In a landmark move poised to redefine the future of legacy entertainment, David Ellison’s Skydance Media is officially taking the reins at Paramount Global, with the long-anticipated merger expected to close by August 7. This is not just a studio acquisition — it’s a full-scale restructuring of one of Hollywood’s most historic players to compete with the algorithm-driven titans of modern streaming.
The New Power Structure
The reshaped entity will operate across three sharp pillars:
- Studios
- Direct-to-Consumer
- TV Media
Ellison, now CEO of the combined entity, has long pitched a “tech hybrid” vision for Paramount — one that blends deep storytelling heritage with Silicon Valley precision. His strategy is clear: overhaul legacy infrastructure and make Paramount+ a true contender in the streaming arms race.
Key leadership roles include:
- Jeff Shell (former NBCUniversal CEO) as President, overseeing operations
- Andy Gordon (ex-Goldman Sachs) as Chief Operating Officer
- Cindy Holland (Netflix veteran) to lead direct-to-consumer, including Paramount+ and PlutoTV
- Dana Goldberg (Skydance’s creative head) and Josh Greenstein (ex-Sony) as Co-Chairs of Paramount Pictures
- George Cheeks, current Paramount co-CEO, becomes Chair of Media for the broadcast and cable divisions
Meanwhile, Tom Ryan, the architect behind PlutoTV and a key streaming figure, exits the company — a symbolic shift signaling Paramount’s deeper pivot toward premium direct-to-consumer models over ad-supported FAST channels.
From Cable Losses to Streaming Vision
This consolidation comes as Paramount grapples with the rapid erosion of its linear TV revenue — a downfall that has already triggered $6 billion in write-downs. As traditional audiences continue to abandon cable bundles, the company now bets big on retooling itself for the on-demand economy.
Recent regulatory green lights — including a clearance from the Federal Communications Commission (FCC) — have paved the way for the deal’s closure. The timing is strategic: it comes just after Paramount resolved high-profile litigation linked to its political coverage, closing the chapter on one legacy media controversy before opening a new digital-first one.
What This Means: A Culture Clash and a Test of Integration
Skydance isn’t just absorbing Paramount — it’s reprogramming it. And that’s no small feat. This merger places new tech-centric leaders over a deeply entrenched media legacy. It will test whether a Silicon Valley mindset can truly rewire a studio that once defined old-school entertainment. Can they scale streaming growth without losing creative depth? Can the studio revive theatrical appeal while transforming cable assets into digital assets?
In Ellison’s own words, the executive slate is “equipped to deliver on our bold vision for a new Paramount.” That vision, if realized, could make this one of the most consequential restructurings the entertainment industry has seen since Disney’s pivot into streaming.
Partner With Us
Want to feature your brand, business, or service on 365247 — Whether you’re looking to sponsor, collaborate, or build presence within our ecosystem, we’d love to explore it with you.
Submit Your Interest Here
IMAGE: Getty Images
