Paramount’s three-headed leadership structure will reportedly get shelved once the $8 billion merger with Skydance Media goes through — with two of the co-CEOs likely getting pushed out.
David Ellison, the current Skydance boss who will run the combined company as chairman and CEO, is planning a massive shakeup that could involve combining all of Paramount’s television assets, including CBS and MTV, into one unit, according to Bloomberg News.
Currently, the television properties are jointly run by co-CEOs Chris McCarthy and George Cheeks.
Cheeks, who is said to have a good relationship with Ellison’s deputy Jeff Shell, is expected to stay at the company, but McCarthy’s future is up in the air, Bloomberg reported.
Brian Robbins, the honcho in charge of Paramount Pictures and Nickelodeon, is the third member of the troika.
He is expected to depart the new company around the time the merger is consummated — which can happen as early as March — though people familiar with the matter told Bloomberg that no final decision on Robbins has been made.
Ellison — the son of billionaire Oracle co-founder Larry Ellison — has collaborated extensively with Robbins in recent years.
However, Ellison is said to be considering installing Dana Goldberg, Skydance’s head of production, as head of Paramount’s film studio, according to Bloomberg News.
The Post has sought comment from Paramount Global and Skydance.
Skydance helped finance most of Paramount’s blockbuster films over the last decade, including “Top Gun: Maverick” and the latest “Mission: Impossible” films.
In preparation for the close of the merger, Ellison and his top lieutenants have been meeting Paramount personnel to get an idea of how the company has been operating, according to Bloomberg.
In September, the debt-saddled media giant kicked off a second round of layoffs in its previously announced plans to cut 2,000 jobs.
Employees were told by Ellison that no decision has been made about any additional layoffs once the merger is finalized, Bloomberg News reported.
The consolidation of the television assets is a necessity for Ellison given the fact that viewers are abandoning linear broadcasting in droves.
Paramount’s film studio is also not expected to turn a profit this year, according to analysts.
McCarthy, Cheeks and Robbins have been running Paramount since April 29 following the ouster of CEO, Bob Bakish.
The executive’s relationship with Shari Redstone, the controlling shareholder of Paramount Global parent company National Amusements, reportedly soured after Bakish opposed the Skydance merger.
Redstone holds a 20% stake in NAI through two trusts in her name and is in line to receive about $350 million from its sale, according to Bloomberg.
Aside from buying up the Redstone family’s entire 77% NAI stake for $2.4 billion, Skydance will pay $15 a share for as much as $4.3 billion of the common shares.
Paramount stock closed at $10.92 on Tuesday.
With Post Wires
Credit: Source link
