The World Today
Growing up, David Ellison spent every Sunday going to the movies with his mother and sister, Annapurna founder Megan Ellison. As an adult, he spent more than 15 years pursuing his dream of running a Hollywood legacy studio. Now, his dream has become a reality, and all eyes are on the young mogul to see if he can right a movie studio that has hit rock bottom.
On Wednesday, Ellison, the ambitious and introspective son of tech billionaire Larry Ellison, showed off his new throne, metaphorically speaking, when he hosted a get-together for reporters on the Melrose lot in Hollywood, home of the newly joined Supreme-Skydance company. The meeting between him and his co-star C followed an event in New York held on August 7, the day the $8 billion merger officially closed. The LA Presser focused more on the film and TV side of things, which includes CBS, its cable channels, and Paramount+.
At the event, Ellison called Top Gun 3, the sequel to the $1.5 billion memoir Top Gun: Maverick, a priority at the studio, and said he would be in the business of Tom Cruise as long as the A-list star, with whom he has made ten films in Ellison's previous life at Skydance, wanted to tell stories with him.
"One of our highest priorities is to restore Paramount as the number one destination for the world's most talented artists and filmmakers," Ellison said. "Great filmmakers make great movies."
Ellison, who has said he intends to make movies exclusively for theaters, now has full control over a number of film franchises he’s already worked on at Skydance. Many of them have been dormant on the big screen for years ( Star Trek, G.I. Joe ) or have struggled to find their footing in recent years ( Terminator , Transformers ). Paramount+ boss and former Netflix executive Cindy Holland, speaking publicly for the first time about her intentions, was coy in backing her boss: “Streaming movies are not a priority for me.”
Co-film boss Josh Greenstein said that these franchises would be a priority, noting that the company hopes to release 15 films a year, and then as many as 20. Trek and Transformers with a surprise being World War Z the 2013 Brad Pitt Zombie feature. He also indicated an interest in both horror (Paramount is home to A Quiet Place and Smile ) as well as R-rated comedies. But he noted that originals were also a priority, pointing to the first greenlit under the new regime for the Timothée Chalamet , James Mangold project High Side .
Trek , which hasn't been in theaters since 2016, has largely been overseen by Alex Kurtzman with a long list of Paramount+ series. Executives said that Trek would be viewed holistically rather than siloed between different parts of the company, such as film and TV. "We're going to make sure those conversations are together so we can do what's best for the brand overall," said film co-president Dana Goldberg.
On the Paramount+ side, Ellison acknowledged the immense importance of Yellowstone creator Taylor Sheridan to the streaming service's health. "He's literally a singular genius with a perfect track record," Ellison said. "If we can make this his home as long as he wants to tell stories, we want to do it."
Newy took advantage of Paramount+ chief and former Netflix executive Cindy Holland, who is speaking publicly for the first time about her intentions, not to mince her words when later endorsing Ellison's focus on making films for theatrical screen, versus the small screen, as they serve different roles. "Streaming movies are not a priority for me," said Holland, who played a key role in Netflix's rise to power when she served as EVP of scripted at Netflix, bringing in a string of marquee projects like The Crown and Orange Is the New Black, among other projects.
"We want to entertain all audiences around the world on Paramount+," Holland said. And for that to happen, the content menu needs to expand beyond the current options. "But we're trying to expand that and make sure we're offering programming for everyone, not just occasionally and not just for what they want to come back for."
When asked if Ellison would give him the content budget he needs, he responded with a quick yes.
Ellison comes to Paramount well-prepared to leverage his creative acumen at the flailing entertainment conglomerate, which has been the Peddlisumner Redstone family's for more than three decades. Rather than choosing outsiders, he relies on Hollywood veterans who, between them, have worked at nearly every major studio.
Other notable C-suite names include Andy Gordon, who led Redbird Capital's Los Angeles office, and who is the company's chief operating officer. Redbird, which is providing financial capital to support the Skydance deal, has also recently hired Shell.
George Cheeks, who also led CBS's business, will remain with the company as president of TV Media, adding oversight of the company's cable channels. Cindy Holland, the former head of scripted television at Netflix, will lead the new Paramount's streaming businesses, including Paramount+ and Pluto. Holland has been a Skydiving advisor since last year.
Ellison's former chief content officer for Confidant and Skydance, Goldberg, has been tapped alongside former Sony Pictures executive Greenstein to lead the new Paramount Pictures studio as co-presidents (each also has additional duties). Goldberg said Paramount would emphasize family-friendly films, citing movies like The Thugs and The Night at the Museum franchise as north stars. "We're going to run toward those movies," he said.
Holland, Greenstein, and Goldberg weren't at the New York press event, so Wednesday provided the first opportunity to hear from them. For Greenstein, it's a homecoming. Prior to Sony, he headed marketing and distribution at Paramount, where Ellison's Skydance had a co-production and co-financing deal. He, Ellison, and Goldberg formed a close friendship that endured.
Ellison raised a number of other issues, batting away speculation that he was interested in acquiring TikTok and declining to discuss details about new voices he'd like to bring to CBS News. He also indicated that he intended to hold on to BET, after speculation that the previous Paramount administration was flirting with a sale.
As he has repeatedly stated, Ellison emphasized that technological efficiencies will help the alternate prevail in the coming years.
"The legacy media swam to the middle of the lake, but I wasn't exactly sure how to get to the other side. Some people wanted to go back and burn the boats," Ellison said, adding that he intended to "make it to the other side of the lake."
