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,

David Letterman blasted his former network home CBS and the 'goons' at Skydance as he speculated that Stephen Colbert's 'Late Show' was canceled for political reasons: 'Bottom feeders.'

Paramount and Skydance have confirmed reports earlier this week that their long-gestating merger is expected to finally close on August 7.

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

In the aftermath of the FCC's approval of the Skydance-Paramount merger, there has been consternation, angst and even anger over how it went down.

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.

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.