Under Ellison’s leadership, Skydance released films like ‘Top Gun: Maverick,’ ‘Mission Impossible: Dead Reckoning’ (Parts 1 and 2), and ‘World War Z,’ among others.
Paramount Global (PARA) on Monday said David Ellison will be the CEO of the new entity once the company’s merger with Skydance Media is completed.
Ellison is currently the CEO of Skydance Media, the company he co-founded in 2010. Under Ellison’s leadership, Skydance released films like ‘Top Gun: Maverick,’ ‘Mission Impossible: Dead Reckoning’ (Parts 1 and 2), and ‘World War Z,’ among others.
Paramount stock was down 0.4% during Monday’s pre-market trading session. Stocktwits data showed the retail sentiment around the PARA stock was in the ‘neutral’ territory.
After the deal closure, the newly merged entity is expected to be structured into three business segments–Studios, Direct-to-Consumer, and TV Media.
Ellison expressed optimism in a statement, stating that the new leadership team’s experience equips the company to deliver the goods. “Together, we will foster an environment where creative and technical talent collaborate seamlessly, marrying leading technologies with powerful storytelling and artistic vision to unlock Paramount’s full potential and help shape the future of our industry,” Ellison said.
The company added that Ellison has overseen films with cumulative gross collections of nearly $10 billion globally.
Last week, Paramount reported its second-quarter results, with earnings per share (EPS) of $0.46 on revenue of $6.85 billion. Wall Street expected an EPS of $0.36 on revenue of $6.87 billion, according to Stocktwits data. Paramount’s merger with Skydance got approval from the Federal Communications Commission (FCC) in July.
PARA stock is up more than 21% year-to-date.
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