David Ellison, an actor-turned-producer and son of centibillionaire Larry Ellison, will helm Paramount after its merger with his Skydance media company is complete.

With this week’s FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company is whether the psychic cost is much higher.

Paramount Global said on Friday it expects to complete its merger with Skydance Media by August 7, following government approval for the $8.4 billion deal.

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 FCC, led by Brendan Carr, said that it approved the transfer of the company's broadcast licenses to Skydance and David Ellison.

MoffettNathanson says it will be awaiting clarity on the future of Paramount+ and the linear network portfolio

Skydance separately promised to appoint a CBS News ombudsman to 'promote transparency and increased accountability' at CBS News. Skydance CEO David Ellison also has met with center-right journalist Bari Weiss.

A $20 million PSA deal for the Trump administration is reportedly now part of the Skydance-Paramount merger story. The cancellation of The Late Show with Stephen Colbert is also adding to the upheaval, as is the potential overhaul of leadership at CBS News. Kim Masters and Matt Belloni unpack the latest updates to the enduring saga.

Following the $8 billion deal's closing, the combined company will begin trading on the Nasdaq under new stock ticker symbol PSKY