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Paramount CEO David Ellison Unveils Tech-Driven Vision Following Merger with Skydance

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David Ellison, the newly appointed chairman and CEO of Paramount, outlined a strategic vision to transform the company into a technology-focused media powerhouse following its $8.4 billion merger with Skydance Media.

Ellison emphasized a shift toward blending Hollywood’s storytelling heritage with Silicon Valley’s innovation, aiming to scale Paramount’s global streaming business and improve efficiency through a major reorganization. The company will be divided into three core units: studios, direct-to-consumer, and TV media, with plans to consolidate operations onto a unified technology platform to reduce costs.

The reorganization intends to cut $2 billion in expenses by streamlining labor, real estate, and procurement. Paramount will prioritize investment in high-quality exclusive content, especially sports, which is seen as a key driver for subscriber retention.

Technology will serve as an enabler of creativity, including virtual production stages, AI-assisted content localization, and a proprietary ad-tech stack to optimize revenue across streaming and traditional TV.

The company plans to unify its subscription service Paramount+ and free streaming service PlutoTV on one platform to enhance user experience and reduce costs.

Ellison also reaffirmed commitment to CBS News, acknowledging the newsroom’s dedication and pledging to support unbiased journalism. However, the Federal Communications Commission’s regulatory approval process stirred controversy, with FCC Commissioner Anna Gomez criticizing the imposition of strict editorial oversight as politically motivated.

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.

Kamala Harris Gains Ground Over Donald Trump in Latest Polls

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U.S. Vice President Kamala Harris is leading Republican rival Donald Trump by 5 percentage points in an NBC News poll released on Sunday, as voters show increasing favorability toward her since she became the Democratic presidential nominee. According to the survey, 48% of 1,000 registered voters now view Harris positively, compared to 32% in July, marking the largest improvement in politician ratings since President George W. Bush’s favorability surged after the September 11, 2001, attacks.

In contrast, 40% of respondents expressed positive views of Trump, up slightly from 38% in July. The NBC poll, conducted from September 13 to 17, carries a margin of error of 3 percentage points.

A separate CBS News poll also shows Harris leading Trump, though by a narrower margin of 4 percentage points (52% to 48%) among likely voters. The CBS poll, conducted from September 18 to 20, has a margin of error of plus or minus 2 percentage points.

These results align with other recent national polls, including one by Reuters/Ipsos, which indicate a close contest as the November 5 election approaches. However, while national polls offer insight into voter sentiment, the state-by-state Electoral College ultimately decides the presidency, with key battleground states likely playing a decisive role.

Trump, 78, is making his third bid for the White House after losing to Joe Biden in 2020. He continues to falsely claim widespread voter fraud and faces multiple federal and state criminal charges related to his efforts to overturn the 2020 election results. Harris, 59, is a former U.S. senator and prosecutor who currently serves as vice president under Biden. If elected, she would become the first female president in the nation’s history.

According to Amy Walter, publisher and editor-in-chief of the nonpartisan Cook Political Report, Harris has successfully shifted the narrative of the race. “She’s been able to change this from a race that was a referendum on Joe Biden to a race that is a referendum on Donald Trump,” Walter told NBC’s “Meet the Press.”

The CBS poll also found Harris gaining 2 percentage points from a previous 50-50 tie in August, buoyed by her strong performance in the September 10 debate and improving economic conditions.