The FCC's approval, which was necessary for the deal to move forward, caps a long-running corporate saga over the fate of Paramount, which owns Paramount+, the Paramount Pictures movie and television studios, the CBS television network and CBS News and Stations. Paramount also owns Nickelodeon, BET, MTV, Comedy Central and other media brands.

FCC chairman Brendan Carr praised Skydance Media's commitment to hire an ombudsman for CBS News after it completes its merger with Paramount Global.

Shares in the entertainment company tick up after the Federal Communications Commission approves a deal with Skydance.

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.

The Federal Communications Commission on Thursday gave the green light to the $8.4 billion merger between Paramount Global and Skydance Media – finally clearing the way for a deal that had been throttled by allegations of bias against CBS News.

Skydance Media offered olive branches to the Federal Communications Commission in order to secure approval for its $8 billion acquisition of Paramount Global, and those overtures achieved the desired result.

The media company also confirmed that Paramount Global has eliminated its diversity, equity, and inclusion initiatives.