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 Larry Ellison family and RedBird Capital Partners are expected to take control of Paramount in the coming days. David Ellison, 42, will serve as chairman and chief executive.

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.

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

Paramount Global said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal.

Skydance separately promised to appoint a CBS News ombudsman to 'promote transparency and increased accountability' at CBS News. Skydance CEO David Ellison also has met with center-right journalist Bari Weiss.

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

Ellison "discussed Skydance's commitment to unbiased journalism and its embrace of diverse viewpoints" in the meeting, as well as concerns about Tencent's stake in the company.

Paramount’s cable business has cratered. The news division is in turmoil. A.I. is coming for movies. And those are just the obvious challenges facing David Ellison as he takes control.