David Ellison‘s company, Skydance Media, has revealed its new management setup for Paramount, marking a period of change as the Shari Redstone era approaches its end.
Ellison is set to take on the roles of both chairperson and CEO at the newly formed Paramount Skydance Corporation, with the aim of rejuvenating this iconic entertainment enterprise. The organization’s structure will primarily operate in a decentralized manner, granting significant authority to division leaders under Ellison’s leadership.
Skydance’s $8.4-billion takeover is scheduled to close Thursday.
Jeff Shell, a top executive at RedBird Capital Partners and a previous leader at NBCUniversal, has been appointed as the company’s president, responsible for managing the daily affairs of their television operations.
In this new setup, only one current high-ranking Paramount executive, George Cheeks, will continue in his role. He is promoted to the position of chairman, overseeing the TV media division that encompasses CBS properties and cable television networks such as MTV, Comedy Central, Nickelodeon, and BET.
Dana Goldberg, who’s been working with Ellison for close to 15 years, is set to share the role of co-chair at Paramount Pictures with Josh Greenstein. Until last week, Greenstein was the president of Sony Pictures’ motion pictures. In this new role, Goldberg will not only handle operations at the Melrose Avenue film studio but also lead Paramount Television Studios and Nickelodeon Films. It is worth noting that in recent years, Goldberg has held the position of chief creative officer at Skydance.
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David Ellison, CEO of Skydance Media and son of billionaire Larry Ellison, is gaining significant attention as a potential successor for the legendary Paramount Studios.
Previously serving as marketing president at Paramount, Greenstein returns to that city after departing from Sony in 2014.
Cindy Holland, once a leading Netflix software engineer, has been appointed to oversee both Paramount+ and Pluto streaming platforms, thereby significantly enhancing her influence within the newly merged entity.
For eighteen years, Holland worked at Netflix, contributing to popular series like “House of Cards,” “Grace and Frankie,” and “Stranger Things.” However, in 2020, she decided to leave Netflix. Subsequently, she managed the Elisabeth Murdoch production studio, Sister, for a short period before accepting an advisory role at Ellison last year.
In his statement, Ellison expressed that this exceptional team possesses an unusual ability to step up to the challenge and bring our daring vision for a fresh Paramount to fruition.
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As a movie buff excitedly looking forward to the future, I can’t help but share some intriguing news: In the not-so-distant days ahead, it seems that the Larry Ellison family, in partnership with RedBird Capital Partners, is set to steer the ship of Paramount Pictures. Guess who’ll be at the helm? None other than David Ellison, a 42-year-old industry titan, serving as both chairman and CEO. This shift promises an interesting new chapter in Hollywood history!
Following approval from the Federal Communications Commission, chaired by Brendan Carr (who was appointed under President Trump), the organizational structure changed due to the merger between Skydance and Paramount, following a power struggle over this decision involving the president and his team.
At the end of July, the Federal Communications Commission (FCC) made a decision by a vote of 2-1, approving the agreement and shifting 28 CBS television station licenses to Larry Ellison and his relatives. The lone Democrat on the commission opposed this move, expressing concerns over a regulatory assessment that she believed could lead to misuse of power.
Skydance is acquiring Paramount alongside RedBird, granting the private equity firm significant control over Paramount’s operations. Moreover, Andy Gordon, a former Goldman Sachs banker who headed RedBird’s Los Angeles office as a partner, will assume the roles of both COO and Chief Strategy Officer at Paramount, joining Shell in these positions.
Stephanie Kyoko McKinnon, currently serving as Skydance’s general counsel, is set to take on a similar position at Paramount. In this role, she will be responsible for managing legal affairs, regulatory issues, and compliance matters across all of Paramount’s global operations. Additionally, she will temporarily assume the role of acting chief legal officer.
As a passionate movie enthusiast, I am thrilled to step into the role of Chief Communications Officer at Paramount Pictures. In this new position, I will serve as the main spokesperson, lead global communications efforts, oversee our social responsibility initiatives, and act as a trusted advisor to our esteemed leader. Here’s to an exciting cinematic journey ahead!
Previously with Amazon, Jim Sterner takes on the role of Chief People Officer at Paramount, overseeing human resources and fostering a culture that nurtures creativity and sustains future company growth, as stated by the organization.
This week, both Chris McCarthy and Brian Robbins, who share the role of co-CEO at Paramount, will be departing the company.
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CBS explained that they canceled it due to a tough financial choice, considering the difficulties in the late-night television landscape.
The Skydance takeover ends 38 years of Redstone control.
In late 2023, the extensive media holdings they owned in Hollywood had been significantly reduced due to years of cost-reduction and decreasing viewership. This predicament led Shari Redstone to search for a potential buyer. The family, burdened by growing financial obligations, was looking for an exit strategy.
In July 2024, following several turbulent months within its board of directors, Redstone, daughter of media mogul Sumner Redstone, and Paramount’s board consented to the Skydance acquisition, a move that was finally agreed upon.
In the deal, the Redstone family’s investment company, National Amusements, is set to gain approximately $2.4 billion for their majority ownership shares in the company. After the transaction, these shares will be transferred to Larry Ellison and RedBird Capital, who will then own a minority share in National Amusements.
The agreement is projected to add approximately $1.5 billion to Paramount’s financial records, which will aid the company in reducing its outstanding debts.
The Ellison’s Santa Monica based Skydance will eventually be folded into Paramount.
It’s anticipated that Skydance might instigate further significant rounds of job cuts at Paramount. RedBird leaders have assured investors that they aim to achieve $2 billion in cost reductions.
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As a devoted fan, I can’t help but express my concerns about the implications of this payment. It seems that some believe this move could encourage intensified assaults by Trump and his associates against media outlets. Moreover, there are those who view this settlement as a blemish on the esteemed history of CBS News.
The FCC’s contentious decision to greenlight the Skydance-Paramount merger occurred merely three weeks following Paramount’s agreement to pay Trump $16 million to settle his lawsuit concerning alterations made to a “60 Minutes” broadcast back in autumn 2020. Trump alleged that CBS producers manipulated the October interview with then-Vice President Kamala Harris, aiming to boost her chances in the election by deceitfully editing it.
CBS dismissed his accusations, explaining that the edits were standard practice. The uncensored video revealed that although Harris’ response was truncated, she was correctly cited. First Amendment scholars and journalists criticized the agreement, as it is expected to channel a significant portion of the funds towards Trump’s potential future presidential library.
Trump announced that Skydance will contribute an additional $20 million towards public service announcements and complimentary programming, as part of their court settlement. On his social media platforms, Trump estimated the total amount he would receive to be approximately $36 million.
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Skydance committed to independently selecting an Ombudsman from CBS News whose role is to enhance openness and responsibility within the network. Additionally, Skydance CEO David Ellison held discussions with conservative journalist Bari Weiss.
According to the terms of its deal with the FCC, Ellison committed to discontinuing all initiatives focused on diversity, equality, and inclusivity within Paramount.
Skydance additionally pledged to “enhance transparency and foster responsibility” within CBS News. They announced their intention to appoint an ombudsman who will be under the supervision of Shell, responsible for handling and assessing any allegations of bias or other issues concerning CBS for a minimum period of two years.
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2025-08-04 21:01