Paramount Co-CEO Chris McCarthy To Depart Upon Completion Of Skydance Acquisition As Deal Gets FCC Approval

Chris McCarthy, co-CEO of Paramount Global and president of Showtime/MTV Entertainment, is expected to depart the company once its acquisition by Skydance is completed early next month. The exit of McCarthy, a 22-year veteran of Paramount Global and predecessor Viacom, will become official once Skydance announces the post-merger leadership of the combined company with David Ellison as CEO. It will trigger the change-of-control provision in Paramount co-CEOs’ contracts’ as they will be effectively demoted from CEO if offered a different role. The news comes on the heels of the FCC approving the merger Thursday.

Since April 2024, McCarthy has served as Co-CEO of Paramount Global alongside George Cheeks (President of CBS) and Brian Robbins (President of Paramount Pictures and Nickelodeon). Of the three, Cheeks is expected to stay on after the merger, with Robbins also poised to exit.

The trio steered the company through tumultuous times as approval for the Skydance acquisition by the FCC stalled. They implemented multiple rounds of painful layoffs to improve Paramount’s financial performance.

In his most recent role, McCarthy added oversight of the company’s streaming division, encompassing Paramount+ and Pluto TV, in addition to his duties as President of Showtime/MTV Entertainment.

Fueled by the success of original series produced by MTV Entertainment Studios, primarily the slate of series from Taylor Sheridan, Paramount+ added 10 million new subscribers in 2024, bringing the total to 77.5M and putting the streamer on track for full-year U.S. profitability in 2025.

Five years ago, McCarthy made a big bet on Sheridan with a massive overall deal rumored at the time to be worth $200M. Sheridan has delivered a string of hits, led by the growing Yellowstone franchise, valued now at $3 billion.

Sheridan has spoken highly of McCarthy, including telling Bloomberg earlier this year that “I sure hope that if this merger takes place, they have the foresight to keep him. I don’t know of another executive that I could do this with.”

Skydance’s succession plans are unclear but one of McCarthy’s top lieutenants, Keith Cox, who has worked closely with Sheridan since buying Yellowstone for the Paramount Network in 2017, may stay on as the prolific creator’s point executive.

Another close McCarthy associate, Nina L. Diaz, Chief Creative Officer and President of Content for Showtime/MTV Entertainment, is expected to exit.

Other major talent deals McCarthy has orchestrated over the past several years include bringing Jon Stewart back to The Daily Show; signing screenwriter-playwright Jez Butterworth who has generated two breakout series, MobLand and The Agency; and closing a new overall with South Park creators Trey Parker and Matt Stone for five more seasons of the long-running animated series.

During the past two and a half years, McCarthy also oversaw Showtime. While his strategy of doubling down on IP was met with mixed reaction, it has delivered record viewership for the new Dexter offshoots. The network’s Yellowjackets also had its most-watched season this year, with The Agency a freshman hit.

McCarthy started at Viacom as a freelance employee in 2003. He was named General Manager of MTV2 in 2008 before becoming President of VH1 in 2015 and adding MTV in 2016. Some of the signature shows launched on his watch include RuPaul’s Drag Race, Guy Code and Girl Code, Love & Hip Hop and The Challenge All Stars.