Paramount-Skydance Merger Is Complete! CEO Ellison Outlines Future Roadmap
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Skydance's founder and CEO, David Ellison, has taken over as CEO of the new company. He faces a challenging path ahead to streamline operations and restore Paramount's former glory. On the occasion of the merger, Ellison shared his plans for the new company in an open letter to shareholders. He wrote, 'Today marks Day One of a new Paramount,' and, together with our leadership team, our board, and colleagues worldwide, 'we embark on the exciting next chapter of this legendary company.'
Ellison Shares Paramount's Roadmap Ahead
Ellison stated that, going forward, Paramount, a Skydance Corporation, will be split into three separate units: studios, direct-to-consumer (DTC), and TV media. He noted that this restructuring will help boost the company's efficiency and enable it to achieve its planned $2 billion in savings. This will also help the company reduce technology spending, which combined with other measures, will lead to cost efficiencies in labor, real estate, procurement, and workflow.
Moreover, Ellison stated that, beginning next year, Paramount Plus and Pluto TV will move to 'a unified technology stack' to improve performance and cut operational costs. This integration, he said, will enhance the company's services and user experience by improving recommendations and speeding up delivery. It will also help Pluto TV attract new customers to Paramount Plus.
The new company will deliver more movies, TV series, sports, news, and games to global audiences. Ellison plans to integrate advanced technology and artificial intelligence (AI) to boost innovation, localize shows to new language markets overnight, and build a proprietary ad-tech system to maximize yield across streaming and linear platforms. To conclude, Ellison hopes to restore Paramount's legacy and position it as a leader in the future of entertainment by leveraging the company's strengths and embracing change.
Which Is the Best Media Stock, According to Analysts?
We used the TipRanks Stock Comparison Tool to determine which media stock is currently favored by analysts. Investors can choose to invest in any company after conducting thorough research.
Currently, Wall Street has awarded a 'Strong Buy' consensus rating to The Walt Disney Company (DIS), with a 20% upside potential in the next twelve months.
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