David Ellison is set to officially take over as CEO of Paramount Global, marking the beginning of a new era for the media giant. With a reported $2 billion in operating costs to shed and a focus on revamping the creative engine, Ellison aims to revive the studio by bringing in a new team of executives and making it a tech-leaning operation.
Ellison’s blueprint has remained unchanged despite facing significant obstacles, including foot-dragging from Shari Redstone, resistance from rival bidders, and an ugly legal battle with President Trump. However, sources suggest that Ellison has matured into a worthy leader, possessing both business acumen and the art of making movies and shows.
To drive long-term value, Ellison plans to focus on tech-savvy solutions, partnering with Oracle to enhance Paramount+ and combining it with Pluto TV. He also aims to create a “studio in the cloud” by sharing content digitally to reduce lead times on production. Additionally, Team Ellison has teased an artificial intelligence technology to aid content distribution globally.
Despite these efforts, challenges lie ahead for the studio. With movies facing declining popularity and audiences shifting towards subscription streaming services like Netflix, Paramount+ faces stiff competition. “This is a declining studio in a declining segment of the entertainment industry,” says Peter Newman, head of the MBA/MFA program at NYU Tisch School of the Arts.
Ellison’s leadership bench is solidifying with key hires, including former NBCUniversal CEO Jeff Shell as president and co-chairs Josh Greenstein and Dana Goldberg. The new team will focus on winning big film packages and splashy overall TV creator deals, while Streamlining distribution verticals and reducing costs in programming for cable networks.
The transition comes with a price tag: over 1,000 jobs will be slashed to achieve the $2 billion cost-cutting goal. As Ellison takes the reins, he must navigate this tumultuous landscape while driving innovation and growth.
Source: https://variety.com/2025/film/news/david-ellison-paramount-deal-challenges-ceo-1236479005