The decree signed by the Pope, recognizes that Sheen exemplified Christian values in his life. It also furthers his cause for beatification. In the next step, the Vatican must acknowledge that a documented miracle happened through the intercession of Sheen. If it's approved by experts, theologians and the Pope, it could further his cause for beatification and eventually sainthood.
Sheen's cause for beatification was opened in 2002. He died at the age of 84 in 1979 after a lifetime of work in the Church.