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.

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.

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.