South Park” targeted President Trump and Paramount Global in its latest episode this week, poking fun at the president for targeting his enemies and at one point depicting him in bed

Shares of Paramount Global surrendered early gains Friday, closing down 1.6% at $13.05. They initially got a bit of a pop from the FCC’s long awaited approval of the merger wtih Skydance Media. But investors remain cautious as the combined entity’s basic strategy on key fronts from cable to streaming

Paramount’s cable business has cratered. The news division is in turmoil. A.I. is coming for movies. And those are just the obvious challenges facing David Ellison as he takes control.

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.

Parker and Stone reached a $1.5 billion streaming deal with Paramount after a monthslong bidding war, according to the Los Angeles Times. Paramount is the parent company of Comedy Central, where South Park airs, and CBS—which has received widespread criticism over its decision to cancel The Late Show With Stephen Colbert.

Donald Trump took a big hit on the South Park season premiere and the White House is raging, Deadline has learned.

With this week’s FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company is whether the psychic cost is much higher.

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

The long-running satire returns after a nearly 2.5-year hiatus and as a battle over its future has just concluded.