Los Angeles, California – Paramount Global’s controlling shareholder, Shari Redstone, and the conglomerate’s co-CEO troika have expressed optimism to staff about the potential benefits of Skydance’s $8 billion takeover. Employees are already bracing for $500 million in cuts by the co-CEOs as part of efforts to improve profit margins.
Following the footsteps of the Warner Bros Discovery merger, the arrival of new executives brings forth new agendas, mission statements, and executive teams. However, the challenge lies in recognizing the success of Paramount’s Motion Picture side, known for hit films like “A Quiet Place: Day One” and “Transformers One.”
Under the new deal, Skydance Media’s David Ellison will take over as the chairman and CEO of the conglomerate, with former NBCUniversal chief Jeff Shell serving as president upon regulatory approval in early 2025. Redstone commended Skydance’s strategic vision and resources, emphasizing their significant contributions to Paramount’s success.
In a memo to Paramount Global employees, Redstone expressed gratitude for the team’s efforts in building up the entertainment company that her father, Sumner Redstone, established. She highlighted the importance of quality content in today’s competitive market and praised the staff’s dedication and teamwork in achieving success.
Despite a 45-day “go-shop” period, Redstone seems confident in Paramount Global’s future under Skydance’s leadership. She anticipates the deal’s completion in the first half of 2025, reinforcing the commitment to maintaining the company’s competitive edge and fostering growth.
Redstone’s message to employees encapsulates the company’s achievements, from the success of Paramount+ to CBS’ longstanding position as the top broadcast network. She acknowledges the team’s efforts in producing hit movies, delivering engaging content, and making a positive impact through social initiatives.
The agreement with Skydance Media signifies a new chapter for Paramount Global, marked by strategic partnerships and a shared vision for future success. Redstone’s unwavering support and admiration for the team underscore a commitment to upholding the company’s legacy and ensuring continued prosperity in the ever-evolving entertainment industry.
