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.

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.

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