David Ellison plans sweeping changes at Paramount Global, including cuts at the company’s TV networks, billions of dollars more for streaming and an overhaul of top management, according to people familiar with his plans.

The Paramount co-CEO threesome of Chris McCarthy, George Cheeks and Brian Robbins is apt to look quite different once the Skydance-Paramount merger goes.

Paramount Global (NASDAQ:PARA) is expected to undergo sweeping changes, including cuts at the company’s TV networks, allocation of billions more for streaming, and a rejig of the top brass, Bloomberg reported Tuesday,

Paramount Global is offering $1 million retention bonuses to two top executives -- if they stay with the company through the close of the Skydance Media merger.