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.

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 the FCC approved Paramount Global's merger with Skydance, several pressing questions will confront the management of the combined company.

With the FCC having cleared the Skydance Media-Paramount merger, Paramount Global co-CEO Chris McCarthy will leave the company, a company source confirmed to Variety.

After his advances were rebuffed, Smith allegedly retaliated by orchestrating a significant demotion of the account handled by the accuser’s ad agency despite the company being one of the most competitive vendors due to its pricing, the lawsuit claims.

Benson Lee will direct the film, which is expected to be the first major American studio film shot entirely in South Korea.