David Ellison, the new CEO of Paramount, referred to what he called a “challenging period” for CBS News, while praising the division’s “long tradition of impactful reporting,” including the legacy of 60 Minutes.

Paramount has set the base salaries for its new C-suite on the heels of Skydance closing its $8 billion acquisition of the media giant.

The executives who will lead the entertainment company will receive salaries of $3.5 million, as well as annual bonuses and stock.