Skydance Media Announces New Leadership Team Ahead of Major Merger
On Monday, Skydance Media revealed a new executive leadership team as it prepares for an $8 billion merger this week, coinciding with Paramount Global’s own merger plans.
David Ellison, the CEO of Skydance and the son of Oracle co-founder Larry Ellison, will lead a new public entity named Paramount Skydance Corporation when it officially launches on Thursday.
This new company will encompass powerful media assets including CBS, MTV, Paramount Pictures, and the Paramount+ streaming service, covering significant areas like studio operations, direct consumer engagement, and television media.
Jeff Shell, who previously served as the CEO of NBCUniversal, was ousted and will now hold the position of president in 2023 following allegations of inappropriate behavior related to a CNBC reporter.
Following his departure from NBCUniversal, Shell was appointed the sports and media chairman at Redbird Capital Partners, a significant player in the acquisition of media heir Shari Redstone’s Paramount.
George Cheek, who co-leads Paramount and played a role in resolving a lawsuit with President Trump regarding a controversial “60 Minutes” segment on Kamala Harris, will remain on board as chairman of the TV media division for the new company.
Cindy Holland, formerly of Netflix and a senior advisor to Ellison since October, will manage consumer divisions, which incorporate Paramount+ and related platforms.
Andy Gordon, a veteran from Goldman Sachs at Redbird, will step in as Chief Operating Officer, while Andrew Warren will stay on as the interim chief financial officer from Paramount.
Skydance’s Chief Creative Officer, Dana Goldberg, along with former Sony film group president Josh Greenstein, will act as co-chairs for Paramount Pictures. Goldberg will also chair Paramount Television, while Greenstein will serve as vice-chair there.
Additionally, Stephanie Kyoko McKinnon, serving as Skydance’s general advisor, will join as Paramount’s legal counsel and acting Chief Justice Officer. Jim Sterner from Amazon will be the Chief Human Resources Officer, and Melissa Zukerman will take on the role of Chief Communications Officer.
Ellison expressed enthusiasm about the new team, emphasizing their industry experience and commitment to excellence. He believes they are ideally equipped to realize a bold vision for the new Paramount.
He noted, “Each member has been selected to align with our goals and vision for transformation. Together, we aim to foster robust storytelling, artistic innovation, and a collaborative environment that marries creativity with essential technologies, enhancing Paramount’s potential in the industry.”
In a two-stage merger process, Skydance will acquire National Amusements, owned by Redstone, leading to a merger with independent studios behind successful projects like “Top Gun: Maverick” and “Mission: Impossible – The Final Reckoning.”
The new deal includes $2.4 billion for Redstone, $4.5 billion in fresh capital for non-NAI Paramount shareholders, and another $1.5 billion aimed at addressing debts and rebalancing the company’s financials.
Once the deal is finalized, Redstone, who is set to receive $180 million in retirement benefits among other perks, will also step down from the board of directors.
