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.

Shares in the entertainment company tick up after the Federal Communications Commission approves a deal with Skydance.

Upon the deal’s closing, Skydance and its financial partners are set inject $1.5 billion in cash into Paramount. However, that’s intended to go toward reducing Paramount’s long-term debt ($14.16 billion as of Q1 of 2025) to help stabilize its balance sheet.

Recently, comedian Stephen Colbert—whose popular CBS Late Show will be cancelled next May despite being No. 1, in what many view as censorship due to his jokes about Trump—pointedly mocked the settlement the first chance he got, AP News reported.

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

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.

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

Jon Stewart lambasted CBS’ decision to cancel “The Late Show With Stephen Colbert” on Monday’s episode of “The Daily Show,” ripping their shared parent company, Paramount Global, for what he called a