Upon the deal’s closing, Skydance and its financial partners are set inject $1.5 billion in cash into Paramount. However, that’s intended to go toward reducing Paramount’s long-term debt ($14.16 billion as of Q1 of 2025) to help stabilize its balance sheet.

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.

Shares of Paramount Global surrendered early gains Friday, closing down 1.6% at $13.05. They initially got a bit of a pop from the FCC’s long awaited approval of the merger wtih Skydance Media. But investors remain cautious as the combined entity’s basic strategy on key fronts from cable to streaming

The signoff on the deal, which could close next month, follows Paramount’s settlement of a Trump lawsuit.

Senior Senator Ron Wyden (D-Ore.) - soon to be the longest-serving senator in Oregon history - is back in the state for the summer recess and for a series of town halls this weekend.

Plus, Hulk Hogan, the pro wrestler who brought the sport to new heights of mainstream popularity, died at the age of 71.

FCC Chairman Brendan Carr was asked to respond to criticisms of the Trump administration's intervention in the free press.

"[Brendan] Carr can't justify his actions ... because the FCC meddling in broadcasters' content is illegal too," the foundation's director of advocacy says