With the FCC having cleared the Skydance Media-Paramount merger and the deal set to close in a matter of weeks, Paramount Global co-CEO Chris McCarthy will leave the company, a company source confirmed to Variety.
McCarthy 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.
Post-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.
Under the new three co-CEO structure, McCarthy’s scope expanded to include oversight of the company’s 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.
In 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 “Yellowstone Universe,” which includes “Yellowstone” — which has ranked as the No. 1 scripted series in the U.S. — as well as and spin-offs “1883,” “1923” and upcoming titles “The Dutton’s,” “Y: Marshalls,” “1944” and “The Madison.”
In addition, McCarthy brought Jon Stewart back to helm The Daily Show, and the exec struck a deal with “South Park” 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+.
McCarthy, as head of Showtime & MTV Entertainment Studios, led a global network of media assets that reach over one billion people in 180 countries and oversees some of the most iconic brands in entertainment including: Paramount, Showtime, MTV, Comedy Central, Smithsonian and more. McCarthy transformed the business by consolidating nine separate businesses into one unified portfolio, which has nearly doubled its audience, streamlined expenses and grown profits. In addition, he spearheaded the expansion of the business with the launch of Showtime/MTV Entertainment Studios, which now produces more than100 series per year and drove an aggressive push of the brands into social media, amassing one of the largest global footprints of any business with nearly 700 million social followers.
Under McCarthy’s leadership, the new Showtime/MTV Entertainment Studios produces some of today’s biggest and most culturally defining hits including Yellowstone, Emily in Paris, South Park, RuPaul’s Drag Race, Billions, Dexter: Origins and The Daily Show with Jon Stewart. In addition, the studios produced a string of #1 hit series that have driven record setting growth at Paramount+ and have made it the fastest growing streaming service three years in a row. These hits include: 1883, 1923, Tulsa King, George & Tammy, Mayor of Kingstown, Yellowjackets, The Chi and Special Ops: Lioness, to name a few.
variety.com
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