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.

The pending merger between Paramount Global and Skydance Media was formally approved by the Trump administration on Thursday, concluding months of regulatory uncertainty.

FCC Commissioner Anna Gomez issued a scathing statement of dissent following the FCC's approval of the Paramount and Skydance Media merger on Thursday

Skydance has emphasized that the commitments are voluntary. Previously, Skydance and Paramount had argued against conditions imposed by the FCC to mandate benchmarks for viewpoint neutrality, saying that they would be “squarely foreclosed by the First Amendment and Supreme Court precedent.”

With the FCC having cleared the Skydance Media-Paramount merger, Paramount Global co-CEO Chris McCarthy will leave the company, a company source confirmed to Variety.