The $8 billion deal is expected to close Thursday, Aug. 7, Paramount said Friday. First announced on July 7, 2024, the deal will bring together Paramount Global’s CBS, Paramount+, Paramount Pictures, Comedy Central, BET and more with Skydance’s film, animation and games production businesses.

CNBC's Julia Boorstin joins 'Money Movers' to discuss what the Paramount-Skydance merger means for media and the landscape of M&A.

Shares of Paramount are set to open higher after the FCC approval its merger but amid ongoing uncertainty about its strategic plans under Skydance Media.

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.

Federal government regulators approve an $8 billion merger between Paramount and Skydance. Jerome Powell pushes back during Donald Trump’s visit to the Federal Reserve’s headquarters. And the woman behind the viral “Jet2 holiday” soundbite is surprised at its popularity.

FCC Commissioner Anna Gomez has issued a scathing statement of dissent following the approval of the Paramount and Skydance Media deal on Thursday, noting the merger marks a “direct violation of the first amendment.”

On 'Daily Variety' podcast, Skydance Media's overtures accelerate FCC approval of Paramount Global deal; Why Steve Stoute is Music Mogul of the Year.