On the eve of Shari Redstone closing a $8 billion deal that will end her family’s decades-long stewardship of Paramount Global and predecessor companies, she sent a memo to staffers expressing her gratitude for their work — and shared optimism of the new company’s prospects as it gets taken over by David Ellison’s Skydance Media.
The subject line of her memo read: “Thank you for your talent, hard work, and dedication. I will be cheering for you, always.”
“My family and I have always loved this Company. While it is not easy to step away, I am very proud of the Company that we have created, the culture upon which it is built, and the collaboration that is at the core of who we are and what we do,” Redstone wrote in the note.
“Under the leadership of [co-CEOs] George Cheeks, Chris McCarthy, and Brian Robbins, who took on both the exciting and difficult decisions that come with being chief executives, every person at this Company has contributed to delivering impressive performance in spite of the tough industry environment,” she wrote in the memo.
Redstone’s National Amusements Inc. is set to receive $1.75 billion in cash upon closing of the Skydance deal; she owns 20% of NAI and the remainder is held in a family trust of which Sumner Redstone’s grandchildren are the beneficiaries. Redstone will exit the merged company’s board.
Ellison is to become chairman and CEO of the merged Paramount Skydance Corp., with the deal set to close Thursday, Aug. 7. Skydance has already announced key executive appointments at the company, including confirming roles for 10 new execs on Wednesday.
Of the three Paramount Global co-CEOs, only Cheeks, currently CBS’s CEO, will remain with the new company as chair of TV media. McCarthy, of Showtime & MTV Entertainment Studios and Paramount Media Networks, is departing, as is Robbins, CEO of Paramount Pictures and Nickelodeon.
Read the full memo from Redstone:
Dear All,
When we announced our transaction with Skydance Media, I shared my confidence that Skydance had the vision and resources to successfully drive Paramount Global forward in a fast-changing environment. Not only do I remain assured that Paramount will benefit from this combination, but my conviction is even greater given the progress made in strengthening the Company over the past year.
No question, we would not be where we are today were it not for your enormous talent, dedication, and accomplishments. Under the leadership of George Cheeks, Chris McCarthy, and Brian Robbins, who took on both the exciting and difficult decisions that come with being chief executives, every person at this Company has contributed to delivering impressive performance in spite of the tough industry environment.
To celebrate just a few “wins,” after being one of the last to launch in 2021, Paramount+ is one of the top four global SVODs. This reflects what has always set this Company apart – exceptional content. While others certainly offer substantial amounts of programming, Paramount+’s growth speaks to the unparalleled impact of quality in driving viewership across genres. This ability to deliver hit content is also the reason CBS has been the #1 broadcast network for 17 years in a row, and in cable, the Company has delivered #1s across the board, from reality series to kids shows and everything in between. And as for Paramount Pictures, it has continued to expand its franchise strategy with breakout hits, with more coming this year.
My family and I have always loved this Company. While it is not easy to step away, I am very proud of the Company that we have created, the culture upon which it is built, and the collaboration that is at the core of who we are and what we do.
It has been an honor and a privilege to work with all of you to bring CBS and Viacom together in order to make Paramount Global a truly special place. I know you will carry that spirit forward into the future and please know that I will be cheering for you every step of the way.
All the best,
Shari
variety.com
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