The media giants Skydance Media and Paramount Global have officially finalized their merger, resulting in a fresh entity named Paramount Corporation, a subsidiary of Skydance. Commencing from Thursday, this amalgamated company will be traded on the Nasdaq exchange under the symbol “PSKY.
Supported by the Ellison family and RedBird Capital, this agreement intends to redefine the future of the Paramount brand. It plans to do so by merging the historical entertainment resources of Paramount with Skydance’s technology-focused and content-rich strategy.
David Ellison Leads New Paramount
David Ellison, now heading both the chairmanship and CEO position of the freshly established enterprise, expressed that their main priorities will revolve around assisting creators, innovating technology, and distributing content across various channels. Ellison referred to this period as “the dawn of a novel Paramount,” underscoring the importance of updating operations and narratives, while simultaneously preserving the company’s storied history.
Ellison said the company will:
- Increase production of films, TV shows, sports, and games
- Expand global streaming with Paramount+ and Pluto TV
- Consolidate tech platforms to reduce costs and speed up decision-making
Today signifies a thrilling and significant juncture as we gear up to usher Paramount’s storied status as a Hollywood cornerstone into the future of entertainment. My ambition is to uphold outstanding storytelling while revamping the way we produce and distribute content, empowering top creative minds, amplifying global viewer experiences, and fostering long-term value for our investors – all while preserving Paramount’s legacy.
As a passionate movie enthusiast, I’m thrilled to step up and guide this legendary film empire into its next exciting phase. My journey at Skydance and various production levels has taught me the essence of transforming captivating tales into reality – a process that becomes even more impactful when visionary artists are backed by steadfast leadership and a unified purpose.
With a comprehensive grasp of the industry and a strategic mindset, we’re committed to maintaining our commitment to creative brilliance, adopting innovative technologies, and consistently delivering entertainment, news, and sports content that resonates with global audiences. Together, we stand on the brink of shaping Paramount’s destiny and influencing the direction of our industry – a challenge we eagerly embrace as we embark on this thrilling new journey!
Strategic Shift to Three Business Units
The company is being restructured into three areas:
- Studios (film, TV, animation, games)
- Direct-to-Consumer (streaming services)
- TV Media (CBS, linear cable brands)
According to Ellison, this approach could make our company more adaptable, enhance productivity, and enable us to cater effectively to our audience.
RedBird Capital Backing Long-Term Play
Gerry Cardinale from RedBird expressed that this merger showcases their faith in the promising future of intellectual property and contemporary content creation. Since 2019, RedBird has been collaborating with Skydance, offering both financial and strategic assistance to them.
Our significant financial support for Paramount and long-term alliance with the Ellison family demonstrate our strong belief in the worth of premier intellectual property. We foresee immense opportunities for expansion as these companies adapt to technological advancements and changing consumer tastes, known as disintermediation. Over the past 15 years, we’ve been working closely with David Ellison, and our initial investment in Skydance occurred in 2019. Throughout this time, we’ve witnessed the effectiveness of a model where ownership and operation are combined, blending cutting-edge technology with a passionate commitment to creating high-quality original content,” said Cardinale, highlighting their experience and strategy.
Cardinale stated: “For the past 25 years, we’ve examined the prospect of investing in media and entertainment within Hollywood. However, our investment in Skydance is what truly solidified our belief in a results-driven strategy when it comes to funding diverse content production. The impressive track record that David and his team at Skydance have built paved the way for this opportunity, with our RedBird team providing support. This presents a remarkable chance to honor Paramount’s 113-year history as a renowned Hollywood institution while helping it adapt to the ever-changing technological environment.
Streaming Push, Cost Cuts Coming
In a post on the official Paramount site, Ellison elaborated further on the subject. Soon, Paramount+ and Pluto TV will be running on the same technological infrastructure. The company aims to reduce expenses by: (implying that the company intends to streamline operations by unifying the technology behind both platforms)
- Labor, real estate, and procurement reductions
- A new unified tech platform
- Streamlined production and licensing
The target is to exceed $2 billion in real savings.
Creative Focus with Tech Support
The intention is to support creative professionals using tools instead of substituting them. Ellison highlighted technologies such as AI-aided translation, virtual production, and exclusive advertising technology as means to broaden the audience and enhance the quality of work.
Commitments Across the Board
In his letter, Ellison also addressed key stakeholders:
- Employees: promised transparency during restructuring
- Viewers: committed to improving entertainment, sports, and news offerings
- Creative partners: offered strong collaboration and global amplification
- Investors: pledged long-term value and performance-driven strategy
Outlook and Next Steps
Leadership at the forefront will offer more insight into financial matters when they release their Q3 earnings statement. The merger is widely regarded as a pivotal moment for the company, enabling it to stay competitive in an ever-evolving media landscape.
In the future, our focus will be on advancing Paramount with determination and positivity, making it a tech-oriented business that combines the artistic soul of Hollywood with the progressive mindset of Silicon Valley. By utilizing advanced technologies to enhance storytelling, we aim to realize the company’s vast potential. (Ellison)
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2025-08-07 21:15