Paramount Global and Skydance Media are set to complete their merger by August 7, 2025, creating a combined entertainment company structured into three business segments: Studios, Direct-to-Consumer (DTC), and Television Media. David Ellison, CEO of Skydance Media, will lead the merged entity as chief executive, with Jeff Shell appointed as president and Andy Gordon of RedBird Capital as chief operating officer. The leadership team also includes Skydance TV President Matt Thunell, who will oversee a merged division combining Showtime and MTV Entertainment Studios, reviving the Paramount TV Studios brand that was shuttered in 2024. The new board of directors features notable figures such as Oracle CEO Safra Catz, former Paramount Pictures CEO Sherry Lansing, and RedBird Capital founder Gerry Cardinale. Cardinale’s firm is investing $1.8 billion as part of Skydance’s $8 billion deal with Paramount. Following the merger, Paramount Streaming President and CEO Tom Ryan is expected to step down, and Paramount Motion Picture Group President Mike Ireland has exited the studio. The new management team is also recruiting talent from Netflix, with Cindy Holland, Paramount Skydance’s streaming chief, hiring former Netflix executives Jane Wiseman and Efrain Miron for key roles. The merger aims to revitalize Paramount, which has faced challenges in the media industry, and is under scrutiny regarding its position in the S&P 500 index.