The Federal Communications Commission has approved the $8 billion merger of Paramount Global and Skydance Media, claiming “significant changes,” are coming to the CBS owner.

US President Donald Trump welcomed the Federal Communications Commission’s approval Thursday of an $8 billion merger between Paramount and Skydance Media, a deal that could dramatically reshape CBS News and other major media properties.

Trump administration regulators have approved Skydance Media’s $8 billion bid to acquire CBS News parent company Paramount, paving the way for a tectonic shift in ownership of one of America’s three major networks.