Shares of Paramount are set to open higher Friday after long-awaited FCC approval for its merger erased a big question mark hovering over the company's future, but amid ongoing uncertainty about its strategic plans under Skydance Media.

In a statement, FCC Chair Brendan Carr says the deal was allowed to go through only after the new owners agreed to make ideological changes to its news programming and end DEI policies

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 FCC's approval, which was necessary for the deal to move forward, caps a long-running corporate saga over the fate of Paramount, which owns Paramount+, the Paramount Pictures movie and television studios, the CBS television network and CBS News and Stations. Paramount also owns Nickelodeon, BET, MTV, Comedy Central and other media brands.

The $8.4 billion merger between Paramount Global and Skydance Media won approval from U.S. regulators on Thursday.

Skydance got an immediate taste of the public relations headaches that come with the studio’s powerful, Trump-baiting talent.

Paramount Global stock was rising ahead of Friday’s opening bell after U.S. regulators approved the entertainment company’s merger with Skydance Media. But questions remain for investors.

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.

Skydance said this week it planned to add an ombudsman who would review “any complaints of bias” and end diversity, equity and inclusion programs targeted by the Trump administration.

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