Throughout the tumult, Ellison seemingly stuck by his mantra that superior storytelling is the way to drive long-term value. He flew to the home of one of Paramount’s top creators to discuss scripts and spinoff pacing in the spring, mid-Trump melt- down, two sources tell Variety.

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.

Ellison is set to serve as the future chairman and CEO of the Paramount studio. Former Paramount Pictures head Sherry Lansing is proposed to sit as an independent director, while Oracle Corp CEO Safra A. Catz, whose company is aligned with former CEO Larry Ellison, father of David Ellison, is also tapped for the new boardroom.