The FCC said it approved Skydance's $8 billion acquisition of Paramount Global and that the company agreed to content conditions.

Trump administration regulators have approved Skydance Media’s $8 billion bid to acquire CBS News parent company Paramount, paving the way for a tectonic shift in ownership of one of America’s three major networks.

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.