David Ellison’s goal for Paramount: Make it a ‘media and technology’ company

To compete in today’s tumultuous entertainment industry, Paramount Global will need to evolve into a “media and technology” company, tech scion and soon-to-be Paramount Chief Executive David Ellison told investors and financial analysts Monday, a day after the company’s board approved a merger deal with his Skydance Media.

“When you look at the landscape that exists today, there are a lot of technology companies that are rapidly expanding into media companies,” Ellison said during the hourlong call. “It is essential for Paramount to be able to expand its technological prowess to be both a media and technology enterprise.”

Part of that plan involves improving the algorithmic engine and ad technology capabilities of Paramount’s streaming service, Paramount+, he said. Making Paramount+ profitable is a key goal for Ellison, and reworking the algorithm that powers user recommendations should increase the time viewers spend on the platform and how content is delivered, he said. That, in turn, should help reduce churn.

On Sunday, the two companies announced that Paramount’s board of directors had approved the $8.4-billion bid for Ellison’s Skydance Media and its backers to buy the Redstone family’s Massachusetts holding firm, National Amusements Inc., giving Ellison control over Paramount and allowing Skydance to merge with the storied media company.

Read the full article at https://www.latimes.com/entertainment-arts/business/story/2024-07-08/under-david-ellison-paramount-is-set-to-become-a-media-and-technology-company