David Ellison, an actor-turned-producer and son of centibillionaire Larry Ellison, will helm Paramount after its merger with his Skydance media company is complete.

The merger between Skydance Media and Paramount Global is now official, following final approval from the Federal Communications Commission (FCC)

The cable business has cratered. The news division is in turmoil. A.I. is coming for movies. And those are just the obvious challenges.

Executive at Paramount Global can breathe a sigh of relief with FCC approval of its $8 billion merger with Skydance Media

Elizabeth Warren, Bernie Sanders and Ron Wyden also question whether Skydance was involved in discussions to cancel The Late Show with Stephen Colbert

McCarthy became co-CEO of Paramount, alongside George Cheeks and Brian Robbins, in April 2024. The trio took on the role after the ouster of Bob Bakish as the company was in its first round of negotiations with Skydance. McCarthy is also president of Showtime/MTV Entertainment and oversees the company’s streaming platforms Paramount+ and Pluto TV.

After finally getting approval from the Federal Communications Commission, Skydance Media is just weeks away from completing its $8-billion merger with Paramount Global, leading to sweeping changes for some of the most iconic media brands.

The Oracle chairman will not have any "veto rights, or any special or outsized voting rights," per an amendment filed with the FCC