By Hannah FurnellConnor McCrory,

2 hours ago

The future of late-night talk show host Jon Stewart's tenure on Comedy Central is "up in the air" due to a delay in Skydance Media's takeover of Paramount.

Stewart isn't alone in this predicament, as Stephen Colbert's stint on The Late Show with Stephen Colbert also hangs in the balance amid Skydance Media CEO David Ellison's $8 billion Paramount acquisition.

A second 90-day extension was put into effect on July 7 regarding the merger between Paramount, the parent company of CBS and Comedy Central, which are the networks for Colbert and Stewart's shows.

This extension has given regulators, executives, and the Federal Communications Commission (FCC) additional time to negotiate a deal.

However, one major obstacle remains: the FCC's pending approval of CBS' broadcast license transfer to Skydance Media.

This extension follows Paramount's $16 million settlement with President Donald Trump, who sued the network over an interview with former Vice President Kamala Harris on 60 Minutes, alleging it was unfairly edited.

Paramount has faced severe criticism for its decision to settle the lawsuit, with detractors suggesting the payout was a capitulation to Trump to avoid political backlash.

Concerns that the Paramount settlement could alter the media landscape were amplified on July 3, when the president seemed to confirm rumors of a "side deal" being negotiated with David Ellison, son of Oracle billionaire co-founder Larry EllisonTrump allegedly told the press, "We did a deal for about $16 million plus $16 million, or maybe more than that, in advertising... It's like $32 to maybe $35 million."

The "advertising" Trump mentioned refers to Charlie Gasparino's report on Fox Business about David's supposed private deal to launch PSAs that promote Trump-endorsed initiatives.

Trump expressed admiration for his "friend" Larry, remarking, "I think he's going to run CBS really well, and I think he's making a good deal to buy it. I think he's great."

He described David as "a fantastic young man."

With such high esteem from the president toward Larry and his son David, critics like Colbert and Stewart, who have been openly critical of him, might find themselves out of favor if the corporate acquisition proceeds. Stewart recently highlighted the merger turmoil on Bill Simmons' podcast, stating, "What you're seeing now is all must pay tribute to the kin."

Stewart also commented on his tenure with Paramount amidst the merger discussions, noting, "I'm in a spot where I can do [The Daily Show] on Monday until the company is bought out by people that don't want anything to do with The Daily Show."

The potential merger dates back to 2023 when then-Paramount CEO Bob Bakish explored merger opportunities with Warner Bros. Discovery, which eventually piqued Skydance's interest.

Nevertheless, Shari Redstone, the network's controlling shareholder, harbored doubts from the beginning.

After Skydance's initial bid of $2 billion in cash and stock was rejected, Bakish was shown the door in April 2024 due to his clash with Redstone. By July, a deal with Skydance was struck that would essentially terminate the Redstone family's long-held dominance over Paramount.

David Ellison is keen on ramping up AI-aided production at the network and enhancing their streaming platform, Paramount+.