A merger between Paramount Global and Skydance Media, has been given federal approval, clearing the way for an $8.4 billion sale of some of the most prominent names in entertainment, including the CBS broadcast television network, Paramount Pictures, and the Nickelodeon cable channel.
The Federal Communications Commission (FCC) agreed to transfer broadcast licenses for 28 owned-and-operated CBS television stations to the new owners after Paramount paid $16 million to settle a lawsuit filed by US President Donald Trump over a "60 Minutes" interview with former Vice President Kamala Harris that aired in October.
Commission Chairman Brendan Carr has said the agency's review of the proposed merger was not connected to the civil suit.
The approval came after Skydance and its investment partner, RedBird Capital, assured the FCC of their commitment to unbiased journalism that represents diverse viewpoints.
Skydance said it would appoint an ombudsman to evaluate complaints of editorial bias or other concerns about CBS in an effort to promote transparency and increased accountability.
Paramount also eliminated its diversity, equity, and inclusion initiatives to align with the Trump administration's view that such affirmative action policies are discriminatory.
