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 Federal Communications Commission has approved the $8 billion merger of Paramount Global and Skydance Media, claiming “significant changes,” are coming to the CBS owner.

Paramount Global said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal.

An $8 billion merger between Skydance Media and Paramount Global received regulatory approval Thursday from the Federal Communications Commission in a deal that has raised alarm about free speech and government intrusion into the media.

The $8 billion deal is expected to close Thursday, Aug. 7, Paramount said Friday. First announced on July 7, 2024, the deal will bring together Paramount Global’s CBS, Paramount+, Paramount Pictures, Comedy Central, BET and more with Skydance’s film, animation and games production businesses.

Plus, Hulk Hogan, the pro wrestler who brought the sport to new heights of mainstream popularity, died at the age of 71.

Recently, comedian Stephen Colbert—whose popular CBS Late Show will be cancelled next May despite being No. 1, in what many view as censorship due to his jokes about Trump—pointedly mocked the settlement the first chance he got, AP News reported.

Shares of Paramount are set to open higher Friday after long-awaited FCC approval for its merger erased a big question mark hovering over the company's future, but amid ongoing uncertainty about its strategic plans under Skydance Media.

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

The Trump administration approved the sale of CBS' parent company Paramount to Skydance. Puck founding partner Matthew Belloni joins Katy Tur to explain more on the details of this $8 billion merger and to react to "South Park" making fun of Trump and Paramount.

Jon Stewart lambasted CBS’ decision to cancel “The Late Show With Stephen Colbert” on Monday’s episode of “The Daily Show,” ripping their shared parent company, Paramount Global, for what he called a