Paramount’s three-head leadership structure will reportedly be dismantled following its $8 billion merger with Skydance Media – with two co-CEOs likely to be ousted.
David AllisonThe current Skydance boss, who will run the combined company as chairman and CEO, is planning a massive shakeup that could include Combining all of Paramount’s television assetsIncluding 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 remain at the company, but McCarthy’s future is uncertain, Bloomberg reports.
Brian Robbins, the head in charge of Paramount Pictures and Nickelodeon, is the third member of the troika.
He is expected to leave the new company around the time the merger is completed — which could be as early as March — though people familiar with the matter told Bloomberg that no final decision has been made on Robbins.
Ellison – son of billionaire Oracle co-founder Larry Ellison – has collaborated extensively with Robbins in recent years.
However, according to Bloomberg News, Ellison is said to be considering installing Skydance production chief Dana Goldberg as the head of Paramount’s film studio.
The post sought comment from Paramount Global and Skydance.
Skydance helped finance most of Paramount’s blockbuster films over the past decade, including “Top Gun: Maverick” and the latest “Mission: Impossible” films.
According to Bloomberg, in preparation for the closing of the merger, Ellison and his top lieutenants have been meeting with Paramount personnel to learn how the company is doing.
on September, The debt-laden media giant has begun a second round of layoffs as part of its previously announced plan to cut 2,000 jobs.
Ellison told employees that no decisions have been made about any additional layoffs once the merger is finalized, Bloomberg News reports.
Given the fact that viewers are leaving linear broadcasts in large numbers, consolidation of television properties is a necessity for Ellison.
Paramount’s film studio is also not expected to make a profit this year, according to analysts.
McCarthy, Cheeks and Robbins run Paramount through April 29 Following the ouster of CEO Bob Bakish,
Executive relationship with Shari Redstone, controlling shareholder Paramount Global’s parent company National Entertainment reportedly turned sour after Bakish opposed skydance Merger.
Redstone owns a 20% stake in NAI through two trusts in his name and is in line to receive about $350 million from its salesAccording to Bloomberg.
In addition to purchasing the Redstone family’s entire 77% NAI stake for $2.4 billion, Skydance will pay $15 per share for $4.3 billion of common shares.
Paramount stock closed at $10.92 on Tuesday.
with post wire
