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Paramount Co-CEO Brian Robbins to Step Down Following Skydance Merger

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Brian Robbins, who played a key role in growing Paramount+ streaming service, is stepping down as co-CEO of Paramount Global (PARA.O) after the completion of its merger with Skydance Media, according to a memo seen by Reuters on Wednesday. Skydance CEO David Ellison will assume leadership as chief executive once the merger closes by August 7.

In the memo, Robbins expressed confidence in Ellison and the incoming Skydance team, saying, “The company is in exceptionally capable hands.” Robbins joined Paramount in 2017 and was appointed co-CEO in April 2024 alongside George Cheeks and Chris McCarthy, collectively succeeding Bob Bakish.

Chris McCarthy’s departure was announced last month, while Cheeks will stay on as chair of media, overseeing Paramount’s broadcast and cable TV operations. Robbins previously served as CEO of Nickelodeon (2018) and became Paramount Pictures chief in 2021, overseeing 17 box office number one releases and franchises such as Sonic the Hedgehog, A Quiet Place, and Mission: Impossible.

Post-merger, the company is expected to be reorganized into three main segments: studios, direct-to-consumer, and TV media.

Paramount to Cut 3.5% of U.S. Workforce Amid Industry Disruption

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Paramount Global is set to lay off 3.5% of its U.S. workforce as part of ongoing efforts to adjust to sweeping changes in the media industry, according to an internal memo reviewed by Reuters. The job cuts, announced to employees on Tuesday morning, may eventually extend to some international staff, the memo from the office of Paramount’s three co-CEOs indicated.

This new round of layoffs follows a previous 15% staff reduction announced in August 2024. The moves come as Paramount, like many traditional media companies, faces mounting challenges due to the rapid shift away from cable television toward streaming platforms such as Netflix. The company’s leadership cited the broader “generational disruption” affecting the industry as millions of consumers continue to abandon pay-TV subscriptions.

“We are taking the hard, but necessary steps to further streamline our organization starting this week,” co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins stated in the memo.

As of December 31, 2024, Paramount employed approximately 18,600 people globally. CNBC first reported the latest job cuts on Tuesday.

The layoffs occur as Paramount is in the midst of attempting a major corporate merger. The company has proposed an $8.4 billion deal with Skydance Media, led by billionaire David Ellison. However, regulatory approval for the merger remains pending. Complicating matters is a $10 billion lawsuit filed by former U.S. President Donald Trump against CBS News, part of Paramount Global, over allegations that a 2020 interview with then-vice president Kamala Harris was deceptively edited to her advantage.