Just hours before David Ellison and the new regime at Paramount formally takes over, Shari Redstone had a final message today for staff at the media company her father took over nearly 30 years ago.
“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,” the non-executive chairwoman of the about to be renamed Paramount Global said in a missive sent out Wednesday. “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.”
Read Shari Redstone’s full exit memo below
The latest in a series of goodbyes from the freshly re-moneyed up scion of Sumner Redstone, today’s exit memo follows similar sayonaras from departing Paramount co-CEOs Brian Robbins and Chris McCarthy. Their shrewd colleague George Cheeks offered no such correspondence as he is actually remaining at the company as Chair of TV Media (there’s a Survivor joke here, but perhaps for later).
Of course, having paid Donald Trump $16 million to settle what was widely considered a shakedown cosplaying meritless lawsuit over a 60 Minutes sit-down with Kamala Harris before the election last year, and having seen significant players at CBS News depart as a part of that knee bend to get regulatory approval for the Skydance deal, Redstone’s remark about “the core of who we are and what we do” might be up for interpretation. The near simultaneous pink slipping of Stephen Colbert, a late night thorn in Trump’s paw, and the Late Night franchise itself next year certainly adds one perspective on the matter.
Restone’s words aside, none of that will matter much soon as Skydance’s yearlong $8.4 billion purchase of Paramount was signed off on last month by the FCC (with what Trump has said was a side deal promise of $16 to $20 million in PSAs thrown in). The deal officially closes Thursday and the new leadership plan to start making the rounds as the new company begins trading on the stock market. All of which will come after the second episode of South Park‘s 27th season hits the Paramount-owned Comedy Central. With the biting South Park now to be overseen by Cheeks, the episode from Matt Stone and Trey Parker will come with an already promised new skewering of Trump – who isn’t known for his ability to take criticism or a sense of humor.
In the meantime, read Shari Redstone’s full exit memo here:
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
