The FCC clearance will bring Skydance CEO David Ellison, the son of Oracle CEO Larry Ellison, one step closer to completing the deal.

Media giant Paramount Global, Inc.’s (PARA) $8 billion merger with Skydance has received Federal Communications Commission clearance on Thursday, paving the way for consummation of a transaction that was announced a year ago.

The FCC Commissioners voted along party lines and greenlighted the deal by a 2-1 margin. The clearance will bring Skydance CEO David Ellison, the son of Oracle CEO Larry Ellison, one step closer to completing the deal.

The deal ran into rough weather earlier this year when President Donald Trump took on Paramount’s CBS News division, alleging that it had a political bias.

In a bid to facilitate the deal, Skydance promised the Trump administration that it would eliminate diversity, equity and inclusion (DEI) practices and agreed to set up an “ombudsman” to oversee CBS News.

FCC Commissioner Brendan Carr said, The decision also marks 'another step forward in the FCC’s efforts to eliminate invidious forms of DEI discrimination.”

“And Skydance’s commitment to enhancing local news and reporting — coverage valued by the public — will also inure to the benefit of the American people.”

On Stocktwits, retail sentiment toward Paramount stock to ‘neutral’ (48/100) from ‘bearish’ a day ago, while the 24-hour message volume increased to ‘high’ levels.

PARA sentiment and message volume as of 4:29 a.m. ET, July 25 | source: Stocktwits

The stock was among the top five trending tickers on the platform.

Separately, Variety reported, citing a company source, that Paramount co-CEO Chris McCarthy is set to depart after the deal’s completion. If it does not go through, he will continue in his current capacity.

The media conglomerate currently has three co-CEOs, including McCarthy, CBS CEO and President George Cheeks, and Paramount Pictures and Nickelodeon CEO Brian Robbins. McCarthy functions as head of MTV Entertainment and Showtime.

The trio assumed office in April last year after Paramount ousted Bob Bakish as CEO. 

The report stated that the contractual terms of the chief executive officers provide for the three receiving severance payments equivalent to two times their annual base salary, plus twice their annual target bonus amount, among other benefits, provided they are terminated or if they quit after being demoted.

Paramount is up about 28% year-to-date. In Friday's early premarket session, the stock rose over 3% to $13.67.

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