Two executives from private equity firm RedBird Capital Partners are set to take on senior leadership roles when the merger of the Skydance Media and Paramount Global completes on 7 August, according to a report by Reuters.
The deal will see Skydance Media CEO David Ellison lead the new company as Chief Executive, with Redbird Capital’s Jeff Shell – the former CRO at NBCUniversal, serving as President and overseeing daily operations, with Andy Gordon, a Goldman Sachs veteran and another RedBird appointee, becoming Chief Operating Officer.
The appointments underscore RedBird’s operational influence on the post-merger business, which will be structured into three core divisions – Studios, Direct-to-Consumer, and TV Media — a strategic realignment designed to streamline operations and prioritise growth in digital distribution channels.
RedBird, the private investment firm led by Gerry Cardinale, played a pivotal role in financing the transaction.
Paramount’s reshaped executive team will include streaming veteran Cindy Holland as chair of its direct-to-consumer segment and Skydance’s Dana Goldberg as Co-Chair of Paramount Pictures. Paramount’s broadcast and cable operations will be overseen by current Co-CEO George Cheeks, who transitions to Chair of Media.
The merger comes as legacy media companies face mounting pressure from the collapse of traditional cable revenue and the fierce competition of the streaming era. Paramount has already absorbed nearly $6bn in write-downs tied to its linear TV assets — a key factor driving the urgency for private equity-led strategic reinvention.
The transaction received FCC clearance last month and follows a period of turbulence for Paramount, including legal disputes and leadership transitions. With RedBird’s capital and Ellison’s vision of a “tech hybrid” media firm, the combined entity is expected to double down on expanding Paramount+ and building scale in the global streaming space.
