FCC Chairman Brendan Carr released a statement announcing his approval of the $8 billion merger between Paramount Global and Skydance Media after a yearlong saga.

The Federal Communications Commission has cleared the way for Paramount Global to complete its merger with Skydance Media, announcing Thursday that it has approved the deal. The decision removes a final hurdle for the media and entertainment companies to close their transaction. Paramount is the parent company of CBS.

The FCC said it approved Skydance's $8 billion acquisition of Paramount Global and that the company agreed to content conditions.