With the Skydance Media deal talks dead, the three executives leading Paramount Global’s Office of the CEO said they remain focused on a cost-cutting and growth plan for the media conglomerate as a standalone entity.
The trio — George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and Chief Executive Officer of Paramount Pictures and Nickelodeon — addressed the current situation in a companywide memo Wednesday. On Tuesday, Shari Redstone’s National Amusements, the controlling shareholder of Paramount Global, saidit had ended merger talks with Skydancebecause it was unable “to reach mutually acceptable termsregarding the potential transaction withSkydance Mediafor the acquisition of a controlling stake in NAI.”
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