The Skydance/Paramount deal involves the transfer of 28 CBS-owned station licenses to the new entity.

Skydance emphasized the injection of $1.5 billion in new capital into the company.

Skydances pursuit of Paramount stretched over nearly eight months.

Paramount-Skydance deal

Paramount and SkydanceGetty Images

The companies announced plans to merge in July, with a total investment by Skydance of $8 billion.

Mr. Ellison and Mr. Tegna ultimately scrapped the deal.

Paramount Global already is in the midst of slashing 15% of its U.S. workforce.

Shari Redstone and David Ellison

The agency typically sets a 180-day shot clock to review transactions, although that is an informal timeline.

Supporters then would have until Oct. 22 to respond, and then opponents have until Nov. 1 to reply.

Skydance and Paramount have said that they expect the merger to close in the first half of 2025.