One week on the job, tech scion David Ellison is settling in at the Paramount lot after his family took over the century-old studio.

Ellison and his top executives hosted a meet-and-greet with journalists on the storied Melrose Lot Wednesday to further discuss their plans for Paramount Pictures and CBS.

Hours after the Skydance-Paramount merger closed last Thursday, the new studio leadership group led by co-Chairs Josh Greenstein and Dana Goldberg sent a loud message to the town that they meant business,

Paramount Skydance was the biggest gainer and one of the most active stocks in the S&P 500 on Wednesday. A flurry of excitement around the recently formed media conglomerate is sending shares skyrocketing.

Paramount Skydance emerged as a potential meme stock on Wednesday, with the shares soaring 60% during the session.