Hours after the deal was approved, David Ellison and his leadership team took the stage of 1515 Broadway in New York City to discuss the topic everyone in media has been feverishly talking about for months: the future of New Paramount.
There’s a reason for the curiosity: A lot is riding on whether Ellison and co. can turn Paramount around at a time when media is going through a broader industry shakeup. Between the future of Paramount+, its ability to supercharge its franchises and whether it can compete with some of the bigger players in the field, there remain a lot of questions about the fate of the company.
Many of Paramount’s broad plans were outlined in an open letter from chairman and CEO Ellison as well as a Thursday morning press conference that included TheWrap. But following a heated Q&A about FCC regulations and CBS’ appointed ombudsman, the leaders of the company opened up some more about their plans for the company.
Top news:
- Paramount+ and Pluto TV will consolidate on the tech side, with an aggressive target as early as 12 months. Platforms will remain separate for now.
- Paramount is reviewing its real estate portfolio, including a potential sale of National Amusements’ movie theaters. Its legendary lot in Hollywood and the CBS Broadcast Center in New York are safe.
- Paramount plans to “supercharge” its relationship with the NFL, an equity partner through the joint venture, Skydance Sports.
- Ellison has already met with key talent Tyler Perry and Taylor Sheridan
- “South Park” is being championed as a cherished show
- MTV and Comedy Central still have value but will lean into digital — “The Daily Show” and Stewart are safe for now
- Three new films are confirmed to join the 2026 Paramount slate
Consolidation of Paramount+ and Pluto TV
Ellison revealed in an open letter on Thursday that New Paramount will unify the technology stack that operates Paramount+ and free, ad-supported streamer Pluto TV. This consolidation would happen on the backend, with the two streaming services continuing to operate separately, at least for now. That unification — which the company has touted will lead to better performance and financial savings — will happen in the next 12 to 18 months. Specifically, Ellison said they’re going to aim for 12 but it will likely be 18.
As for whether the two platforms will ever be combined, that’s not on the table right now. However, Ellison seemed open to the possibility depending on the streamers’ performances over the next several months.
David Ellison has already met with Tyler Perry and Taylor Sheridan
The ink isn’t even dry, and Ellison has already met with some of the biggest names in Hollywood. The executive has taken meetings with Tyler Perry, who previously expressed interest in buying BET and who has a deal with the network through 2028, as well as “Yellowstone” creator Taylor Sheridan, whose Paramount deal also runs through 2028.
“South Park” is the “bellwether” for IP rights
When asked how he’s thinking about investing in Paramount IP versus licensing hot properties to competitors, Ellison told a group of reporters that “South Park” is the “bellwether” for how the company is thinking about and prioritizing IP rights. Ellison also criticized other media companies for being too quick to sell or license valuable IP.
“We’re going to always look to create long-term value in the future and want to be on the forefront of that,” Ellison said during the Q&A.
Earlier this summer, “South Park” creators Matt Stone and Trey Parker reached a $1.5 billion deal with Paramount that renews the iconic series for five years and 50 episodes. Despite that massive price tag, that deal was less generous than the 10-year term Stone and Parker were reportedly gunning for and the big payday wasn’t enough to keep the duo from slamming the company and Trump.
Still, it seems like nobody’s too mad. Ellison highlighted the “South Park” deal in his open letter on Thursday.
Real Estate Sales: Times Square and Ed Sullivan Theater on the block
The company’s president Jeff Shell told TheWrap during Thursday’s media briefing that the Paramount lot in Los Angeles is among the properties that will likely be safe from any potential sale — a reversal after rumors of selling the lot surfaced last year — as will the CBS Broadcast Center on 57th Street in New York City due to its infrastructure. However, many other assets are “on the table” for review, such as National Amusements’ portfolio of movie theaters and Paramount’s Times Square headquarters in New York City.
The fate of the Ed Sullivan Theater also remains an open question as New Paramount’s TV/Media chair George Cheeks told reporters discussions remain ongoing about a programming replacement for “The Late Show” when Stephen Colbert’s show ends in 2026.
The NFL partnership is a priority
Ellison noted that the company is ready to “supercharge” its relationship with the NFL. One media story many missed is that the NFL is now a shareholder in Paramount through its partnership with the 50-50 joint venture, Skydance Sports. Though the two organizations have a strong relationship and both New Paramount and the NFL seem interested in technological and streaming innovations, Ellison emphasized it’s important to him that their current NFL games remain paywall free. So while Paramount+ will stream games in local markets, a Paramount+ exclusive game has yet to be discussed.
“There is no more important partner to us than the NFL, and our viewpoint is we want to be in business with the NFL for the foreseeable future,” Ellison said during the Q&A.
MTV and Comedy Central still have value, especially Jon Stewart
Jeff Shell, the new Paramount president, told TheWrap there are no plans to spin off the company’s cable assets. But Shell took it a step further, noting that there is still a good deal of value in both MTV and Comedy Central, pointing to network staples like the VMAs and “The Daily Show.” However, it’s unlikely the future of these brands will continue to live only in the linear space. Shell floated the idea of expanding them to become more digital assets.
This point was also made by Chief Strategy Officer and Chief Operating Officer Andy Gordon during the Q&A: “We have great brands, with regard to MTV, Comedy Central, etc, that there’s probably a place outside of the linear world where these brands exist and can be invested in and flourish.”
Put your comedy fears to rest. Jon Stewart is safe at the moment. Shell said: “‘The Daily Show’ is a big driver on cable,” which is notable in these tough times for the platform.
3 new films confirmed for 2026
The film slate for next year is thin. Studio insiders told TheWrap that three previously unconfirmed films that are deep into post-production are now slated for release in 2026.
The first is “Heart of the Beast,” a survival thriller from “Suicide Squad” director David Ayer starring Brad Pitt as an Army special forces vet who must survive in the Alaskan wilderness with his retired combat dog after a plane crash. Also starring J.K. Simmons and with Damien Chazelle as executive producer, it will mark Pitt’s first film since he set a new career high at the box office with Apple’s “F1.” Insiders did note that film output deals are planned to be announced in the next few weeks.
The other two films are a pair of horror projects from Paramount’s production deal with 18hz, the company founded by former DC Films chief Walter Hamada after his exit from the superhero label: “Primate,” a film starring “CODA” Oscar winner Troy Kotsur from director Johannes Roberts (“Resident Evil: Welcome to Raccoon City”), and an untitled project from André Øvredal, director of “Scary Stories to Tell in the Dark.”
Also: Colbert has huge engagement (but it’s coming from YouTube)
According to Shell, Stephen Colbert’s overall audience engagement is similar to what CBS saw when “The Late Show” belonged to David Letterman. The big difference is that a majority of Colbert’s engagement comes from YouTube, a medium that isn’t nearly as profitable as linear television.
When asked how much money Colbert cost CBS, George Cheeks, chair of TV Media, refused to give a concrete figure, but reports have put the number around $40 million a year.
“What I’m going to tell you is that the numbers have been significant, in tens of millions of dollars. At the end of the day, it wasn’t sustainable,” Cheeks said during the Q&A, doubling down on his previous comments. He also explained the timing of why Colbert was canceled. CBS axed “The Late Show” days after Colbert called Paramount’s $16 million settlement with President Trump “a big fat bribe.”
“We were at a period, from a production standpoint, where every year, seasonally, this is when we negotiate new deals for writers and producers. In addition, this was going to be the third season of Colbert’s three-year deal,” Cheeks explained. “In order to do those deals, we were going to have to change the terms from what we traditionally were, which is September to August, to September to May. So it was incumbent upon me and us to make it clear to Stephen and his reps that this was what we were going to do.”
And by the way: David Ellison sees Netflix and YouTube as the future of streaming
Ellison has made a lot of noise about bettering the technology behind Paramount+ and Pluto TV. When asked which streamers have impressed him in the space and what he may be trying to emulate, Ellison insisted the company isn’t trying to copy any other streamer’s strategy. But he did point to Netflix and YouTube as clear leaders in the space.
He also emphasized that the way more traditional media companies have approached streaming in the past has been wrong. In this environment, Ellison emphasized, it’s not enough to hold onto valuable assets and hope audiences come to you. But at the same time, he noted that few people consume entertainment anymore solely based on brands. As he did in his open letter and during the Q&A, the New Paramount head boasted a strategy that will be both disruptive from a technological perspective while being talent and creative forward.
Jeremy Fuster contributed to this story.
