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 deal, which came under intense scrutiny by the Trump administration, was hailed by the F.C.C. chief, who welcomed “significant changes” at CBS, a unit of Paramount.

The US FCC has approved the merger of Paramount Global and Skydance Media. This deal transfers control of CBS, Paramount Pictures and other networks to Skydance. The approval follows a settlement in a lawsuit filed by Donald Trump.

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

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

Show' host's comments came shortly before it was announced that CBS has canceled 'The Late Show With Stephen Colbert.'

CBS News has been dogged for decades by allegations of liberal bias, with the controversies over its coverage decisions intensifying over the last year.

Skydance's CEO told the FCC this week that CBS would reflect "varied ideological perspectives" of U.S. viewers, while touting "American storytelling."