Paramount’s three-headed management structure is said to be left behind after its $8bn merger with Skydance Media – with two of the co-CEOs likely to leave.
David Ellison, the current Skydance boss who will lead the combined company as chairman and CEO, is planning a massive shakeup that could include combining all of Paramount’s television assets, including CBS and MTV, into one entity, 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 stay at the company, but McCarthy’s future is up in the air, Bloomberg reported.
Brian Robbins, head honcho 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 happen as early as March — although people familiar with the matter told Bloomberg that no final decision has been made about Robbins.
Ellison — the son of billionaire Oracle co-founder Larry Ellison — has collaborated extensively with Robbins in recent years.
However, Ellison is reportedly considering installing Dana Goldberg, Skydance’s chief production officer, as the head of Paramount’s film studio, according to Bloomberg News.
The Post has 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 more recent Mission: Impossible movies.
In preparation for closing the merger, Ellison and his top lieutenants have been meeting with Paramount personnel to get a sense of how the company has been operating, according to Bloomberg.
In September, the debt-laden media giant launched a second round of layoffs in its previously announced plans to cut 2,000 jobs.
Employees were told by Ellison that no decision has been made on any additional layoffs once the merger is finalized, Bloomberg News reported.
Consolidating TV assets is a must for Ellison given the fact that viewers are abandoning linear broadcasts in droves.
Paramount’s film studio is also not expected to make a profit this year, according to analysts.
McCarthy, Cheeks and Robbins have run Paramount since April 29 after the firing of CEO Bob Bakish.
The executive’s relationship with Shari Redstone, the controlling shareholder of Paramount Global parent company National Amusements, reportedly soured after Bakish opposed the Skydance merger.
Redstone holds a 20% stake in NAI through two trusts in its name and is in line to receive about $350 million from its sale, according to Bloomberg.
In addition to acquiring the Redstone family’s entire 77% stake in NAI for $2.4 billion, Skydance will pay $15 per share for up to $4.3 billion of common stock.
Shares of Paramount closed at $10.92 on Tuesday.
By postal wire
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