Shari Redstone bid farewell to Paramount ahead of the company’s merger with Skydance, highlighting Paramount+’s growth and impressive ratings wins for CBS in her farewell memo.
“When we announced our transaction with Skydance Media, I shared my confidence that Skydance had the vision and resources to successfully drive Paramount Global forward in a fast-changing environment,” Redstone wrote in a Wednesday memo to staff ahead of the merger’s closing on Thursday. “Not only do I remain assured that Paramount will benefit from this combination, but my conviction is even greater given the progress made in strengthening the company over the past year.”
Redstone, who will have no involvement in the company moving forward, thanked Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins for their leadership in a “tough industry environment.”
She then pointed out several recent wins for Paramount prior to the merger, including Paramount+ rising to become one of the top four SVODs globally after launching in just 2021, as well as CBS’ continued dominance as the No. 1 broadcast network for 17 years in a row. She also applauded Paramount Pictures for expanding its “franchise strategy with breakout hits,” which will continue through 2025.
“It has been an honor and a privilege to work with all of you to bring CBS and Viacom together in order to make Paramount Global a truly special place,” she concluded. “I know you will carry that spirit forward into the future and please know that I will be cheering for you every step of the way.”
Read Redstone’s full letter below:
Dear All,
When we announced our transaction with Skydance Media, I shared my confidence that Skydance had the vision and resources to successfully drive Paramount Global forward in a fast-changing environment. Not only do I remain assured that Paramount will benefit from this combination, but my conviction is even greater given the progress made in strengthening the Company over the past year.
No question, we would not be where we are today were it not for your enormous talent, dedication, and accomplishments. Under the leadership of George Cheeks, Chris McCarthy, and Brian Robbins, who took on both the exciting and difficult decisions that come with being chief executives, every person at this Company has contributed to delivering impressive performance in spite of the tough industry environment.
To celebrate just a few “wins,” after being one of the last to launch in 2021, Paramount+ is one of the top four global SVODs. This reflects what has always set this Company apart – exceptional content. While others certainly offer substantial amounts of programming, Paramount+’s growth speaks to the unparalleled impact of quality in driving viewership across genres. This ability to deliver hit content is also the reason CBS has been the #1 broadcast network for 17 years in a row, and in cable, the Company has delivered #1s across the board, from reality series to kids shows and everything in between. And as for Paramount Pictures, it has continued to expand its franchise strategy with breakout hits, with more coming this year.
My family and I have always loved this Company. While it is not easy to step away, I am very proud of the Company that we have created, the culture upon which it is built, and the collaboration that is at the core of who we are and what we do.
It has been an honor and a privilege to work with all of you to bring CBS and Viacom together in order to make Paramount Global a truly special place. I know you will carry that spirit forward into the future and please know that I will be cheering for you every step of the way.
All the best,
Shari
