Paramount Ends Redstone Era As Skydance Merger Finalizes

Paramount Global and Skydance Media have completed their $8.4 billion merger, forming a new media company led by David Ellison as Chairman and CEO and Jeff Shell as President. This merger ends the Redstone family's control of Paramount and comes amid financial challenges for Paramount, including a significant loss of Paramount+ subscribers. The executive leadership team has been solidified with lucrative contracts for Ellison, Shell, and other top executives, while several high-profile departures have occurred, including Co-CEO Brian Robbins, Motion Picture Group Chief Mike Ireland, and Paramount's streaming division head Tom Ryan. Cindy Holland, a former Netflix executive and Skydance adviser, has been appointed to lead the streaming division, signaling a strategic shift under the new leadership. The transition also involves severance payouts for outgoing Paramount executives and new appointments in key production and platform roles, marking a significant restructuring as the company aims to revitalize its content and streaming services under Skydance's direction.