With Skydance’s acquisition of Paramount now set to close in about two weeks, the company’s current co-CEOs thanked staff Friday afternoon for their work during what has been an uncertain time.
Co-CEOs George Cheeks, Chris McCarthy and Brian Robbins sent the memo to staff, which was obtained by The Hollywood Reporter, shortly after the company set an Aug. 7 close date for the Skydance deal.
“As we near the end of a historic chapter for Paramount and prepare for a new era, we want to thank you for your resilience, creativity and dedication,” McCarthy, Robbins and Cheeks wrote. “Because of you, Paramount is in a much better place today than it was a year ago, and it has been an honor to lead the company over the past year and work alongside you.”
Skydance and Paramount cut a deal last July that will see the David Ellison-led company take control of the owner of Paramount, CBS, Paramount+, Comedy Central, Nickelodeon and other assets. But in the extended regulatory review (the FCC only agreed to transfer the broadcast licenses this week), the CEOs have had to manage the company amid the uncertainty.
That included a $16 million settlement with President Trump over a lawsuit he brought over 60 Minutes, and layoffs at the company as it sought to find more secure financial footing.
That in turn has made for a challenging time for Paramount employees who have had to execute in that environment. The uncertainty isn’t over yet (Skydance is expected to cut costs further), but with the deal nearing completion, that cloud is set to be lifted over the company.
You can read the full memo, below.
Hi Everyone,
We have some important news to share related to our Skydance merger. We received our final regulatory approval and we anticipate the Skydance merger will close (or be complete) on August 7th, subject to customary closing conditions.
This is a significant milestone for our entire global organization. We realize you will have many questions about the transition process, and we will provide updates as soon as the information becomes available to us.
Collectively, we have been in the industry for decades and, like you, we have called Paramount our home and together we have seen the incredible evolution of the entertainment industry. Through all of these changes, Paramount has made great progress – none greater than over the past year. We truly have momentum as a company and that’s a testament to you, our talented teams, with your incredible ability to deliver hit shows and blockbuster films, and all the critical pieces that make those things happen behind the scenes from BALA, finance, HR, communications, marketing, technology, distribution, partnerships, sales, consumer products, government relations and more – even in the context of a rapidly evolving landscape.
As we near the end of a historic chapter for Paramount and prepare for a new era, we want to thank you for your resilience, creativity and dedication. Because of you, Paramount is in a much better place today than it was a year ago, and it has been an honor to lead the company over the past year and work alongside you.
Best,
George, Chris and Brian
