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,

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.

The FCC approved the transfer of CBS licenses to Skydance's ownership group, paving the way to the merger of Skydance and Paramount.

Shares of Paramount are set to open higher after the FCC approval its merger but amid ongoing uncertainty about its strategic plans under Skydance Media.

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.'

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.