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.

After finally getting approval from the Federal Communications Commission, Skydance Media is just weeks away from completing its $8-billion merger with Paramount Global, leading to sweeping changes for some of the most iconic media brands.

In just under two weeks, Paramount Global will complete its merger with the smaller Skydance Media to form “ Paramount Skydance Corp.” — and bring a rollercoaster M&A ride to its conclusion. The FCC cleared the Skydance-Paramount deal Thursday, removing the last regulatory obstacle.

The FCC, led by Brendan Carr, said that it approved the transfer of the company's broadcast licenses to Skydance and David Ellison.

The merger won approval from U.S. regulators, clearing the way for a sale that evolved into a clash over press freedom in the era of President Donald Trump.

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.

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.'