The Federal Communications Commission has cleared the way for Paramount Global to complete its merger with Skydance Media, announcing Thursday that it has approved the deal. The decision removes a final hurdle for the media and entertainment companies to close their transaction. Paramount is the parent company of CBS.

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

"It isn’t the end of Colbert," Galloway wrote. "It’s the end of late-night TV. Colbert’s Late Show reportedly has been losing more than $40 million a year for CBS, with a budget of $100 million per season and about 200 employees." Galloway compared those economics to those of his own company.

Former CBS News anchor Connie Chung criticized Paramount Global's merger with Skydance Media for eliminating "unbiased" journalism at her old network.

Skydance committed to removing DEI programs and establishing a bias complaint system at CBS News as it seeks FCC approval for Paramount merger.

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 has approved the $8 billion merger of Paramount Global and Skydance Media, claiming “significant changes,” are coming to the CBS owner.

CBS parent Paramount needs approval from the FCC for an $8.4-billion merger with Skydance Media. FCC Chair Brendan Carr said after a commission meeting the agency continues to review the deal and praised commitments to end diversity programs. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

The FCC approved the transfer of CBS licenses to Skydance's ownership group, paving the way to the merger of Skydance and Paramount.

Skydance, the entertainment company set to take over Paramount in an $8 billion merger, told federal officials this week that it will hire an ombudsman who will review “complaints of bias” at CBS News