Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue.

On Thursday, the FCC voted 2-1 to approve the $8.4 billion merger between CBS parent Paramount Global (PARA.O) and Skydance Media after Skydance agreed to ensure CBS news and entertainment programming is free of bias, hire an ombudsman for at least two years to review complaints and end diversity programs.

Brendan Carr discussed media course correction following Colbert's show cancellation and criticizes partisan content, highlighting Skydance's CBS News plans.

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.

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Hours after announcing the approval of Skydance’s merger with Paramount, FCC chairman Brendan Carr touted the company’s commitment to “addressing bias & restoring fact-based reporting” at CBS News, among other things.

FCC Chairman Brendan Carr said he was encouraged by Skydance commitments to reform CBS once a merger is complete.