David Ellison, the new CEO of Paramount, referred to what he called a “challenging period” for CBS News, while praising the division’s “long tradition of impactful reporting,” including the legacy of 60 Minutes.

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.

David Ellison formally introduced himself to the industry and Wall Street as chairman CEO of the new Paramount in a letter posted as the deal closed that outlined where the new team will focus and some of its plans.

The Federal Communications Commission has cleared the way for Paramount Global to complete its merger with Skydance Media, announcing Thursday that it has approved the deal. The decision removes a final hurdle for the media and entertainment companies to close their transaction. Paramount is the parent company of CBS.

A full year after Paramount's board approved a deal for Paramount to merge with Skydance, that deal has finally closed, and the merger is officially complete.

David Ellison as CEO and former NBCUniversal boss Jeff Shell as president are running the combined Hollywood company, looking for opportunities for investments in growth and cost reductions.