Federal regulators on Thursday approved Paramount’s $8 billion merger with Skydance, clearing the way to close a deal that combined Hollywood glitz with political intrigue.

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.'

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.

Skydance needs FCC approval in order to take over Paramount. It’s now promising to root out “bias” at CBS News in order to get it.

The Oracle chairman will not have any "veto rights, or any special or outsized voting rights," per an amendment filed with the FCC

David Letterman took aim at his former employer, CBS, over the cancellation of 'The Late Show With Stephen Colbert.

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.

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.