While a merger between Paramount Global and David Ellison’s Skydance Media will not be moving forward, the media conglomerate’s board of directors remain “open to exploring strategic alternatives that create value for shareholders.”
Meanwhile, co-CEOs Brian Robbins, Chris McCarthy and George Cheeks told staff in a memo on Wednesday that they continue to focus on executing their long-term strategic plan, which the group is “confident will set the stage for growth for Paramount.”
The Office of the CEO plan focuses on three pillars: transforming streaming, streamlining the organization to reduce non-content costs and “optimizing” its asset mix to pay down debt.