Paramount Global’s merger with Skydance Media was approved by the US Federal Communications Commission, which backed the deal after the Trump administration extracted concessions on the news and entertainment company’s political coverage and diversity practices.

Paramount had said it expected to close the $8.4 billion merger in the first half of 2025. But the first half of the year came and went, and the merger remained under review by the FCC and its chair Brendan Carr, who had been appointed to the role earlier this year by President Trump.

The Larry Ellison family and RedBird Capital Partners are expected to take control of Paramount in the coming days. David Ellison, 42, will serve as chairman and chief executive.