Shari Redstone, the current owner of Paramount Global, is on the verge of closing an $8 billion deal that will mark the end of her family’s long-standing control over the company. In a heartfelt memo to the company’s staff, she expressed her gratitude for their hard work and dedication, as well as her optimism for the future under the new leadership of David Ellison’s Skydance Media.
Redstone’s memo, titled “Thank you for your talent, hard work, and dedication. I will be cheering for you, always,” reflects her appreciation for the company and its employees. She praised the leadership of co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins for their decisions and the impressive performance of the company in a challenging industry environment.
Upon the completion of the Skydance deal, Redstone is set to receive $1.75 billion in cash and will step down from the merged company’s board. David Ellison will take over as chairman and CEO of the newly formed Paramount Skydance Corp., with the deal scheduled to close on August 7th. Several key executive appointments have already been announced, with 10 new executives joining the company.
Of the three co-CEOs, only George Cheeks will remain with the new company as chair of TV media, while Chris McCarthy and Brian Robbins will be exiting. Redstone expressed her pride in the company that she and her family have built, highlighting the culture and collaboration that have been integral to its success.
In her full memo, Redstone emphasized the company’s achievements over the past year, including the success of Paramount+ as one of the top global SVODs and the continued success of CBS and Paramount Pictures. She expressed her confidence in the future of the company under Skydance’s leadership and thanked the staff for their contributions.
As Redstone prepares to hand over the reins to Skydance Media, she leaves behind a legacy of innovation and success at Paramount Global. The company’s future looks bright under new leadership, and Redstone will continue to support and cheer for the staff as they embark on this new chapter.
