The Federal Communications Commission has cleared the way for Paramount Global to complete its merger with Skydance Media, announcing Thursday that it has approved the deal. The decision removes a final hurdle for the media and entertainment companies to close their transaction. Paramount is the parent company of CBS.

The Federal Communications Commission has given its approval to the merger deal between Skydance Media and Paramount Global, marking a significant step forward in the proposed media consolidation. This regulatory clearance addresses one of the major hurdles for the transaction involving Paramount,