Paramount Global and Skydance cleared a deal hurdle as the SEC made their registration effective and the EU approved it. The FCC is still a wildcard.

The update is a win for Paramount, but larger concerns still loom for the transaction. Although the Paramount Global merger with Skydance Media may still be in turmoil, it has taken an important step forward.

The Paramount Global and Skydance merger is one step closer to closing. The merger got a greenlight by the Securities and Exchange Commission (SEC), who made Paramount Global's S-4, or the form filed to the SEC in M&A cases,