Shares of Paramount ticked lower on Friday following news that the FCC has cleared the way for the closing of the media giant's $8 billion merger with Skydance Media. "Now that the long, drawn-out sale process is finally nearing its end,

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's approval, which was necessary for the deal to move forward, caps a long-running corporate saga over the fate of Paramount, which owns Paramount+, the Paramount Pictures movie and television studios, the CBS television network and CBS News and Stations. Paramount also owns Nickelodeon, BET, MTV, Comedy Central and other media brands.