The $8 billion merger between Paramount Global and Skydance Media officially closed on August 7, 2025, marking a major restructuring in the entertainment industry. David Ellison, CEO of Skydance Media, will lead the combined company as chief executive, with Jeff Shell appointed as president and Andy Gordon from RedBird Capital as chief operating officer. The new entity will be organized into three business segments: Studios, Direct-to-Consumer, and Television Media. Skydance TV President Matt Thunell will oversee a merged division including Showtime and MTV Entertainment Studios, reviving the Paramount TV Studios brand that was shuttered in 2024. The board of directors for the merged company includes notable figures such as Safra Catz, CEO of Oracle, former Paramount Pictures CEO Sherry Lansing, and Gerry Cardinale of RedBird Capital Partners, whose firm invested $1.8 billion toward the deal. Following the merger, Paramount Streaming President and CEO Tom Ryan announced his departure, and Paramount Motion Picture Group President Mike Ireland exited the studio. David Ellison emphasized a commitment to achieving and potentially exceeding $2 billion in cost synergies post-merger. The deal concludes a protracted negotiation and regulatory process lasting over a year and shifts control from Shari Redstone to Ellison and his team. Despite the merger's completion, Skydance remains under investigation by the FCC over alleged management biases. Ellison and George Cheeks, CBS News president, reaffirmed their dedication to journalistic integrity at CBS News shortly after the merger closed.