Skydance’s David Ellison says they plan to create a “culture of fostering creativity” following the company’s recent deal with Paramount Global.
On Sunday, July 7, 2024, it was officially announced that Paramount Global’s Shari Redstone agreed to sell control of the company to a conglomerate led by Skydance and Gerry Cardinale’s RedBird Capital.
According to The Hollywood Reporter, the sale, “assuming it is approved by regulators and completed (and assuming a better bid does not emerge), would see Skydance acquire Redstone’s majority stake in National Amusements, which in turn would secure control of Paramount, the owner of the Paramount film and TV studios, Paramount+, CBS, and cable channels like Nickelodeon, MTV and Comedy Central.”
What did Skydance’s David Ellison say about the Paramount Global deal?
Speaking to reporters on Monday, July 8, 2024, via The Hollywood Reporter, Ellison said of the deal, “Our goal here is to transition the business as Paramount. And that was something that me and Shari discussed early on, and believe that by keeping the assets together and transitioning them through this moment in time, we’ll obviously be able to create significant shareholder value.”
He also said during an investor presentation, “We we live in an environment that is so competitive. Our belief is that you can’t be a ‘B+’ anymore. You have to be an ‘A’ … I think when you create that culture of fostering creativity and setting a high bar, our hope is that the most talented people in the world will want to call Paramount home.”
Jeff Shell will be the president of the new Paramount going forward. Shell said, “I would just add that creators, like everybody else, want to be at a place that’s stable, right? And so I think all the financial things that we’re doing with the company, injection of cash, de-levering and everything, while they don’t directly affect the creative process that David was just talking about, they make somebody much more comfortable that this is going to be a stable place, that this is going to be a winner going forward, and people like to be part of a winner.”
Shell also said, via Variety, about potential changes to CBS, “If there’s going to be a change for CBS, we’re going to probably manage it a bit more aggressively for cash flow. Meaning making some harder decisions on time periods going forward, which you have to when you have a declining business.”
