Executive at Paramount Global can breathe a sigh of relief with FCC approval of its $8 billion merger with Skydance Media

The Federal Communications Commission Thursday approved Skydance's $8 billion acquisition of Paramount, paving the way for "one of the most highly scrutinized media deals in the last decade," said The New York Times.

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.