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.

The cable business has cratered. The news division is in turmoil. A.I. is coming for movies. And those are just the obvious challenges.

With this week’s FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company is whether the psychic cost is much higher.

Shares of Paramount are set to open higher after the FCC approval its merger but amid ongoing uncertainty about its strategic plans under Skydance Media.

Skydance separately promised to appoint a CBS News ombudsman to 'promote transparency and increased accountability' at CBS News. Skydance CEO David Ellison also has met with center-right journalist Bari Weiss.

Speaking with his former executive producer, Barbara Gaines, in a YouTube video Friday, Letterman called the axing of The Late Show With Stephen Colbert “pure cowardice” and said he doesn’t believe the official line from CBS that the decision was purely about economics (the show has reportedly become a money-loser for the network).

Elizabeth Warren, Bernie Sanders and Ron Wyden also question whether Skydance was involved in discussions to cancel The Late Show with Stephen Colbert