Good morning. Today, Paramount Global staggers across the finish line of a costly merger approval process; an understated menswear brand begins to be heard; and consumers pay back retailers that let them hold onto their “returns.”

The Federal Communications Commission approved Skydance Media’s merger with Paramount Global, clearing the way for the more than $8 billion deal to close in the next few weeks and ending a multiyear saga with enough plot twists for a soap opera, Joe Flint reports.

Skydance CEO David Ellison has promised FCC chair Brendan Carr that:

• CBS News will add an ombudsman to review any complaints of bias
• Skydance will ensure CBS’s “editorial decision-making reflects the varied ideological perspectives of American viewers” 
• all DEI initiatives are over.

“Americans no longer trust the legacy national news media to report fully, accurately, and fairly,” Carr said. “It is time for a change. That is why I welcome Skydance’s commitment to make significant changes at the once storied CBS broadcast network.”

In other stops on the way to a green light,

• Paramount agreed to pay $16 million to settle President Trump’s lawsuit over the editing of a “60 Minutes” interview with Kamala Harris
• Trump said he expects another $20 million in advertising and PSA commitments from Skydance
• ​CBS said it canceled Trump critic Stephen Colbert’s “Late Show” for financial reasons.

Respect my authority: “South Park” returned to Paramount’s Comedy Central this week with a premiere ridiculing President Trump, the “60 Minutes” settlement and the president’s PSAs. The White House said “no fourth-rate show can derail President Trump’s hot streak.” [Variety]

Buck Mason began in 2013 by selling subscription boxes of other labels’ clothes, began making its own “elevated basics,” turned down a “Shark Tank” deal and rode the DTC wave, Sam Schube writes.

Now it has 51 stores and says annual sales top $100 million.

The founders have honed an understated style that appeals to two groups at once: men who don’t care much about what they wear, and men who obsess about it. There are no bold logos; wearing Buck Mason doesn’t necessarily identify anyone as a member of a tribe.

And its pricing strategy is more art than science.

“There’s a price that feels good when you hear it, and we kind of just work backwards from there,” said co-founder Sasha Koehn, 43.

Read the full portrait of a rising brand.

Letting online shoppers keep items they return doesn’t just save retailers money on processing, but also boosts customer loyalty, Lisa Ward writes.

Consumers who are told not to bother sending back unwanted items become more likely to write positive reviews, recommend the brand and repurchase an item, according to a new study.

Retailers can amplify the effect by taking customers’ word about problems instead of asking for verification and by telling them that returnless returns cut carbon emissions instead of saying it saves the company money.

“We find that brands can really benefit from returnless returns if they act more communal than transactional,” said John Costello, an associate professor of marketing at the University of Notre Dame and one of the paper’s co-authors.

‘How McDonald’s lost its value edge—and is trying to claw it back. [WSJ] 

American Eagle shares rallied on Thursday after its ad campaign starring Sydney Sweeney turned the retailer into the latest meme stock. [BI] 

Luxury brands are focusing in-store associates and personal shoppers as customer relationships grow in importance. [Glossy]

Cooler brand Yeti is having a Stanley Cup moment with its $150 Camino Carryall Tote Bag. [Fast Company]

Commerce Secretary Howard Lutnick said TikTok won’t get another reprieve from a U.S. ban when President Trump’s second deadline extension expires in September. [The Hill] 

Meta will stop selling political ads in the EU, saying a new law meant to fight misinformation and meddling in elections poses “significant operational challenges.” [Axios]

The Czech Republic replaced a kaleidoscope of logos across 31 government bodies with its first unified brand system. [Yello]

Three Nielsen rivals passed audits by a TV industry committee but the longtime ratings leader looks as immovable as ever. [Adweek] 

“E! News” will run its last episode in September, 34 years after its first daily delivery of celebrity happenings. [THR]