Now that David Ellison's Skydance has secured the keys to Paramount Global, what toys await him inside the company's intellectual property chest? After a nail-biting federal approval process that inspired backlash,

Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue.

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.'

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.

The Federal Communications Commission has approved the $8 billion merger of Paramount Global and Skydance Media, claiming “significant changes,” are coming to the CBS owner.

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.

Paramount and Skydance announced Friday that, with the Trump administration’s approval, the highly anticipated merger between the entertainment giants is expected to take place next month. The Aug. 7 date,

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