Skydance Media and Paramount Global announced the completion of their long-planned, $8 billion merger on Thursday as the Federal Communication Commission (FCC) continues to probe CBS News.

The new company is dubbed "Paramount, a Skydance Corporation," which is the parent company to a variety of media and entertainment assets, including CBS, Comedy Central, MTV, Paramount Plus and an iconic movie studio.

The FCC last month approved the high-stakes merger that puts the new version of Paramount under the control of CEO David Ellison, the son of billionaire Oracle co-founder Larry Ellison .

Ellison now oversees CBS, and despite approving the megadeal, FCC chairman Brendan Carr has not closed the proceedings he previously opened against the network for "news distortion" in the airing of

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