Skydance has locked in New Paramount’s leadership team ahead of Thursday’s expected closing of its $8 billion merger with the Hollywood studio.
David Ellison will lead the company as CEO, while RedBird Capital Partners’ sports and media chairman and former NBCUniversal executive Jeff Shell will serve as president. RedBird’s Andy Gordon will also serve as chief operating and strategy officer, while Andrew Warren will continue as interim chief financial officer.
Cindy Holland, a former Netflix executive who has been serving as a senior advisor to Ellison since October, will oversee the direct-to-consumer division, which includes Paramount+ and Pluto TV, as chair.
Skydance chief creative officer Dana Goldberg and former Sony Motion Picture Group president Josh Greenstein will serve as co-chairs of Paramount Pictures. Goldberg will also serve as chair of Paramount Television, while Greenstein will serve as vice chair of platforms. George Cheeks, who has served as CBS’ president and CEO and a Paramount co-CEO, will remain with the company and serve as chair of the TV Media division.
Additionally, Skydance’s general counsel Stephanie Kyoko McKinnon will serve as Paramount’s general counsel and acting chief legal officer, Amazon Global Media and Entertainment’s Jim Sterner will serve as chief people officer and Melissa Zukerman will serve as chief communications officer.
“I’m thrilled to introduce our new executive leadership team — backed by deep industry experience, proven track records, and a shared commitment to excellence, this world-class team is uniquely equipped to rise to the occasion and deliver on our bold vision for a new Paramount,” Ellison said in a statement. “Each member was chosen to align with our goals and with the intention to drive transformation. Together, we will foster an environment where creative and technical talent collaborate seamlessly, marrying leading technologies with powerful storytelling and artistic vision to unlock Paramount’s full potential and help shape the future of our industry.”
Under the two-step deal, Skydance is set to acquire controlling shareholder Shari Redstone’s holding company National Amusements, which controls 77.4% of the Paramount Class A common stock outstanding and approximately 9.5% of the overall equity of the company, before merging with the Hollywood studio.
The deal provides $2.4 billion for Redstone, $4.5 billion to non-NAI Paramount shareholders and an additional $1.5 billion in new capital to help pay down debt and recapitalize the company’s balance sheet.
Redstone will exit the board of directors and current Paramount co-CEO Chris McCarthy will exit the company following the merger’s closing. Additionally, New Paramount will begin trading on the Nasdaq under the new ticker symbol: PSKY.
More to come…
