(Reuters) -Brian Robbins, who helped grow the Paramount+ streaming service, is stepping down as Paramount Global's co-CEO, according to a memo seen by Reuters on Wednesday, following the completion of its merger with Skydance Media.

David Ellison, the CEO of Skydance, will lead the new company as chief executive after the merger is completed by August 7.

"The company is in exceptionally capable hands with David Ellison and the incoming team from Skydance," Robbins said in the memo.

Robbins, who joined the company in 2017, was appointed co-CEO in April last year, along with George Cheeks and Chris McCarthy, with the three collectively succeeding Bob Bakish.

McCarthy's departure was reported last month, while Cheeks will remain with the company as its chair of media, overseeing its broadcast and cable television business.

Robbins was named CEO of Nickelodeon in 2018, and became the chief of Paramount Pictures in 2021.

As CEO of Paramount Pictures, Robbins has overseen 17 number one releases at the box office and has overseen franchises including "Sonic the Hedgehog," "A Quiet Place," and "Mission: Impossible."

After the deal closes, the company is expected to be structured into three primary business segments - studios, direct-to-consumer and TV media.