David Ellison’s goal for Paramount: Make it a ‘media and technology’ company

To compete in today’s tumultuous entertainment industry, Paramount Global will need to evolve into a “media and technology” company, tech scion and soon-to-be Paramount Chief Executive David Ellison told investors and financial analysts Monday, a day after the company’s board approved a merger deal with his Skydance Media. On Sunday, the two companies announced that Paramount’s board of directors had approved the $8.4-billion bid for Ellison’s Skydance Media and its backers to buy the Redstone family’s Massachusetts holding firm, National Amusements Inc., giving Ellison control over Paramount and allowing Skydance to merge with the storied media company. Though animation has long been seen as an on-premise industry, Ellison said Skydance’s newest animated film, “Spellbound,” was partially produced in the cloud, which reduced costs. In a note to employees Sunday night, Paramount’s so-called Office of the co-CEOs, which is made up of three executives, said the company will continue to move forward with a plan unveiled late last month, which includes “streamlining teams, eliminating duplicative functions and reducing the size of our workforce.” “Until the transaction closes, it’s business as usual,” the note said.