Paramount Global said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal. After the deal closes, the company will be renamed Paramount Skydance Corp and its Class B shares will trade under the ticker symbol PSKY.

The deal, which came under intense scrutiny by the Trump administration, was hailed by the F.C.C. chief, who welcomed “significant changes” at CBS, a unit of Paramount.

Skydance said this week it planned to add an ombudsman who would review “any complaints of bias” and end diversity, equity and inclusion programs targeted by the Trump administration.