Paramount Co-CEO Chris McCarthy to Depart After Skydance Acquisition: What FCC Approval Means for the Future

Chris McCarthy, co-CEO of Paramount Global, is set to leave the company after its acquisition by Skydance, expected next month. McCarthy has been a significant figure at Paramount for over 22 years, formerly with Viacom. His departure will be official once Skydance reveals the new leadership structure, with David Ellison taking the helm.

McCarthy was co-CEO alongside George Cheeks from CBS and Brian Robbins from Paramount Pictures. Recent reports suggest that Cheeks may stay after the merger, while Robbins is likely to go.

Together, they navigated challenging times, especially when the FCC stalled approval for the Skydance deal. The company had to make tough decisions, including layoffs, to stabilize financially.

In his recent role, McCarthy oversaw Paramount’s streaming services, including Paramount+ and Pluto TV, alongside his work at Showtime and MTV Entertainment. Thanks to popular series from Taylor Sheridan, Paramount+ gained 10 million subscribers in 2024, totaling 77.5 million. This growth positions the platform for potential U.S. profitability in 2025.

Looking back five years, McCarthy made a bold investment in Sheridan with a rumored $200 million deal. Since then, the Yellowstone franchise has grown to be valued at an impressive $3 billion. Sheridan has praised McCarthy, expressing hope that he remains with the company post-merger.

As succession plans for Skydance unfold, Keith Cox, who has closely collaborated with Sheridan, may stay on as an executive. Meanwhile, Nina L. Diaz, a key McCarthy ally, is anticipated to leave.

McCarthy has facilitated numerous high-profile talent deals, such as bringing Jon Stewart back to The Daily Show and securing new projects with the creators of South Park. His strategies have faced mixed reviews but have also led to record viewership for new Dexter spin-offs and a successful season for Yellowjackets.

McCarthy’s career started at Viacom in 2003, where he rose through the ranks. He became General Manager of MTV2 in 2008 and later President of VH1 and MTV. Key shows launched under his leadership include RuPaul’s Drag Race, Love & Hip Hop, and The Challenge All Stars.

As the media landscape changes, McCarthy’s exit marks a significant shift for Paramount Global. The direction Skydance takes under new leadership will be crucial for the future of the company. Recent industry surveys suggest that ongoing consolidation in media could lead to more talent shifts and restructuring. Observers are eager to see how the new leadership will impact Paramount’s creative projects and market position.



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