David Ellison unveils vision for newly merged Paramount following Skydance deal closure

Following the official closure of the Skydance Media and Paramount Global merger, David Ellison introduced himself to the industry and Wall Street as the Chairman and CEO of the newly formed Paramount. In a letter released today (August 7), Ellison outlined the company’s strategic priorities and operational structure as trading begins under the new ticker symbol, PSKY.

Paramount will now operate through three core divisions: Studios, Direct-to-Consumer, and TV Media. Emphasizing innovation and sustainability, Ellison highlighted the company’s plans to thoughtfully incorporate artificial intelligence across its operations, enhance its streaming platforms, and invest in high-quality, exclusive content—with a strong focus on sports programming.

"Technology is not—and never will be—a replacement for human creativity; rather, it serves as a powerful multiplier," Ellison wrote. He pointed to AI-assisted tools such as virtual production, localization, and ad-tech systems as examples of how technology will be integrated to boost efficiency and reach.

On the Direct-to-Consumer front, Paramount+ and Pluto TV will migrate to a unified technology stack starting next year, which Ellison said will lead to a better user experience and significant financial savings. Pluto TV will also be positioned as a key funnel to draw new subscribers to Paramount+.

Regarding traditional media, Ellison acknowledged the need to reinvent Paramount’s portfolio for a non-linear, digital-first world while maintaining financial discipline to fund growth initiatives.

He also assured investors of a commitment to long-term value creation, promising bold investments in high-opportunity areas and cost scrutiny where needed. A more detailed financial update will be shared with the company’s Q3 earnings report.

Ellison concluded by acknowledging the challenges ahead, vowing to lead with transparency and integrity while preserving the legacy of the iconic brand.