(Reuters) -Skydance Media CEO David Ellison will lead the new company as chief executive after its merger with Paramount Global is completed by August 7, the independent studio said on Monday.
After the deal closes, the company is expected to be structured into three primary business segments – studios, direct-to-consumer and TV media.
Ellison has previously pitched a vision of Paramount as a “tech hybrid” media firm that will prioritize expanding the Paramount+ streaming service to better compete in the crowded direct-to-consumer video market.
The Federal Communications Commission cleared the merger last month, just weeks after Paramount settled a lawsuit filed by U.S. President Donald Trump over CBS’ editing of a “60 Minutes” interview with his Democratic opponent, former Vice President Kamala Harris.
The merger was largely necessitated by the persistent decline of the traditional cable TV business as audiences rapidly abandon linear TV in favor of streaming platforms, forcing Paramount to take nearly $6 billion in write-downs on cable assets.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Anil D’Silva and Pooja Desai)
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