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.

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.

With the FCC having cleared the Skydance Media-Paramount merger and the deal set to close in a matter of weeks, Paramount Global co-CEO Chris McCarthy will leave the media conglomerate, a company source confirmed to Variety.

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 are set to open higher Friday after long-awaited FCC approval for its merger erased a big question mark hovering over the company's future, but amid ongoing uncertainty about its strategic plans under Skydance Media.