Paramount Global shares fall 1.81% intraday after naming David Ellison as CEO following merger with Skydance Media.

Paramount Global declined 1.81% in intraday trading, with the company announcing that Skydance Media CEO David Ellison will lead the new company as chief executive after its merger with Paramount Global is completed by August 7. The merger is expected to structure the company into three primary business segments - studios, direct-to-consumer and TV media. Ellison has previously pitched a vision of Paramount as a 'tech hybrid' media firm that will prioritize expanding the Paramount+ streaming service to better compete in the crowded direct-to-consumer video market.