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 Larry Ellison family and RedBird Capital Partners are expected to take control of Paramount in the coming days. David Ellison, 42, will serve as chairman and chief executive.

The late-night legend took aim at his former network home and David Ellison's media company, speculating that Colbert's show was canceled for political reasons.

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.

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

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.

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.

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.