The merger catapults new power players to the top of Hollywood and ends a tortuous process that has lasted well over a year.

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.

A full year after Paramount's board approved a deal for Paramount to merge with Skydance, that deal has finally closed, and the merger is officially complete.