Skydance Consortium Led by David Ellison Acquires Paramount Global: A New Era for Paramount Begins

Skydance, led by David Ellison, has officially gained control of Paramount Global after sealing the deal late Sunday night. The acquisition was made possible by Shari Redstone, who controlled the company through her family’s National Amusements and made the decision to sell the family business.

In a meeting with reporters on Monday, Ellison, along with Jeff Shell and Gerry Cardinale, discussed their plans for the future of Paramount. Cardinale emphasized the importance of preserving the legacy of the over 100-year-old business by recapitalizing it and keeping it as Paramount, rather than breaking it up or taking it private.

Ellison highlighted the need to make Paramount a talent-friendly place to create, emphasizing the importance of stabilizing the company’s balance sheet and installing fresh leadership. The goal is to create a culture that fosters creativity and sets a high bar, attracting the most talented individuals in the industry to call Paramount home.

Shell added that creators want to be at a stable place, and the financial changes being implemented will make Paramount a winner going forward. The executives also detailed their plans for CBS and Paramount+, focusing on cash flow and smarter content licensing strategies to generate more revenue.

Ellison assured that the existing Paramount CEOs will continue their discussions about asset sales, streaming partnerships, and other matters, with Skydance having a seat at the table in those decisions. The goal is to ensure that the company remains agile and able to adapt to the rapidly changing landscape of the entertainment industry.