The deal between the two Hollywood giants is valued at more than $110 billion, or just over 1,000 billion kronor.
A statement from the Department of Justice's Competition Division said the deal "is not likely to harm competition or American consumers."
The Trump administration's approval of the deal was expected. According to sources cited by Bloomberg, Paramount CEO David Ellison, son of Oracle CEO and Trump friend Larry Ellison, recently met with representatives of the competition authority.
But several states, led by California, are preparing a lawsuit to block the deal. Actors, producers and screenwriters are also protesting the merger, which they say will result in higher costs and fewer jobs.
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