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.

Shares of Paramount Global surrendered early gains Friday, closing down 1.6% at $13.05. They initially got a bit of a pop from the FCC’s long awaited approval of the merger wtih Skydance Media. But investors remain cautious as the combined entity’s basic strategy on key fronts from cable to streaming

David Letterman didn't hold back in calling out Paramount for acting out of "cowardice" in canceling his former CBS program, "The Late Show."

Upon closing of Paramount Global and Skydance Media's $8 billion merger, Oracle co-founder and chairman Larry Ellison will hold a minority voting interest of approximately 35.5% in the combined company.

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

Speaking with his former executive producer, Barbara Gaines, in a YouTube video Friday, Letterman called the axing of The Late Show With Stephen Colbert “pure cowardice” and said he doesn’t believe the official line from CBS that the decision was purely about economics (the show has reportedly become a money-loser for the network).

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

Want to do business in the United States? Pay up. More specifically: Pay Donald Trump. That's a reasonable lesson from the Paramount-Skydance deal.

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.

In meeting with FCC officials, Skydance's David Ellison promised that CBS's "editorial decision-making reflects the varied ideological perspectives of American viewers."

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.