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.

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