The approval marks a key development in the merger that will reshape media, allowing the continue of the takeover of the Hollywood studio, which owns CNN and HBO.

The approval marks a key development in the merger that will reshape media, allowing the continue of the takeover of the Hollywood studio, which owns CNN and HBO.

The approval marks a key development in the merger that will reshape media, allowing the continue of the takeover of the Hollywood studio, which owns CNN and HBO.

WASHINGTON - The Justice Department has signed off on Paramount Skydance’s $110 billion acquisition of Warner Bros. Discovery, a person familiar with the matter told NBC News, clearing the way for a merger that will unite two historic Hollywood studios and reshape the American entertainment industry. A formal announcement is expected soon, the person familiar with the matter said. A spokesperson for Paramount Skydance did not immediately respond to a request for comment Friday. The news was first reported by Politico. Paramount owns a 114-year-old film studio, the Paramount+ streaming service and the CBS broadcast network. Warner owns a 116-year-old film studio, the HBO Max streaming service and a suite of cable channels, including CNN. Paramount Skydance CEO David Ellison has vowed to “honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company.” The 43-year-old media executive is the son of technology magnate Larry Ellison, the co-founder…