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.

Former Paramount Pictures chairwoman Sherry Lansing and Oracle Chief Executive Safra A. Catz join David Ellison on Paramount Skydance's 10-member board of directors.

The current Paramount Global directors will step down upon the close of the combination, including controlling shareholder and non-executive chairwoman Shari Redstone, Linda Griego, Susan Schuman and recent appointees Mary Boies, Charles Ryan and Roanne Sragow Licht.