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 FCC said it approved Skydance's $8 billion acquisition of Paramount Global and that the company agreed to content conditions.

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.

FCC Chairman Brendan Carr praised Skydance Media’s commitment to hire an ombudsman for CBS News after it completes its merger with Paramount Global. The commitment was outlined in a filing with the FCC this week.

Skydance Media has made additional promises to the FCC in an effort to get approval for its $8 billion merger with Paramount Global.