David Ellison, new owner of Paramount Pictures, has made a storm of dramatic moves amidst recent setbacks. He initially received a hero’s welcome after making mega-deals in August, including $7.7 billion for UFC streaming rights and $1.5 billion to re-up South Park.
However, the departure of top hitmaker Taylor Sheridan to NBCUniversal sparked debate over Ellison’s financial savvy. Paramount never made an offer to keep Sheridan, despite calling him “a singular genius.” Ellison is now on a quest to acquire Warner Bros. Discovery, but his offers have been rebuffed by the board.
The studio has announced layoffs, with 1,000 staffers let go and another 1,000 expected to follow. The downsizing has sparked controversy over the high-profile talent departures at CBS News, where Ellison’s editor-in-chief choice Bari Weiss was met with criticism.
Ellison is expected to discuss his vision for Paramount during its third-quarter earnings call on November 10, which may be a strategy to shape the studio before the key date. The news has left many in Hollywood reeling, with some wondering if Ellison is “clearing the decks” before going into battle.
Source: https://www.hollywoodreporter.com/business/business-news/paramount-sheridan-layoffs-warner-bros-1236415267