Paramount Global beat Wall Street expectations for the second quarter, reporting adjusted earnings of 46 cents per share on $6.85 billion in revenue, according to Reuters. The company said subscription revenue growth and price increases at Paramount+ helped boost overall affiliate and subscription revenue.

The Federal Communications Commission has cleared the way for Paramount Global to complete its merger with Skydance Media, announcing Thursday that it has approved the deal. The decision removes a final hurdle for the media and entertainment companies to close their transaction. Paramount is the parent company of CBS.