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 media conglomerate, a company source confirmed to Variety.

McCarthy, head of Showtime & MTV Entertainment Studios, 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.

Insiders expect Cheeks to remain at the head of CBS with the Skydance merger, while Robbins is expected to depart the company. At Paramount Pictures, COO Courtney Armstrong, Marc Weinstock, head of worldwide marketing and distribution, and motion picture group head Michael Ireland will remain as transition plans go into effect. (A Paramount spokesperson declined to comment.)

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 change-in-control provisions in their contracts, Paramount Global’s three co-CEOs are eligible to receive severance payments in the event of a sale or merger (equivalent to two times their annual base salary plus twice their annual target bonus amount, among other benefits) if they’re terminated or if they quit after being demoted. McCarthy will stay through the transition period and would remain in his post if the merger is not completed. If the deal closes, though, McCarthy would be losing his CEO position and the exec isn’t interested in considering another role if one were offered, according to a source familiar with the situation.

Under the three co-CEO structure established last year, 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, oversaw brands including Paramount, Showtime, MTV, Comedy Central and Smithsonian. In the role, he consolidated nine separate businesses into one portfolio, which has nearly doubled its audience, streamlined expenses and grown profits, according to the media company. In addition, he spearheaded the expansion of the business with the launch of Showtime/MTV Entertainment Studios, which now produces more than 100 series annually and drove an aggressive push of the brands into social media.

Under McCarthy’s leadership, the consolidated Showtime/MTV Entertainment Studios has produced shows including “Yellowstone,” “Emily in Paris,” “South Park,” “RuPaul’s Drag Race,” “Billions,” “Dexter: Origins” and “The Daily Show.” For Paramount+, the group’s output has included “Tulsa King,” “George & Tammy,” “Mayor of Kingstown,” “Yellowjackets,” “The Chi” and “Special Ops: Lioness.”

McCarthy started his career as a TV producer, partnering with Jeff Probst to develop and sell several unscripted properties to Paramount (then Viacom). He joined the company later in 2003 as a freelance employee and rose through the ranks, earning his first content leadership role in 2008 as general manager of MTV2, before becoming president of VH1 in 2015 and adding MTV to his purview in 2016.

— Matt Donnelly contributed to this article.