Paramount Global under Skydance Media is exploring combining all of Paramount’s TV networks, including CBS and MTV, into one unit and consolidating teams across departments including programming and marketing, according to Bloomberg.
David Ellison, who will run Paramount as chairman and CEO after the $8 billion transaction closes in the first half of 2025, is also looking to cut staff and trim the amount of original programming at the cable networks, the outlet reports.
As for leadership changes, Bloomberg reports that Paramount co-CEO George Cheeks is expected to stay following the merger, but co-CEO Brian Robbins is expected to depart the company, though a final decision hasn’t been made. The outlet added that the future of co-CEO Chris McCarthy, the third member of the “office of the CEO” remains “less certain.”
The Skydance chief may also explore strategic partnerships that could involve selling off the cable network, but Ellison is not open to selling off CBS, Bloomberg reports. He is also reportedly looking more closely at integrating free, ad-supported streamer Pluto TV into Paramount+.
An insider familiar with the matter emphasized to TheWrap that no decisions have been made.
Another insider familiar with the matter disputed the claim by Bloomberg about McCarthy, telling TheWrap he has been “instrumental” in making some of Paramount and Showtime’s biggest series, from “Yellowstone,” “Lioness,” “Tulsa King,” “Yellowjackets” and “Landman” to the currently running “The Agency” and the upcoming “Dexter: Original Sin.” The insider assured TheWrap that if McCarthy doesn’t end up staying, “he will for sure have options elsewhere.”
Ellison has reportedly discussed putting Skydance chief creative officer Dana Goldberg in charge of the film business. Skydance has hired former Sister global CEO Cindy Holland as an advisor to the company and she is seen as a likely candidate to take over the streaming business, Bloomberg reports.
Representatives for Skydance and Paramount declined to comment.
During a call with investors back in July, Ellison and Jeff Shell, who will serve as Paramount’s president, gave an initial outline for their plans to turn Paramount into a tech hybrid, leverage animation and sports content and rebuild the Paramount+ streaming service.
At the time, the leadership team also said they identified $2 billion in cost efficiencies and synergies as they look to manage Paramount’s declining linear business and would not rule out asset sales, though they did not cite specific assets that could be offloaded.
On that call, Shell referred to Pluto as a “very strong and powerful asset,” while RedBird Capital’s Andy Gordon said a merged Skydance and Paramount sees an opportunity in the tech platforms for Paramount+ and Pluto to drive “a lot more efficiency” and “further cash flow generation.” During a call with reporters in July, Shell referred to CBS as a “cornerstone” asset that would be part of its plans going forward.
The Paramount deal is currently being reviewed by the Federal Communications Commission. Petitions to deny the transaction are due by Dec. 16, while oppositions to petitions to deny must be filed no later than Jan. 2 and replies must be filed no later than Jan. 13.
Kayla Cobb contributed to this report
