Greetings!

The Federal Communications Commission finally approved the $8 billion merger between Paramount and Skydance.

This saga had it all, from questions about free speech and the abuse of government power to blistering shots taken at Paramount for capitulating to President Donald Trump in a $16 million settlement. Last night, "South Park" offered the most twisted, surreal take on Trump you've ever seen. 

Dissenting Democratic FCC Commissioner Anna M. Gomez today called the approval a "dangerous precedent for the First Amendment." 

Then Senator Elizabeth Warren tweeted: "Bribery is illegal no matter who is president."

So after all of that money, concessions and backlash, was it worth it?

For Shari Redstone, set to get $2.4 billion, clearly it was. 

Roger Cheng
Managing Editor of Business and PRO
roger.cheng@thewrap.com

PS: We just kicked off a free 2-week trial of WrapPRO. If you’ve been wanting to check out our full coverage, now’s the time. Feel free to forward the news.

FCC Greenlights the $8 Billion Paramount-Skydance Deal

The FCC was the last hurdle remaining before Skydance could close its merger with Paramount, with Skydance CEO David Ellison taking control. This marks the end of an era, with the Redstone family set to relinquish control of a media giant that it's held since 1994. 

A new family takes over, with Ellison's father, Oracle co-founder Larry Ellison, having backed the deal. Given the noise from the likes of Jon Stewart, Stephen Colbert and now Trey Parker and Matt Stone, this may be more than they asked for. 

DON'T MISS

As San Diego Comic-Con kicks off, Brian Lowry speaks with Michael E. Uslan, the producer who brought Tim Burton's 1989 hit "Batman" to life and helped shape the superhero movie genre.

CATCH UP

Creatorverse: As late night is dying, podcast is thriving

Interview: Mattel Studios President Robbie Brenner on crafting a post-"Barbie" slate

Roasted: "South Park" returned with a particularly bizarre episode bashing Trump and parent Paramount -- just days after signing a new $1.5 billion deal

Ratings: Colbert's abrupt cancellation sparks late night ratings surge across the board

Earnings: Imax rides "Sinners" and "Mission: Impossible — The Final Reckoning" to a strong second quarter with $92 million in revenue

BIZ CORNER

CBS News sets Tanya Simon as "60 Minutes" EP after Bill Owens departure

"Eternally Yours," a new vampire comedy from the creators of "Ghosts," lands pilot order at CBS

DATA POINT

Netflix tops the Samba TV Wrap report for the seventh consecutive week thanks to new mini-series "Untamed"

IN OTHER NEWS...

The NFL is in talks to take a 10% stake in ESPN (CNBC)

Few people pay for news when they hit a paywall, a problem for an industry that's seeing advertising revenue dry up (Pew Research)

The Washington Post is going through a massive transformation in its opinion section thanks to the exodus and staff shuffling (Status)

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This report provides a high-level analysis of daily developments within the entertainment sector. It compiles crucial data points and insights from industry leaders, highlighting key trends and shifts in business strategies.