Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue.

With the FCC having cleared the Skydance Media-Paramount merger and the deal set to close in a matter of weeks, Paramount Global co-CEO Chris McCarthy will leave the media conglomerate, a company source confirmed to Variety.

Paramount’s Skydance merger brings fresh leadership, cost synergies, and asset monetization to fuel a turnaround and reduce leverage. Learn why PARA stock is a buy.

FCC Commissioner Anna Gomez issued a scathing statement of dissent following the FCC's approval of the Paramount and Skydance Media merger on Thursday