The stock, which now trades under the ticker PSKY, could be a good cheap bet if new CEO David Ellison can spark a turnaround.

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.

Ellison spoke with CBS journalists on his first day, acknowledging the stresses of the past year and touting the importance of “fact-based journalism,” a person in attendance said.