The pending merger between Paramount Global and Skydance Media was formally approved by the Trump administration on Thursday, concluding months of regulatory uncertainty.

Shares of Paramount are set to open higher after the FCC approval its merger but amid ongoing uncertainty about its strategic plans under Skydance Media.

David Letterman unloaded on CBS and Skydance on Friday for cancelling “The Late Show,” which he launched 32 years ago, saying the network had mistreated his successor, Stephen Colbert. In an interview posted to his YouTube channel, Letterman said he does not buy the official explanation that the show was cancelled for financial reasons.

President Donald Trump and the Federal Communications Commission have vowed to force American broadcast media outlets to make significant changes.

With the FCC having cleared the Skydance Media-Paramount merger and the deal set to close in a matter of weeks, Paramount Global co-CEO Chris McCarthy will leave the media conglomerate, a company source confirmed to Variety.

Upon closing of Paramount Global and Skydance Media's $8 billion merger, Oracle co-founder and chairman Larry Ellison will hold a minority voting interest of approximately 35.5% in the combined company.

Skydance Media offered olive branches to the Federal Communications Commission in order to secure approval for its $8 billion acquisition of Paramount Global, and those overtures achieved the desired result.

Chairman Brendan Carr thinks his agency should strive to ensure that news coverage is fair and balanced—a role precluded by the First Amendment.