Paramount Co-CEOs McCarthy, Robbins To Leave After Skydance Merger Approval

Paramount Global co-CEO Chris McCarthy is set to leave the company following the Federal Communications Commission's approval of the merger with Skydance Media, expected to close in August 2025. McCarthy, who assumed the co-CEO role in April 2024 and led the company's cable networks and streaming divisions including Paramount+ and Pluto TV, played a key role in stabilizing Paramount through layoffs and restructuring amid turbulent financial conditions. The merger will result in Skydance CEO David Ellison taking over as CEO of the combined entity, Paramount Skydance Corp., while another co-CEO, George Cheeks, will stay with Paramount in a lesser role. McCarthy's tenure included significant creative partnerships, notably developing the "Yellowstone Universe" with Taylor Sheridan and expanding deals with Jon Stewart and the creators of "South Park." The leadership transition raises questions about the future content strategy and subscriber growth for Paramount+, which recently reached 77.5 million users. McCarthy’s departure marks a significant shift as the media landscape evolves under new management and consolidation continues in the industry.