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.

FCC chairman Brendan Carr praised Skydance Media's commitment to hire an ombudsman for CBS News after it completes its merger with Paramount Global.

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

The Federal Communications Commission on Thursday gave the green light to the $8.4 billion merger between Paramount Global and Skydance Media – finally clearing the way for a deal that had been throttled by allegations of bias against CBS News.

Shares of Paramount are set to open higher Friday after long-awaited FCC approval for its merger erased a big question mark hovering over the company's future, but amid ongoing uncertainty about its strategic plans under Skydance Media.

Plus, Hulk Hogan, the pro wrestler who brought the sport to new heights of mainstream popularity, died at the age of 71.

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.