David Ellison stepped within reach of his hard-fought prize, Paramount Global, after winning regulators' blessing for his Skydance Media's $8-billion takeover of the storied media company.

President Trump-appointed Federal Communications Commission Chairman Brendan Carr approved the Skydance-Paramount merger Thursday after months of turmoil and a monumental collision between the president's broad powers and press freedoms.

Carr's consent came just three weeks after Paramount agreed to pay Trump $16 million to settle the president's lawsuit over edits to a "60 Minutes" broadcast. Trump had claimed CBS producers doctored the October interview with then-Vice President Kamala Harris to boost her election chances. CBS denied his allegations, saying the edits were routine.

First Amendment experts called Trump's suit "frivolous." But, after months of internal upheaval, Paramount capitulated. The move was widely seen as a prerequisite for Skydance to win FCC approval and push the Paramount-Skydance merger over the finish line.

Trump has said on social media that, as part of the settlement, he also expects the new owners to provide another $20 million in public service announcements and other free programming.

"Americans no longer trust the legacy national news media to report fully, accurately, and fairly. It is time for a change," Carr said in a statement. "That is why I welcome Skydance's commitment to make significant changes at the once storied CBS broadcast network."

The FCC approval clears the final regulatory hurdle for the acquisition that will bring another technology titan to Hollywood. Carr authorized the transfer of Paramount's CBS television station licenses to Larry Ellison, Oracle's co-founder who ranks among the world's richest men, and his family.

The Ellisons' takeover of Paramount is expected to be complete in the coming days.

Santa Monica, California-based Skydance, which is owned by the Ellison family and private equity firm RedBird Capital Partners, faces an uphill slog to restore Paramount to its former glory. Years of programming under-investments, management missteps and ownership turmoil have taken a heavy toll.

Viewers' shift to streaming has upended Paramount's TV networks, CBS, Comedy Central, Nickelodeon, MTV and BET. Paramount Pictures lags behind Disney, Universal, Sony Pictures and Warner Bros.

Sumner Redstone's family will exit the Hollywood stage, after nearly 40 years. The pugnacious mogul from Boston, who died five years ago, presided during an era of entertainment excesses in the 80s, 90s and early aughts — when Paramount released beloved blockbusters and cable television was in its hey-day.

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