Goodbye Note from Shari Redstone to Paramount Employees: Continuous Support from Me Forever
In a significant shift for the media industry, Shari Redstone is set to end her family's stewardship of Paramount Global with an $8 billion deal that transfers ownership to Skydance Media. The deal, scheduled to close on Thursday, Aug. 7, marks a new era for the entertainment giant.
Shari Redstone's Legacy at Paramount Global
For 17 years, CBS has been the #1 broadcast network, a testament to Redstone's vision and leadership. Paramount Pictures, under her watch, has expanded its franchise strategy with breakout hits, propelling the company to new heights. Redstone's love for the company is evident, as she expressed in her memo to staffers, "It is not easy for me to step away."
A New Leadership Team Takes Shape
The new leadership team for the merged Paramount Skydance Corp. is a mix of industry veterans, creative leaders, and operational executives. David Ellison, founder of Skydance Media, will become the Chairman and CEO.
Jeff Shell, known for his successful tenure at Universal Studios, will oversee day-to-day television operations. Andy Gordon, a seasoned executive, will serve as Chief Strategy Officer and Chief Operating Officer. George Cheeks, the only current top Paramount executive retained, will chair TV Media.
Dana Goldberg and Josh Greenstein, longtime collaborators of Ellison, join as co-chairs of Paramount Pictures. Cindy Holland, a key figure in Netflix's success, will chair Direct-to-Consumer. Stephanie Kyoko McKinnon, Jim Sterner, and Melissa Zukerman round out the team as General Counsel, Chief People Officer, and Chief Communications Officer, respectively.
A Decentralized Structure for the Future
The company will be organized into three primary business segments: Studios, Direct-to-Consumer, and TV Media, reflecting a decentralized structure with division heads given significant authority under CEO Ellison.
Key Executive Appointments at Paramount Skydance Corp.
- David Ellison as Chairman and Chief Executive Officer (CEO)
- Jeff Shell as President, overseeing day-to-day television operations
- Andy Gordon as Chief Strategy Officer and Chief Operating Officer
- George Cheeks as Chair of TV Media (the only current top Paramount executive retained)
- Dana Goldberg as Co-Chair of Paramount Pictures and Chair of Paramount Television
- Josh Greenstein as Co-Chair of Paramount Pictures and Vice Chair of Platforms
- Cindy Holland as Chair of Direct-to-Consumer
- Stephanie Kyoko McKinnon as General Counsel and Acting Chief Legal Officer
- Jim Sterner as Chief People Officer
- Melissa Zukerman as Chief Communications Officer
Paramount+'s Growth and the Future of the New Company
Paramount+'s growth is attributed to its ability to deliver hit content across genres. Under the leadership of George Cheeks, Chris McCarthy, and Brian Robbins, Paramount Global has delivered impressive performance despite a tough industry environment.
However, McCarthy, previously of Showtime & MTV Entertainment Studios and Paramount Media Networks, is leaving the new company. Robbins, CEO of Paramount Pictures and Nickelodeon, is departing the new company as well.
In her memo to staffers, Redstone expressed optimism for the new company's prospects, saying, "I will be cheering for you, always." The subject line of her memo read, "Thank you for your talent, hard work, and dedication."
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In the future, with a decentralized structure, each division head at Paramount Skydance Corp., including David Ellison, Jeff Shell, Andy Gordon, George Cheeks, Dana Goldberg, Josh Greenstein, Cindy Holland, Stephanie Kyoko McKinnon, Jim Sterner, and Melissa Zukerman, will hold significant authority under CEO Ellison.
The new leadership team, composed of industry veterans, creative leaders, and operational executives, believes that Paramount+'s growth, attributed to its ability to deliver hit content across genres, will contribute to the new company's success.
