With the FCC having cleared the Skydance Media-Paramount merger, Paramount Global co-CEO Chris McCarthy will leave the company, a company source confirmed to Variety.

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.

After finally getting approval from the Federal Communications Commission, Skydance Media is just weeks away from completing its $8-billion merger with Paramount Global, leading to sweeping changes for some of the most iconic media brands.