Cindy Holland will step down as streaming chief at Paramount Skydance Corp., effective immediately. According to Sina Finance, the move was disclosed in an internal memo reviewed by the media.

Holland was appointed to the role last year by Paramount CEO David Ellison after Skydance Media, led by Ellison, took control of Paramount. Her departure means HBO CEO Casey Bloys is likely to be a candidate to lead Paramount's streaming business after Paramount completes its $110 billion acquisition of Warner Bros. Discovery Inc., the parent company of HBO.

In a message to colleagues, Holland said she and David discussed her role and the future of the combined business as he prepares to move into the next phase of his vision. She added that Ellison is prioritizing stability at HBO as the company enters this new chapter, and that she fully supports that approach.