The Larry Ellison family and RedBird Capital Partners are expected to take control of Paramount in the coming days. David Ellison, 42, will serve as chairman and chief executive.

Paramount Global Co-CEO Chris McCarthy will exit the company following the company’s the merger with Skydance, TheWrap has learned.

The FCC, led by Brendan Carr, said that it approved the transfer of the company's broadcast licenses to Skydance and David Ellison.