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.

The Larry Ellison family and RedBird Capital Partners are expected to take control of Paramount in the coming days. David Ellison, 42, will serve as chairman and chief executive.

The merger clears the way for an $8.4 billion sale of some of the most prominent names in entertainment, including CBS, Paramount, and Nickelodeon.

FCC Chairman Brendan Carr released a statement announcing his approval of the $8 billion merger between Paramount Global and Skydance Media after a yearlong saga.

Regulators won't stand in the way of Skydance's Paramount acquisition. The Federal Communications Commission has approved the $8 billion purchase of Paramount Global and its subsidiaries, including the parent company of CBS Network.

Paramount Global’s DEI initiatives, particularly at subsidiary CBS News, have drawn scrutiny from the Trump administration.

On 'Daily Variety' podcast, Skydance Media's overtures accelerate FCC approval of Paramount Global deal; Why Steve Stoute is Music Mogul of the Year.

Skydance said this week it planned to add an ombudsman who would review “any complaints of bias” and end diversity, equity and inclusion programs targeted by the Trump administration.