Paramount Global moved a step closer to a deal, technically anyway, as the Securities and Exchange Commission made effective its registration statement, or S-4 outlining the transaction. It's a complicated process and can be a long as the Commission comes back and back with questions that need to be addressed to its satisfaction.

The Paramount Global and Skydance merger got the green light from the SEC and EU, but still needs approval from FCC to move forward

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.