Market Chatter: Ellison Plans to Consolidate Paramount Cable, Broadcast Units, Trim CEO Trio

MT Newswires Live12-04

Incoming Paramount Global (PARA) Chief Executive David Ellison is considering consolidating the company's TV networks and overhauling top management, Bloomberg reported Tuesday, citing people familiar with the matter.

Ellison will take over as CEO when Paramount merges with Skydance Media next year, but he is already exploring combining Paramount's TV networks, including CBS and MTV, into one unit.

Those businesses are mostly run by co-CEOs Chris McCarthy and George Cheeks, while Brian Robbins, the company's third co-CEO, leads Paramount Pictures and Nickelodeon, according to the report.

Cheeks is expected to stay on, while McCarthy's future is less certain, and Robins is expected to leave around the time the deal closes, the people reportedly told the media outlet.

Paramount did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 10.95, Change: -0.04, Percent Change: -0.32

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