Paramount's $8 bn Skydance deal gets FCC nod after months of turmoil

The Federal Communications Commission's approval follows months of turmoil tied to President Trump's legal clash with 60 Minutes, the flagship show of CBS, a Paramount-owned network

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.

The stamp of approval from the Federal Communications Commission comes after months of turmoil revolving around President Donald Trump's legal battle with 60 Minutes, the crown jewel of Paramount-owned broadcast network CBS. With the specter of the Trump administration potentially blocking the hard-fought deal with Skydance, Paramount earlier this month agreed to pay a $16 million settlement with the President.

Critics of the settlement lambasted it as a veiled a bribe to appease Trump, amid rising alarm over editorial independence overall. Further outrage also emerged after CBS said it was canceling Stephen Colbert's Late Show just days after the comedian sharply criticized the parent company's settlement on air. Paramount cited financial reasons, but big names both within and outside the company have questioned those motives.

In a statement accompanying the deal's approval, FCC Chairman Brendan Carr hailed the merger as an opportunity to bring more balance to once-storied CBS network.

Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change," Carr said.