David Ellison is celebrating a major milestone in Paramount Skydance’s planned acquisition of Warner Bros. Discovery.
WBD shareholders voted for the Paramount deal in a special meeting on Thursday morning, prompting the Paramount CEO to take a victory lap.
“We are grateful for the trust and confidence shareholders have placed in our leadership team and in our plan to combine our organizations to build a next-generation media and entertainment company — one that better serves both the creative community and consumers around the world,” Ellison said in a memo to employees, which was obtained by Business Insider.
Ellison also thanked Paramount staffers for “the exceptional work happening across our teams,” highlighting the success of the “Scream 7” horror movie in theaters as well as viewership of shows like “Landman” and sports on CBS.
“These achievements reflect not only the strength of our portfolio, but the talent, creativity and commitment of our people,” Ellison told employees.
The Paramount-WBD mega-merger still requires regulatory approval, and while analysts widely expect the process to be smooth in the US, the deal could face challenges abroad or from state attorneys general.
Some top Hollywood stars are against the Paramount-WBD deal, including “The Pitt” star Noah Wyle and “The Sopranos” creator David Chase. More than 4,000 people signed a letter saying that this deal “would further consolidate an already concentrated media landscape” and lead to “fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences” in the US and abroad.
Read the full memo from Ellison here:
Dear Team, This morning, Warner Bros. Discovery shareholders voted to approve our acquisition of the company. This marks another important milestone in the process, and we are grateful for the trust and confidence shareholders have placed in our leadership team and in our plan to combine our organizations to build a next-generation media and entertainment company — one that better serves both the creative community and consumers around the world. On the regulatory front, we continue to engage constructively with regulators and we’re making progress towards securing the approvals needed to close the transaction. At the same time, our Integration Management Office (IMO), led by Tony Driscoll, is working around the clock, and in close collaboration with counterparts at WBD, to ensure we have the systems, processes and plans in place to ensure a smooth transition on day one and beyond. I also want to take a moment to recognize the exceptional work happening across our teams. This has been an incredibly busy period, and your focus, resilience and execution have made a real difference. From Scream 7 becoming the highest-grossing installment in the iconic franchise’s 30-year history, surpassing $200 million globally; to Landman becoming the most-watched series in Paramount history; to the continued exceptional performance of CBS, which now has 13 of the top 20 primetime series, excluding sports — more than all other broadcast networks combined — and the standout performance of CBS Sports during March Madness and The Masters Tournament; to the launch of our new in-house publishing imprint, Paramount Global Publishing — these are real, tangible examples of progress. And just in the last week alone, our new Paramount Pictures team delivered an outstanding first-ever CinemaCon presentation, while our Ad Sales team continues to build strong momentum highlighting our strategy of great storytelling fueled by innovation during their Upfront dinners. Collectively, these achievements reflect not only the strength of our portfolio, but the talent, creativity and commitment of our people. The months ahead will be both busy and exciting as we work to close the transaction and launch the combined company. I am deeply grateful for everything you are doing and proud of what we are building together. Let’s go! David
Read the full article here
