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.

Longtime Ellison lieutenant Dana Goldberg will run Paramount Pictures with former Sony executive, Josh Greenstein. Only one senior Paramount executive, George Cheeks, will remain after this week's Skydance takeover.

George Cheeks, Cindy Holland, Josh Greenstein, Dana Goldberg will all get new roles, joining Jeff Shell and Ellison in the C-suite.