Shari Redstone’s final memo marks a significant transition for Paramount as it prepares for a new era under Skydance. In her heartfelt message, she reflects on the company’s achievements and the collaborative culture that has defined its success.
Shari Redstone’s Final Memo as Paramount Transitions to Skydance
Just hours before David Ellison and the new regime at Paramount formally take over, Shari Redstone delivered a final message to the 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 soon-to-be-renamed Paramount Global stated in a memo sent out Wednesday. “It has been an honor and a privilege to work with all of you to bring CBS and Viacom together 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.”
Overview of the Transition
The latest in a series of goodbyes from the freshly re-capitalized scion of Sumner Redstone, today’s exit memo follows similar farewells from departing Paramount co-CEOs Brian Robbins and Chris McCarthy. Their colleague George Cheeks remains with the company as Chair of TV Media.
Redstone’s remarks come amidst significant changes at Paramount, including a controversial $16 million settlement with Donald Trump related to a 60 Minutes interview with Kamala Harris. This, coupled with notable departures at CBS News, has raised questions about the company’s direction.
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Skydance’s Acquisition of Paramount
None of this will matter much soon, as Skydance’s $8 billion purchase of Paramount was approved last week by the FCC. The deal officially closes Thursday, and the new leadership plans to start engaging with stakeholders as the company begins trading on the stock market.
In the meantime, read Shari Redstone’s full exit memo below:
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
