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.

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.

Days before a new ownership team takes control of the company, Paramount Global reported second-quarter earnings that beat analysts’ estimates, crediting lower costs and growth in streaming profit.