Entertainment <\/p>\n
\n\tWith the FCC having cleared the Skydance Media-Paramount merger<\/a> and the deal set to close in a matter of weeks, Paramount Global<\/a> co-CEO Chris McCarthy<\/a> will leave the media conglomerate, a company source confirmed to Variety<\/em>.<\/p>\n \n\tMcCarthy, head of Showtime & MTV Entertainment Studios, became co-CEO of Paramount Global in April 2024 with George Cheeks, president and CEO of CBS, and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon. That came after Paramount ousted former CEO Bob Bakish.<\/p>\n \n\tInsiders expect Cheeks to remain at the head of CBS with the Skydance merger, while Robbins is expected to depart the company. At Paramount Pictures, COO Courtney Armstrong, Marc Weinstock, head of worldwide marketing and distribution, and motion picture group head Michael Ireland will remain as transition plans go into effect. (A Paramount spokesperson declined to comment.)<\/p>\n \n\tPost-merger, David Ellison, CEO of Skydance, will become chief executive of the new company, to be called Paramount Skydance Corp. Former NBCU CEO Jeff Shell will become president.<\/p>\n \n\tUnder change-in-control provisions in their contracts, Paramount Global\u2019s three co-CEOs are eligible to receive severance payments in the event of a sale or merger<\/a> (equivalent to two times their annual base salary plus twice their annual target bonus amount, among other benefits) if they\u2019re terminated or if they quit after being demoted<\/a>. McCarthy will stay through the transition period and would remain in his post if the merger is not completed. If the deal closes, though, McCarthy would be losing his CEO position and the exec isn\u2019t interested in considering another role if one were offered, according to a source familiar with the situation.<\/p>\n \n\tUnder the three co-CEO structure established last year, McCarthy\u2019s scope expanded to include oversight of the company\u2019s streaming division, encompassing Paramount+ and Pluto TV, in addition to his ongoing role as head of Showtime\/MTV Entertainment. The three Co-CEOs jointly oversee the broader Paramount Global corporate functions.<\/p>\n \n\tIn the role, McCarthy forged a significant creative partnership with Taylor Sheridan, signing him to his first overall TV deal. Together, they built the so-called \u201cYellowstone Universe,\u201d which includes \u201cYellowstone\u201d \u2014 which has ranked as the No. 1 scripted series in the U.S. \u2014 as well as and spin-offs \u201c1883,\u201d \u201c1923\u201d and upcoming titles \u201cThe Dutton\u2019s,\u201d \u201cY: Marshalls,\u201d \u201c1944\u201d and \u201cThe Madison.\u201d<\/p>\n \n\tIn addition, McCarthy brought Jon Stewart back to helm \u201cThe Daily Show,\u201d and the exec struck a deal with \u201cSouth Park\u201d creators Trey Parker and Matt Stone to expand their partnership with Paramount, committing to additional seasons of South Park (beyond Season 25) and contributing multiple exclusive events to Paramount+.<\/p>\n \n\tMcCarthy, as head of Showtime & MTV Entertainment Studios, oversaw brands including Paramount, Showtime, MTV, Comedy Central and Smithsonian. In the role, he consolidated nine separate businesses into one portfolio, which has nearly doubled its audience, streamlined expenses and grown profits, according to the media company. In addition, he spearheaded the expansion of the business with the launch of Showtime\/MTV Entertainment Studios, which now produces more than 100 series annually and drove an aggressive push of the brands into social media.<\/p>\n \n\tUnder McCarthy\u2019s leadership, the consolidated Showtime\/MTV Entertainment Studios has produced shows including \u201cYellowstone,\u201d \u201cEmily in Paris,\u201d \u201cSouth Park,\u201d \u201cRuPaul\u2019s Drag Race,\u201d \u201cBillions,\u201d \u201cDexter: Origins\u201d and \u201cThe Daily Show.\u201d For Paramount+, the group\u2019s output has included \u201cTulsa King,\u201d \u201cGeorge & Tammy,\u201d \u201cMayor of Kingstown,\u201d \u201cYellowjackets,\u201d \u201cThe Chi\u201d and \u201cSpecial Ops: Lioness.\u201d<\/p>\n \n\tMcCarthy started his career as a TV producer, partnering with Jeff Probst to develop and sell several unscripted properties to Paramount (then Viacom). He joined the company later in 2003 as a freelance employee and rose through the ranks, earning his first content leadership role in 2008 as general manager of MTV2, before becoming president of VH1 in 2015 and adding MTV to his purview in 2016.<\/p>\n\n\t\t\tPopular on Variety\t\t<\/h3>\n<\/p><\/div>\n