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.

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.

The FCC said it approved Skydance's $8 billion acquisition of Paramount Global and that the company agreed to content conditions.