Chris McCarthy, who has served as co-CEO of Paramount Global and as president of Showtime/MTV Entertainment, is set to leave the company following its upcoming acquisition by Skydance, expected to finalize next month. McCarthy has dedicated 22 years to Paramount Global and its predecessor Viacom, and his departure comes just as the Federal Communications Commission granted approval for the merger.
Since April 2024, McCarthy has co-led Paramount Global alongside George Cheeks, the president of CBS, and Brian Robbins, who heads Paramount Pictures and Nickelodeon. It is anticipated that Cheeks will remain post-merger, while Robbins is likely to exit the company. This leadership team navigated a challenging period, making difficult decisions that included multiple rounds of layoffs to stabilize Paramount’s financial position during the lengthy approval process for the Skydance acquisition.
In his most recent role, McCarthy expanded his responsibilities to oversee the streaming division, which includes Paramount+ and Pluto TV, alongside his leadership of Showtime/MTV Entertainment. His efforts have contributed significantly to the growth of Paramount+, which gained 10 million new subscribers in 2024, bringing the total to 77.5 million and positioning the service for profitability in the U.S. by 2025.
McCarthy made a significant investment in talent, notably with creator Taylor Sheridan, whose successful series, including the Yellowstone franchise now valued at $3 billion, bolstered the company’s subscriber numbers. Sheridan has praised McCarthy’s leadership, hoping that he remains with the company through the merger.
As the transition to Skydance unfolds, uncertainty remains about its leadership structure, though McCarthy’s deputy, Keith Cox, who has worked closely with Sheridan, may continue to champion their collaborative projects.
McCarthy has also secured major deals in recent years, bringing Jon Stewart back to The Daily Show, signing acclaimed screenwriter Jez Butterworth, and finalizing a new five-season deal for South Park’s creators Trey Parker and Matt Stone.
Beginning his career at Viacom in 2003, McCarthy rose through the ranks, assuming significant roles that allowed him to launch popular shows such as RuPaul’s Drag Race and Love & Hip Hop, demonstrating his ability to cultivate hit programming.
Overall, while the departure of a long-time leader like McCarthy marks a significant shift for Paramount, the strong performance of its streaming services and continued success of branded content indicate a resilient future for the company.