Trump administration regulators have approved Skydance Media’s $8 billion bid to acquire CBS News parent company Paramount, paving the way for a tectonic shift in ownership of one of America’s three major networks.

Paramount and Skydance announced Friday that, with the Trump administration’s approval, the highly anticipated merger between the entertainment giants is expected to take place next month. The Aug. 7 date,

Hours after announcing the approval of Skydance’s merger with Paramount, FCC chairman Brendan Carr touted the company’s commitment to “addressing bias & restoring fact-based reporting” at CBS News, among other things.

Paramount agreed earlier this month to pay $16 million to settle Trump’s lawsuit over an edited 60 Minutes interview with Kamala Harris.

Federal government regulators approve an $8 billion merger between Paramount and Skydance. Jerome Powell pushes back during Donald Trump’s visit to the Federal Reserve’s headquarters. And the woman behind the viral “Jet2 holiday” soundbite is surprised at its popularity.

The merger has faced scrutiny for what critics view as capitulations to Donald Trump, including a $16m settlement.

By David Shepardson WASHINGTON (Reuters) -President Donald Trump and the Federal Communications Commission have vowed to force American broadcast media outlets to make significant changes. CBS may be just the beginning.