Incoming Paramount CEO David Ellison sets his new leadership team

Incoming CEO David Ellison has officially named the new senior executive team that will run Paramount following its $8 billion merger with Skydance Media. The C-suite overhaul is designed to execute Ellison’s vision of transforming the legacy media giant by installing a slate of trusted industry veterans.

Stacking the deck: The new structure organizes Paramount into three divisions: Studios, Direct-to-Consumer, and TV Media. Ellison will serve as Chairman and CEO, with former NBCUniversal chief Jeff Shell taking the role of President. Shell, who was ousted from NBCU in 2023 over an inappropriate relationship with an employee, has recently been working with RedBird Capital, the private equity firm backing the merger.

A changing of the stream: To spearhead its streaming ambitions, Ellison has tapped former Netflix content chief Cindy Holland as Chair of Direct-to-Consumer, where she will oversee both Paramount+ and Pluto TV. Her appointment coincides with the departure of Tom Ryan, the founder of Pluto TV and CEO of Paramount Streaming, who announced his exit in a memo to staff.

The last CEO standing: Running the studio are two new co-chairs: Skydance’s own Dana Goldberg and former Sony Pictures executive Josh Greenstein. Meanwhile, of Paramount’s three former co-CEOs, only George Cheeks remains. He will continue as Chair of TV Media, expanding his oversight of CBS to include the company’s cable networks like MTV and Comedy Central.

The new chapter begins: With the leadership team now set, Ellison’s vision of marrying technology with storytelling is officially in motion as the merger heads toward its August 7 close.

The wider view: The executive shake-up comes as Paramount navigates financial headwinds, including a recent decline in TV ad revenue. The merger also marks a major shift for the company, with controlling shareholder Shari Redstone set to exit the board, while other key executives like co-CEO Chris McCarthy are also departing.