Latest news with #JeffShell
Yahoo
16 hours ago
- Business
- Yahoo
New Paramount's David Ellison, Jeff Shell Eligible for Minimum Salaries of $3.5 Million, Bonuses of $1.5 Million
New Paramount CEO David Ellison and president Jeff Shell will be eligible for salaries of no less than $3.5 million and an annual target bonus of $1.5 million, according to a new 8-K filing with the U.S. Securities and Exchange Commission on Thursday. Meanwhile, chief operating strategy officer Andy Gordon is eligible for a minimum salary of $2.8 million and a bonus of $1.2 million. More from TheWrap New Paramount's David Ellison, Jeff Shell Eligible for Minimum Salaries of $3.5 Million, Bonuses of $1.5 Million Sony Sees 23% Increase in Profit From Gaming Despite Uneven Quarter for Film Skydance Closes $8 Billion Paramount Merger as David Ellison Touts Transformation Into a 'Tech-Forward Company' Warner Bros. Discovery Posts Q2 Revenue of $9.8 Billion, Driven By Streaming, Studios Growth The trio have also been granted restricted stock awards, covering 5 million shares of Class B common stock for Ellison and Shell and 4 million shares for Gordon. The sign-on RSUs vest in equal quarterly installments over a five-year period, subject to the applicable executive's continued employment and will vest in full upon a change in control of Paramount Skydance Corporation. Ellison is also entitled to receive company-paid personal security services. If any of the three executives are terminated 'without cause' or for 'good reason,' they will be entitled to an amount in cash equal to two times the sum of their then-current base salary and target bonus, payable in substantially equal installments for 24 months following termination and any unpaid bonus for the fiscal year ending immediately prior to the fiscal year in which the date of termination occurs. They'd also be entitled to accelerated vesting of their sign-on RSUs and company-subsidized health and dental benefit coverage for up to 24 months following the date of termination. Shari Redstone will receive $1.75 billion in cash for the controlling stake in her holding company, National Amusements. Of the two departing co-CEOs, Paramount Pictures head Brian Robbins was paid out more than his TV counterpart Chris McCarthy. Robbins was paid $19.6 million last year and will receive a $18.6 million change in ownership payment this year in addition to his annual pay. McCarthy, the TV chief who led the expansion of the 'Yellowstone' universe, was paid $19.5 million last year and will receive $18.3 million on top of his 2025 pay tied to the ownership change. Former co-CEO George Cheeks is the only one of the chief executive trio that will stay on with New Paramount. In his new role, he will be the chairman of TV media following his tenure overseeing CBS and its assets. He received the highest salary among his co-CEOs last year with $22.1 million. Skydance Media officially closed its $8 billion merger with Paramount Global on Thursday. Shares of the combined company will now begin trading on the Nasdaq under the ticker symbol PSKY. New Paramount will reorganize into three units: Studios, Direct-to-Consumer and TV/Media. Ellison plans to transition the entire company to a single technology platform to reduce spend, with Paramount+ and Pluto TV set to be on a unified tech stack next year. They will also look to achieve efficiencies in areas including labor, real estate, procurement and workflow, with a goal of exceeding the previously announced $2 billion in cost savings. As for CBS News, New Paramount said it would look to continue fostering a newsroom culture where journalists are 'empowered, trusted and equipped to do their best work.' The merger comes after Paramount settled with President Donald Trump for $16 million over CBS News' '60 Minutes' interview with Kamala Harris. The settlement contained no apology requirements, despite Trump's suggestion of related PSAs to come. The post New Paramount's David Ellison, Jeff Shell Eligible for Minimum Salaries of $3.5 Million, Bonuses of $1.5 Million appeared first on TheWrap.
Express Tribune
3 days ago
- Business
- Express Tribune
Skydance to lead Paramount merger
Skydance Media CEO David Ellison will lead the new company as chief executive after its merger with Paramount Global is completed by August 7, the independent studio said on Monday, reported Reuters. After the deal closes, the company is expected to be structured into three primary business segments — studios, direct-to-consumer and TV media. Former NBCUniversal chief executive, Jeff Shell, will become president of Paramount, overseeing day-to-day operations. Andy Gordon, a veteran of Goldman Sachs, will serve as chief operating officer. Both join the media company from RedBird Capital Partners, Skydance's financial partner on the Paramount transaction. Paramount co-CEO George Cheeks will remain with the company as its chair of media, overseeing its broadcast and cable television business. Netflix veteran Cindy Holland will chair its direct-to-consumer business, overseeing the company's Paramount+ and PlutoTV streaming services. Skydance's chief creative officer, Dana Goldberg, will serve as co-chair of Paramount Pictures with Josh Greenstein, the former president of Sony Pictures' motion picture group. Tom Ryan, the president and CEO of Paramount Streaming, will be leaving the company. He co-founded PlutoTV, the free streaming service that helped popularise so-called FAST channels, for free ad-supported streaming television. In a statement, Ellison hailed the new executive team as equipped "to deliver on our bold vision for a new Paramount." He has previously pitched his view of Paramount as a "tech hybrid" media firm that will prioritize expanding the Paramount+ streaming service to better compete in the crowded direct-to-consumer video market. The Federal Communications Commission cleared the merger last month, just weeks after Paramount settled a lawsuit filed by US President Donald Trump over CBS' editing of a 60 Minutes interview with his Democratic opponent, former Vice President Kamala Harris. The merger was largely necessitated by the persistent decline of the traditional cable TV business as audiences rapidly abandon linear TV in favour of streaming platforms, forcing Paramount to take nearly USD6 billion in write-downs on cable assets.
Yahoo
25-07-2025
- Business
- Yahoo
Paramount gets green light for $8 billion merger. But what is the psychic cost for company?
With this week's FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company is whether the psychic cost is much higher. It has been a particularly rough few months at Paramount-owned CBS, where the settlement of a lawsuit regarding '60 Minutes' and announced end of Stephen Colbert's late-night show has led critics to suggest corporate leaders were bowing to President Donald Trump. Following the Federal Communications Commission approval Thursday, one of the triumvirate of current Paramount leaders, Chris McCarthy, said that he would be leaving the company. McCarthy has been in charge of fading cable properties like MTV, Comedy Central and Nickelodeon, expected to bear the brunt of an estimated $2 billion in cost cuts identified by Skydance leaders. Skydance head David Ellison is expected to head the new company, and he has identified former NBC Universal executive Jeff Shell as the incoming president. CBS News' trajectory will be scrutinized After the merger's Aug. 7 closing date, the new leaders will be watched most closely for how they deal with CBS News, particularly given the $16 million paid in a settlement of Trump's complaint that last fall's '60 Minutes' interview was edited to make opponent Kamala Harris look good. Two news executives — News CEO Wendy McMahon and '60 Minutes' executive producer Bill Owens — resigned due to their opposition to the deal. The appointment of respected insider Tanya Simon to replace Owens this week was seen as a positive sign by people at '60 Minutes.' Days before the FCC's vote, Paramount agreed to hire an ombudsman at CBS News with the mission of investigating complaints of political bias. 'In all respects, Skydance will ensure that CBS's reporting is fair, unbiased, and fact-based,' Skydance said in a letter to FCC Chairman Brendan Carr. The role of an ombudsman, or public editor, who examines a news outlet's work is often positive — if they are given independence, said Kelly McBride, an ethics expert who has had that role at NPR for five years. 'You really want the person to have loyalty only to their own judgment and the journalistic mission of the organization,' she said. Having the sole mission of examining bias could be problematic, however. To be fair, a journalist's work should be closely studied before making that determination, not judged on the basis of one report or passage, she said. Carr, in an interview with CNBC on Friday, said the role 'should go a long way toward restoring America's trust in media.' Anna Gomez, an FCC commissioner who voted to reject the deal on Thursday, interpreted the arrangement as a way for the government to control journalists. 'They want the news media to report on them in a positive light or in the light that they want,' Gomez told MSNBC. 'So they don't want the media to do their job, which is to hold government to account without fear or favor.' How the merger could ripple out across Paramount properties According to published reports, Ellison has explored purchasing The Free Press, a flourishing news site founded by Bari Weiss perhaps best known for a former NPR editor's study of liberal bias in public broadcasting. An Ellison spokeswoman did not return a message seeking comment on Friday. Colbert's slow-motion firing — he'll work until the end of his contract next May — was described by CBS as a financial decision given late-night television's collapsing economics. Colbert's relentless lampooning of Trump, and his criticism of the '60 Minutes' settlement, led to suspicion of those motives. 'Was this really financial?' comic Jon Stewart wondered. "Or maybe the path of least resistance for your $8 billion merger was killing a show that you know rankled a fragile and vengeful president?' Stewart's profane criticism on his own Paramount-owned show may provide its own test for Skydance. 'The Daily Show' is one of the few original programs left on Comedy Central, and his contract ends later this year. In an odd way, Comedy Central's 'South Park' buttresses CBS' claim that the Colbert decision was financial, not political. Creators Trey Parker and Matt Stone delivered an episode this week that depicted a naked Trump in bed with the devil. Paramount just signed Parker and Stone to a new $1.5 billion deal that Skydance executives surely cleared; it makes the entire 'South Park' library available for streaming on Paramount+. a platform where Colbert's show doesn't do nearly as well. Figuring out what to do with others at Paramount's cable networks, or even the networks as a whole, will be an early decision for Ellison, son of multibillionaire and Oracle co-founder Larry Ellison. 'There is a clear opportunity to improve Paramount's growth profile by letting those assets go,' analyst Doug Creutz of TD Securities told investors Friday. 'On the other hand, we suspect the Ellisons did not purchase Paramount in order to break it up for parts.' The merger also brings together the Paramount movie studio with one of its most regular partners. David Ellison has been one of the industry's top investors and producers since founding Skydance in 2006. Ellison has a challenge here, too: Years of uncertainty over its future and modest investment in its movie pipeline has shrunk Paramount's market share to last among the major studios. The Paramount+ streaming service has been a money-loser. To revive Paramount, Ellison will look to revamp its streaming operations, leverage its franchises and try to bolster family content. ___ AP Film Writer Jake Coyle contributed to this report. David Bauder writes about the intersection of media and entertainment for the AP. Follow him at and how much of a psychic cost has been extracted. Sign in to access your portfolio
Associated Press
25-07-2025
- Business
- Associated Press
Paramount gets green light for $8 billion merger. But what is the psychic cost for company?
With this week's FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company is whether the psychic cost is much higher. It has been a particularly rough few months at Paramount-owned CBS, where the settlement of a lawsuit regarding '60 Minutes' and announced end of Stephen Colbert's late-night show has led critics to suggest corporate leaders were bowing to President Donald Trump. Following the Federal Communications Commission approval Thursday, one of the triumvirate of current Paramount leaders, Chris McCarthy, said that he would be leaving the company. McCarthy has been in charge of fading cable properties like MTV, Comedy Central and Nickelodeon, expected to bear the brunt of an estimated $2 billion in cost cuts identified by Skydance leaders. Skydance head David Ellison is expected to head the new company, and he has identified former NBC Universal executive Jeff Shell as the incoming president. CBS News' trajectory will be scrutinized After the merger's Aug. 7 closing date, the new leaders will be watched most closely for how they deal with CBS News, particularly given the $16 million paid in a settlement of Trump's complaint that last fall's '60 Minutes' interview was edited to make opponent Kamala Harris look good. Two news executives — News CEO Wendy McMahon and '60 Minutes' executive producer Bill Owens — resigned due to their opposition to the deal. The appointment of respected insider Tanya Simon to replace Owens this week was seen as a positive sign by people at '60 Minutes.' Days before the FCC's vote, Paramount agreed to hire an ombudsman at CBS News with the mission of investigating complaints of political bias. 'In all respects, Skydance will ensure that CBS's reporting is fair, unbiased, and fact-based,' Skydance said in a letter to FCC Chairman Brendan Carr. The role of an ombudsman, or public editor, who examines a news outlet's work is often positive — if they are given independence, said Kelly McBride, an ethics expert who has had that role at NPR for five years. 'You really want the person to have loyalty only to their own judgment and the journalistic mission of the organization,' she said. Having the sole mission of examining bias could be problematic, however. To be fair, a journalist's work should be closely studied before making that determination, not judged on the basis of one report or passage, she said. Carr, in an interview with CNBC on Friday, said the role 'should go a long way toward restoring America's trust in media.' Anna Gomez, an FCC commissioner who voted to reject the deal on Thursday, interpreted the arrangement as a way for the government to control journalists. 'They want the news media to report on them in a positive light or in the light that they want,' Gomez told MSNBC. 'So they don't want the media to do their job, which is to hold government to account without fear or favor.' How the merger could ripple out across Paramount properties According to published reports, Ellison has explored purchasing The Free Press, a flourishing news site founded by Bari Weiss perhaps best known for a former NPR editor's study of liberal bias in public broadcasting. An Ellison spokeswoman did not return a message seeking comment on Friday. Colbert's slow-motion firing — he'll work until the end of his contract next May — was described by CBS as a financial decision given late-night television's collapsing economics. Colbert's relentless lampooning of Trump, and his criticism of the '60 Minutes' settlement, led to suspicion of those motives. 'Was this really financial?' comic Jon Stewart wondered. 'Or maybe the path of least resistance for your $8 billion merger was killing a show that you know rankled a fragile and vengeful president?' Stewart's profane criticism on his own Paramount-owned show may provide its own test for Skydance. 'The Daily Show' is one of the few original programs left on Comedy Central, and his contract ends later this year. In an odd way, Comedy Central's 'South Park' buttresses CBS' claim that the Colbert decision was financial, not political. Creators Trey Parker and Matt Stone delivered an episode this week that depicted a naked Trump in bed with the devil. Paramount just signed Parker and Stone to a new $1.5 billion deal that Skydance executives surely cleared; it makes the entire 'South Park' library available for streaming on Paramount+. a platform where Colbert's show doesn't do nearly as well. Figuring out what to do with others at Paramount's cable networks, or even the networks as a whole, will be an early decision for Ellison, son of multibillionaire and Oracle co-founder Larry Ellison. 'There is a clear opportunity to improve Paramount's growth profile by letting those assets go,' analyst Doug Creutz of TD Securities told investors Friday. 'On the other hand, we suspect the Ellisons did not purchase Paramount in order to break it up for parts.' The merger also brings together the Paramount movie studio with one of its most regular partners. David Ellison has been one of the industry's top investors and producers since founding Skydance in 2006. Ellison has a challenge here, too: Years of uncertainty over its future and modest investment in its movie pipeline has shrunk Paramount's market share to last among the major studios. The Paramount+ streaming service has been a money-loser. To revive Paramount, Ellison will look to revamp its streaming operations, leverage its franchises and try to bolster family content. ___ AP Film Writer Jake Coyle contributed to this report. David Bauder writes about the intersection of media and entertainment for the AP. Follow him at and how much of a psychic cost has been extracted.
Yahoo
25-07-2025
- Business
- Yahoo
Paramount gets green light for $8 billion merger. But what is the psychic cost for company?
With this week's FCC approval, the merger between Paramount Global and Skydance Media is expected to be completed in the coming weeks at a value of $8 billion. The question for the new company is whether the psychic cost is much higher. It has been a particularly rough few months at Paramount-owned CBS, where the settlement of a lawsuit regarding '60 Minutes' and announced end of Stephen Colbert's late-night show has led critics to suggest corporate leaders were bowing to President Donald Trump. Following the Federal Communications Commission approval Thursday, one of the triumvirate of current Paramount leaders, Chris McCarthy, said that he would be leaving the company. McCarthy has been in charge of fading cable properties like MTV, Comedy Central and Nickelodeon, expected to bear the brunt of an estimated $2 billion in cost cuts identified by Skydance leaders. Skydance head David Ellison is expected to head the new company, and he has identified former NBC Universal executive Jeff Shell as the incoming president. CBS News' trajectory will be scrutinized After the merger's Aug. 7 closing date, the new leaders will be watched most closely for how they deal with CBS News, particularly given the $16 million paid in a settlement of Trump's complaint that last fall's '60 Minutes' interview was edited to make opponent Kamala Harris look good. Two news executives — News CEO Wendy McMahon and '60 Minutes' executive producer Bill Owens — resigned due to their opposition to the deal. The appointment of respected insider Tanya Simon to replace Owens this week was seen as a positive sign by people at '60 Minutes.' Days before the FCC's vote, Paramount agreed to hire an ombudsman at CBS News with the mission of investigating complaints of political bias. 'In all respects, Skydance will ensure that CBS's reporting is fair, unbiased, and fact-based,' Skydance said in a letter to FCC Chairman Brendan Carr. The role of an ombudsman, or public editor, who examines a news outlet's work is often positive — if they are given independence, said Kelly McBride, an ethics expert who has had that role at NPR for five years. 'You really want the person to have loyalty only to their own judgment and the journalistic mission of the organization,' she said. Having the sole mission of examining bias could be problematic, however. To be fair, a journalist's work should be closely studied before making that determination, not judged on the basis of one report or passage, she said. Carr, in an interview with CNBC on Friday, said the role 'should go a long way toward restoring America's trust in media.' Anna Gomez, an FCC commissioner who voted to reject the deal on Thursday, interpreted the arrangement as a way for the government to control journalists. 'They want the news media to report on them in a positive light or in the light that they want,' Gomez told MSNBC. 'So they don't want the media to do their job, which is to hold government to account without fear or favor.' How the merger could ripple out across Paramount properties According to published reports, Ellison has explored purchasing The Free Press, a flourishing news site founded by Bari Weiss perhaps best known for a former NPR editor's study of liberal bias in public broadcasting. An Ellison spokeswoman did not return a message seeking comment on Friday. Colbert's slow-motion firing — he'll work until the end of his contract next May — was described by CBS as a financial decision given late-night television's collapsing economics. Colbert's relentless lampooning of Trump, and his criticism of the '60 Minutes' settlement, led to suspicion of those motives. 'Was this really financial?' comic Jon Stewart wondered. "Or maybe the path of least resistance for your $8 billion merger was killing a show that you know rankled a fragile and vengeful president?' Stewart's profane criticism on his own Paramount-owned show may provide its own test for Skydance. 'The Daily Show' is one of the few original programs left on Comedy Central, and his contract ends later this year. In an odd way, Comedy Central's 'South Park' buttresses CBS' claim that the Colbert decision was financial, not political. Creators Trey Parker and Matt Stone delivered an episode this week that depicted a naked Trump in bed with the devil. Paramount just signed Parker and Stone to a new $1.5 billion deal that Skydance executives surely cleared; it makes the entire 'South Park' library available for streaming on Paramount+. a platform where Colbert's show doesn't do nearly as well. Figuring out what to do with others at Paramount's cable networks, or even the networks as a whole, will be an early decision for Ellison, son of multibillionaire and Oracle co-founder Larry Ellison. 'There is a clear opportunity to improve Paramount's growth profile by letting those assets go,' analyst Doug Creutz of TD Securities told investors Friday. 'On the other hand, we suspect the Ellisons did not purchase Paramount in order to break it up for parts.' The merger also brings together the Paramount movie studio with one of its most regular partners. David Ellison has been one of the industry's top investors and producers since founding Skydance in 2006. Ellison has a challenge here, too: Years of uncertainty over its future and modest investment in its movie pipeline has shrunk Paramount's market share to last among the major studios. The Paramount+ streaming service has been a money-loser. To revive Paramount, Ellison will look to revamp its streaming operations, leverage its franchises and try to bolster family content. ___ AP Film Writer Jake Coyle contributed to this report. David Bauder writes about the intersection of media and entertainment for the AP. Follow him at and how much of a psychic cost has been extracted. David Bauder, The Associated Press Sign in to access your portfolio
