"David Ellison is tackling the mountain-sized challenge of transforming Paramount Skydance from a shrinking legacy media company into a Hollywood powerhouse. The Paramount CEO is starting to unveil his long-awaited game plan: catch up to Netflix's tech, assemble a crew of top-tier executives, and rethink its news business. That goal - of creating a "next-generation" media company, in Ellison's words - is all before the planned mega-merger with Warner Bros. Discovery."
"Paramount is bolstering its streaming tech, which six staffers told Business Insider is inferior to industry leader Netflix's in both features and user experience. Ellison said in a memo he's focused on changing that by "prioritizing investments in advanced technology." Paramount has said the combined subscriber base of its paid streamers and WBD's would be just under 200 million, compared with Netflix's 325 million."
""I think he is, directionally, spot-on," said media analyst Rich Greenfield of Lightshed Partners. "They need a lot more content, and they need a much better underlying technology." Ellison is out to prove he can beat Netflix at its own game - not just in a bidding war."
David Ellison, who became Paramount CEO in August with backing from his billionaire father Larry Ellison, is implementing a comprehensive transformation strategy for the 114-year-old media company. His plan focuses on three main initiatives: modernizing Paramount's streaming technology to match Netflix's capabilities, assembling elite executive talent, and restructuring the news division. The company aims to produce 30 films annually and leverage its portfolio of iconic brands including CBS, Showtime, and MTV. Paramount's combined streaming subscriber base with Warner Bros. Discovery would reach approximately 200 million, compared to Netflix's 325 million. Industry analysts support Ellison's directional approach, emphasizing the necessity for superior technology infrastructure and increased content production to remain competitive in the evolving media landscape.
#paramount-restructuring #streaming-technology #media-merger #netflix-competition #content-production
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