On Thursday morning, David Ellison will clock in for his first day at work as a media mogul. That's when Ellison's Skydance will officially get the keys to Paramount Global - the Sumner Redstone-created corporate giant whose falling fortunes come as streaming services and YouTube have spun the industry off its axis.

David Ellison, an actor-turned-producer and son of centibillionaire Larry Ellison, will helm Paramount after its merger with his Skydance media company is complete.

Paramount Global named David Ellison as chief executive of combined company following the completion of its merger with Skydance Media.