Paramount and Skydance announced Friday that, with the Trump administration's approval, the highly anticipated merger between the entertainment giants is expected to take place next month.

The Aug. 7 date, unveiled in a press release, comes after the Federal Communications Commission (FCC) on Thursday allowed Skydance's acquisition of Paramount to move forward after the merger was first proposed last year.

FCC Chair Brendan Carr in announcing the decision said he welcomed Skydance's commitment to remaining "unbiased" in its journalism and willingness to promote “a diversity of viewpoints across the political and ideological spectrum."

© The Hill