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

With this week’s FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company is whether the psychic cost is much higher.

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

A $20 million PSA deal for the Trump administration is reportedly now part of the Skydance-Paramount merger story. The cancellation of The Late Show with Stephen Colbert is also adding to the upheaval, as is the potential overhaul of leadership at CBS News. Kim Masters and Matt Belloni unpack the latest updates to the enduring saga.

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.

Shares of Paramount are set to open higher Friday after long-awaited FCC approval for its merger erased a big question mark hovering over the company's future, but amid ongoing uncertainty about its strategic plans under Skydance Media.