New Paramount CEO David Ellison faced tough questions about CBS News’ future, Donald Trump, M&A and what’s next for late night on Thursday, all while doing what any mogul in his position would — sticking to his talking points.
The executive, now standing atop the media conglomerate following the merger of Paramount Global and Skydance Media, shared the company’s commitment to preserving the talent and infrastructure of its embattled news organization, despite previously pledging to end inclusion efforts and appoint an ombudsman to keep track of bias across CBS news coverage. But he and incoming Paramount president Jeff Shell also sidelined questions on whether leadership would interfere in coverage from programs like “60 Minutes” moving forward.
“I do not want to politicize our company in any way shape or form,” Ellison said multiple times as he was grilled at a New York City press event. He also denied reports of a side deal in the Trump-“60 Minutes” settlement to include running pro-conservative PSAs on the network — a claim made by the president himself.
Ellison’s comments came as he and several members of New Paramount’s leadership team offered a look at what’s ahead for the media giant hours after the Paramount-Skydance merger finally closed. Joining Ellison and Shell were board member Gerry Cardinale, founder and managing partner of RedBird; CBS head George Cheeks; and chief operating and strategy officer Andy Gordon. Incoming direct-to-consumer boss Cindy Holland did not attend.
The meeting with press touched on many of the big questions surrounding New Paramount, from the future of CBS News after its “60 Minutes” settlement with Trump to the future of the company’s late night imprint after Stephen Colbert’s late night cancellation.
Layoff timeline and restructuring
On layoffs impacting the merged company moving forward, Ellison and leadership said that further cuts will come as fast as possible, rather than quarter by quarter. The execs said their plans exceed the previously announced $2 billion target for merger cost savings, but did not provide further details. Gordon said more of the new company financial outlook will be made public during its first earnings call, set to take place Nov. 6.
And as other companies prepare to spin off their cable assets, notably Comcast and Warner Bros. Discovery, Shell noted that “broadcast is an excellent business” with CBS so “spin doesn’t really make sense,” without going into Paramount’s cable business — including MTV, BET, Comedy Central and more.
Ellison also talked up the importance of Nickelodeon as an example of an area where he plans to invest.
Less late night, more sports
Though the prior leadership team indicated the sunsetting of Colbert’s “The Late Show” would mark an end for the network’s hold on late night, new leadership was less certain of what the future holds in that space. Cheeks reiterated the decision behind canceling Colbert went down to ad revenue no longer being justifiable of the spending — and pointed to the decision to not replace “After Midnight” after the series’ cancellation following Taylor Tomlinson’s exit.
In terms of what will happen to the 11:30 hour occupied by Colbert, leadership said conversations are ongoing as they weigh which areas to put content spending on moving forward.
“I know they’re going to invest (in content), but they’re going to invest cautiously and wisely,” Cheeks added. “For me, managing this business, it’s important for me to double down the areas of growth in broadcast and streaming, which is really primetime sports.”
Streamlining streaming
Ahead of the event, Ellison laid out his goals in an open letter to “transform Paramount into a tech-forward company that blends the creative heart of Hollywood with the innovative spirit of Silicon Valley.”
Ellison’s Paramount will reorganize into three units: Studios, Direct-to-Consumer and TV/Media, with the goal to transition the entire company to a single technology platform to reduce spend, combining the tech stack for Paramount+ and Pluto TV.
That technology aspect plays into the previously announced $2 billion in cost savings, but the company will try to finding efficiencies in areas including labor, real estate, procurement and workflow. Further details on the streamlining process were not provided.
