Aug 4 (Reuters) - Skydance Media CEO David Ellison will

lead the new company as chief executive after its merger with

Paramount Global ( PARAA ) is completed by August 7, the

independent studio said on Monday.

After the deal closes, the company is expected to be

structured into three primary business segments - studios,

direct-to-consumer and TV media.

Ellison has previously pitched a vision of Paramount as a

"tech hybrid" media firm that will prioritize expanding the

Paramount+ streaming service to better compete in the crowded

direct-to-consumer video market.

The Federal Communications Commission cleared the merger

last month, just weeks after Paramount settled a lawsuit filed

by U.S. President Donald Trump over CBS' editing of a "60

Minutes" interview with his Democratic opponent, former Vice

President Kamala Harris.

The merger was largely necessitated by the persistent

decline of the traditional cable TV business as audiences

rapidly abandon linear TV in favor of streaming platforms,

forcing Paramount to take nearly $6 billion in

write-downs

on cable assets.

(Reporting by Harshita Mary Varghese in Bengaluru; Editing by

Anil D'Silva and Pooja Desai)