According to an internal memo reviewed by the media, Cindy Holland will resign from her position as streaming chief at Paramount Skydance Corp., effective immediately.

Holland was appointed to the role last year by Paramount CEO David Ellison, following Ellison's Skydance Media's acquisition of a controlling stake in Paramount.

Her departure means that after Paramount completes its $110 billion acquisition of Warner Bros. Discovery Inc., the parent company of HBO, HBO CEO Casey Bloys is likely to become the person leading Paramount's streaming business.

In a message to colleagues, Holland wrote: "As David prepares to advance to the next phase of his vision, we discussed my role and the future of the combined business. As we move toward this new chapter, David is prioritizing ensuring stability at HBO, and I fully support this."