After almost 18 months of rumors, formal negotiations, threats of shareholder lawsuits, a definitive agreement, a practically year-long approval process by the FCC, and a payoff to the current President of the United States in a donation to a future library, the merger between Paramount Global and Skydance Media has finally been completed. The new company, now known as Paramount Skydance Corporation, sees the Redstone family, who controlled Paramount for 30 years, hand over the reins to the Ellisons. As of Thursday, August 7, David Ellison will become Chairman and CEO of the entity, thanks in part to his billionaire father, Oracle founder Larry Ellison, who will control 71% of the holding company that owns Paramount’s stock.
READ MORE: Skydance & Shari Redstone Finally Have A Deal For Paramount
“Today marks an exciting and pivotal moment as we prepare to bring Paramount’s legacy as a Hollywood institution into the future of entertainment,” Ellison said in a press release. “My vision is to honor exceptional storytelling while modernizing how we make and deliver content to support the world’s top creative talent, enhance experiences for audiences worldwide, and create sustainable value for our shareholders.”
For the past year, Paramount Global has been run in a unique three-CEO structure under Brian Robbins (Paramount Pictures, Nickelodeon), George Cheeks (CBS), and Chris McCarthy (MTV Entertainment Studios). Only Cheeks will stay on as Chair of TV Media. The other new hires will affect what you see from CBS, Paramount Pictures, Paramount+, MTV and, in theory, BET, in the months and years to come.
Paramount Pictures will now be run by co-Chairs Dana Goldberg, the former Chief Creative Officer at Skydance, and Josh Greenstein, a former President of Marketing at the studio, who is leaving his position as Sony Motion Picture Group President. Goldberg will also be the Chair of Paramount Television. Skydance Features and Sports President Don Granger will lead the film division under Goldberg and Greenstein.
Greenstein has a ton of strong talent relationships, having worked on films such as “The Wolf of Wall Street,” “Once Upon a Time in Hollywood,” the “Mission: Impossible” franchise, and re-launching “Star Trek” and “Ghostbusters” on the big screen. If there is any comfort for current studio employees, Greenstein understands the history of the historic Melrose lot and what the highs and lows the studio has endured this century.
Goldberg has been at Skydance since 2010 and was part of every co-financing project the company fostered with Paramount, including “Top Gun: Maverick,” “World War Z,” and the “Mission: Impossible” series. She was also part of the company’s streaming titles for Netflix and Prime Video, including “The Tomorrow War” and “The Adam Project,” as well as a slew of television programs such as “Grace and Frankie,” “Tom Clancy’s Jack Ryan,” and “Reacher,” among others.
Cindy Holland, who ran narrative television at Netflix, will oversee Paramount’s streaming offering, Paramount+, as well as Pluto TV. A veteran of Netflix’s early forays into programming, Holland was responsible for “House of Cards,” “Mindhunter,” “The Crown,” “Orange is the New Black,” and “Stranger Things,” among other projects. She was forced out at Netflix after it began to focus on volume instead of positioning itself as a prestigious competitor to HBO. What her vision will entail at a streamer that has had success with Taylor Sheridan’s “Yellowstone” spin-offs, “Dexter” reboots, and broad fare such as the streamer’s most recent hit, “Mobland,” remains to be seen.
Initially heralded as a hero for saving Paramount from venture capital firms that would have sold the historic lot and each division to the highest bidder, Ellison arrives with skepticism. He’s already signaled his willingness to capitulate to the Trump administration by approving an omnibudsman for CBS News, potentially hiring controversial print journalist Bari Weiss to co-run the division, and agreeing to scuttle any DEI initiatives at a studio historically known for being progressive since the Redstones were in charge. After Cheeks insisted he canceled “The Late Show with Stephen Colbert” for financial reasons, all eyes will be on the fate of the seemingly profitable “The Daily Show with Jon Stewart” and other programming, including BET, “RuPaul’s Drag Race,” the Logo division, and numerous CBS News employees and programs.
Additionally, more layoffs have been rumored due to duplication between the two companies. However, so many Paramount divisions have been cut to the bone, it’s unclear how many more positions can easily be eliminated.
In his first public statement, Ellison said the merger had one “clear objective: to transform Paramount—a company with a storied history and an undeniable impact on culture for over a century—by investing in high-quality storytelling and cutting-edge technology and pursuing opportunities that will help define the next era of entertainment.”
He noted the following assets:
- “A world-class content library, globally recognized brands, and a powerful creative engine—now further enhanced by Skydance’s acclaimed portfolio and expertise in film, television, animation, and gaming”
- “A fast-growing [direct-to-consumer] offering that we expect will be a leading, global streaming service”
- “Vital relationships with many of the world’s best film and television creative partners, both in front of and behind the camera”
- “Dynamic partnerships with the world’s premier sports leagues—including the NFL and UEFA—which are increasingly important today given their unmatched ability to drive engagement, reach global audiences, and deliver consistent value”
- “CBS – America’s most-watched broadcast network in primetime for a record-breaking 17 consecutive seasons”
- “CBS News – home to one of the most storied American broadcast journalism legacies in America, including 60 Minutes, with a long tradition of impactful reporting led by seasoned journalists committed to accuracy, integrity, and public trust”
- “An all-star executive leadership team, united by a shared vision and empowered with the resources and creative autonomy to boldly drive our business forward”
- “An owner-operator culture that aligns incentives and enables bold, strategic decision-making with a clear focus on long-term value”
Stating there is generational change in Hollywood (debatable), the company’s goal is to “work with conviction and optimism to transform Paramount into a tech-forward company that blends the creative heart of Hollywood with the innovative spirit of Silicon Valley. By harnessing cutting-edge technologies to serve great storytelling, we will unlock the company’s enormous potential.”
Ellison also says the company will be on a single technology platform which will allow it to deliver “a greater volume of high-quality films, television series, sports, news, and games to audiences worldwide. Our focus remains on investing in areas where we see meaningful opportunity for growth, as demonstrated by our recent five-year global streaming exclusivity deal for ‘South Park‘ on Paramount+.”
For those who have fear about too much technology or A.I. at play, Ellison says, “Technology is not—and never will be—a replacement for human creativity; rather, it serves as a powerful multiplier. From virtual production stages that unleash filmmakers’ limitless imaginations, to AI‑assisted localization that brings shows to new language markets overnight, to a proprietary ad‑tech stack that maximizes yield across streaming and linear platforms, we will thoughtfully integrate these tools into every aspect of our work.”
The new Chairman and CEO also acknowledged that there are “challenging decisions and difficult trade-offs lie ahead. We will face them head-on, maintaining transparency by openly sharing the rationale behind our choices and how they serve the best interests of our stakeholders.” So, yes, more layoffs are inevitable.
Essentially, as of today, Paramount is wearing a very big “Watch this space” sign.
