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.

George Cheeks, Cindy Holland, Josh Greenstein, Dana Goldberg will all get new roles, joining Jeff Shell and Ellison in the C-suite.