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.

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.

With this week’s FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company is whether the psychic cost is much higher.

The Federal Communications Commission approved the sale of Paramount Global after the buyer made pledges to showcase a diversity of viewpoints and root out alleged bias in CBS' news coverage.

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.

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

MoffettNathanson says it will be awaiting clarity on the future of Paramount+ and the linear network portfolio

Skydance separately promised to appoint a CBS News ombudsman to 'promote transparency and increased accountability' at CBS News. Skydance CEO David Ellison also has met with center-right journalist Bari Weiss.