Source Brief (r/psky context): "PSKY should just bite the bullet and Divest CNN... Bonta would settle and we could get this show on the road. Sell CNN to Universal and let’s get this super studio launched." This modeler computes the exact antitrust math, state AG settlement likelihoods, and studio valuation upside.
1. Portfolio Asset Divestment Controls
Toggle assets for divestment and select acquirer candidates
CNN Worldwide News & Cable
Valuation: $6.8B
EBITDA: $750M
News Friction: High
Target Buyer:
CBS News & Broadcast Stations Linear Network
Valuation: $8.2B
EBITDA: $920M
FCC Market Reach: 38.2%
Paramount Pictures Lot & Film IP Core Studio
Valuation: $14.5B
EBITDA: $1,350M
Status: Retained Core
Skydance Film, TV & Animation Production Core
Valuation: $4.8B
EBITDA: $480M
Status: Retained Core
Paramount+ Direct-to-Consumer Streaming
Valuation: $4.2B
EBITDA: -$180M (DTC Drag)
2. Regulatory & Litigation Stance
Model state AG settlement appetite & federal antitrust friction
Open to Settlement
Heightened Scrutiny
Litigation Injunction
Standard Clearance
Strict News Overlap
Regulatory Settlement Clearance Probability
88%
High Probability - Settlement Feasible
Divesting CNN satisfies state antitrust concerns regarding cross-media market concentration.
California AG Clearance:
92%
Federal DOJ/FTC Review:
85%
News HHI Index:
1,380
Pro-Forma 'Super Studio' Economics
Paramount-Skydance post-remedy financial profile
Net Divestment Proceeds
+$6.50B
Cash for debt reduction
Pro-Forma Net Debt / EBITDA
2.14x
Target: ≤ 2.40x (Safe)
Clean Studio EBITDA Margin
24.2%
+380 bps (linear drag eliminated)
Estimated Deal Close Timeline
3.5 Mos
Avoids 12-18 mo litigation trial
3. Divestment & Regulatory Term Sheet
Structured remedy package for antitrust filing
Loading term sheet data...