.S. “strongly rejects” the move.

• Tariffs are eating into toymakers’ and car companies’ profits, from a $1 billion hit to Hasbro just in the second quarter to a projected $4 billion to $5 billion loss for the year for General Motors. Here’s how other companies are faring.

• The woman seen in the viral video of a couple trying to hide after being featured on a “kiss cam” at a Coldplay concert resigned from her job.

Staff Pick: The sound of the summer isn’t a song — it’s an ad

“Nothing beats a Jet2 holiday.” If that phrase rings a bell, congratulations on being extremely online. Audio from the ad, mixed with Jess Glynne’s 2015 hit “Hold My Hand,” has become the meme of the summer, where users ironically juxtapose the soundbite with footage of chaotic holiday experiences.

But if you’ve been wondering how the narrator of the British airline ad feels about her viral fame, producer Fiona Day has you covered. Zoë Lister said she has been absolutely stunned by how much the meme has resonated, especially in the U.S.

Even if you know nothing about the meme, this story is a great look at how the most innocuous thing can end up changing someone’s life — even if it’s just the sound of their voice. — Josh Feldman, platforms editor

NBC Select: Online Shopping, Simplified

More than 67,000 cases of Power Stick deodorant have been recalled. Here’s what to know. Plus, the NBC Select team has been tracking Nintendo Switch 2 availability, and it’s back in stock at some retailers — for now.

Sign up to The Selection newsletter for hands-on product reviews, expert shopping tips and a look at the best deals and sales each week.

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