Chris McCarthy, George Cheeks and Brian Robbins sent the note to staff Friday afternoon: 'It has been an honor to lead the company over the past year and work alongside you.'

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.

Upon the deal’s closing, Skydance and its financial partners are set inject $1.5 billion in cash into Paramount. However, that’s intended to go toward reducing Paramount’s long-term debt ($14.16 billion as of Q1 of 2025) to help stabilize its balance sheet.

Plus, Hulk Hogan, the pro wrestler who brought the sport to new heights of mainstream popularity, died at the age of 71.

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.

FCC Chairman Brendan Carr was asked to respond to criticisms of the Trump administration's intervention in the free press.

"[Brendan] Carr can't justify his actions ... because the FCC meddling in broadcasters' content is illegal too," the foundation's director of advocacy says