Shares of Paramount are set to open higher after the FCC approval its merger but amid ongoing uncertainty about its strategic plans under Skydance Media.

Elizabeth Warren, Bernie Sanders and Ron Wyden also question whether Skydance was involved in discussions to cancel The Late Show with Stephen Colbert

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.

In meeting with FCC officials, Skydance's David Ellison promised that CBS's "editorial decision-making reflects the varied ideological perspectives of American viewers."

As Skydance looks to close its $8 billion merger with Paramount, the David Ellison-led studio has sent new letters to the FCC committing to the appointment of an ombudsman and the elimination of the media giant’s diversity, equity and inclusion (DEI) initiatives.

David Ellison met this week with Brendan Carr and FCC staffers to discuss the Paramount Global merger which is still under agency review.

Skydance's CEO told the FCC this week that CBS would reflect "varied ideological perspectives" of U.S. viewers, while touting "American storytelling."

His possible return back across the pond, reported by Puck News, comes amid speculation that Skydance CEO David Ellison has been wooing Bari Weiss, co-founder of news site Free Press, to join the struggling network.