The merger clears the way for an $8.4 billion sale of some of the most prominent names in entertainment, including the CBS broadcast television network, Paramount Pictures, and the Nickelodeon ...

McCarthy has been in charge of fading cable properties like MTV, Comedy Central and Nickelodeon, expected to bear the brunt of an estimated $2 billion in cost cuts identified by Skydance leaders.

Skydance also said it would hire an independent adviser to evaluate complaints of bias. The FCC voted 2-1 to approve the acquisition, with Commissioner Anna Gomez casting the opposing vote.

With this week’s FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company ...