An $8 billion merger between Skydance Media and Paramount Global received regulatory approval Thursday from the Federal Communications Commission in a deal that has raised alarm about free speech and government intrusion into the media.

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.

FCC Chairman Brendan Carr said Thursday he was "pleased" with commitments from Skydance Media to reform CBS, as the agency nears a decision on the $8 billion Paramount merger. Skydance submitted a letter this week pledging to hire an ombudsman to address complaints of media bias and to present "a diversity of viewpoints" on CBS news programming.