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 got an immediate taste of the public relations headaches that come with the studio’s powerful, Trump-baiting talent.

In a statement, FCC Chair Brendan Carr says the deal was allowed to go through only after the new owners agreed to make ideological changes to its news programming and end DEI policies

Paramount Global stock was rising ahead of Friday’s opening bell after U.S. regulators approved the entertainment company’s merger with Skydance Media. But questions remain for investors.

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.

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.

"New York Times" White House correspondent Peter Baker on MSNBC's "Morning Joe" expressed his displeasure with the Trump administration for approving the Skydance-Paramount merger. JOE SCARBOROUGH, HOST: It took a while.

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.

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.

After the FCC approved Paramount Global's merger with Skydance, several pressing questions will confront the management of the combined company.

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