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 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,