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.

David Ellison's Skydance Media has closed its $8 billion merger with Paramount Global to create new company Paramount, a Skydance Corporation, the company announced Thursday. The finalization of the acquisition follows the FCC’s July 24 approval of the deal,

The media company owned by David Ellison announced the deal over a year ago, but only received FCC approval in July.