The Larry Ellison family and RedBird Capital Partners are expected to take control of Paramount in the coming days. David Ellison, 42, will serve as chairman and chief executive.

The FCC, led by Brendan Carr, said that it approved the transfer of the company's broadcast licenses to Skydance and David Ellison.

The FCC has granted approvals necessary to clear the way for the $8 billion merger of Paramount Global and David Ellison’s Skydance Media. The agency OK’d the transfer of licenses for 28 CBS-owned local TV stations to the Skydance-led ownership group that is taking over Paramount Global — removing the merger’s final regulatory hurdle.