On Thursday, the Federal Communications Commission gave the green light to the merger between Paramount Global and Skydance Media. This approval paves the way for the $8.4 billion transaction involving some of the most notable figures in the entertainment industry, such as CBS broadcast television, Paramount Pictures, and the Nickelodeon cable network.

The FCC consented to the transfer of broadcast licenses for 28 CBS television stations owned and operated by the company to the new proprietors after Paramount agreed to pay $16 million. This settlement was regarding a lawsuit initiated by President Trump concerning a “60 Minutes” segment with former Vice President Kamala Harris that was broadcast in October.

Federal Communications Commission Chairman Brendan Carr has said the agency’s review of the proposed merger was not connected to the civil suit.

This approval was given post Skydance and its financial collaborator, RedBird Capital, provided assurances to the FCC that they are devoted to maintaining journalism that is impartial and embraces a variety of perspectives.

Skydance said it would appoint an ombudsman to evaluate complaints of editorial bias or other concerns about CBS in an effort to promote transparency and increased accountability.

Paramount also eliminated its diversity, equity, and inclusion initiatives to align with the Trump administration’s view that such affirmative action policies are discriminatory.

This is a developing story. Please check back for updates.