The Federal Communications Commission (FCC) on Thursday approved an $8 billion merger agreement between media behemoths Paramount and Skydance, a deal that has been overshadowed for months by President Trump’s lawsuit against CBS News and allegations of bribery by critics of the massive conglomerate.

Skydance's $8.4B merger with Paramount gets FCC nod amid political controversy, media bias allegations, and commitments to ideological diversity in CBS programming.

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.