Original Coverage & Source Attribution: www.hollywoodreporter.com
“Today is Day 1. We have a long runway ahead of us, and we have a tremendous amount of work to do.”
That was one of the lines that Skydance chief David Ellison told those assembled in the Steven J. Ross Theatre at the Warner Bros. lot in Burbank Tuesday, the day he could finally call those working there his employees.
Ellison mentioned the long and hard road it was to acquire the storied studio and also said there would be some pain ahead. But he also kept his messaging on the idea of building something that could rival the biggest companies in the attention economy.
“When we set out to acquire Paramount, we did so with an even larger ambition,” he said, in remarks shared with The Hollywood Reporter. “We believed then – and we believe even more strongly today – that this industry needs another company with the scale, resources, technology and creative firepower to go toe-to-toe with the biggest players in the world.
He continued, “Because the competitive landscape has fundamentally changed. We’re not just competing with traditional media companies anymore. We’re competing for people’s time and attention with some of the largest and most sophisticated technology companies in the world – companies with enormous scale, global reach and virtually unlimited resources. So we set out to build a company capable of meeting that moment.”
A sizzle reel highlighting the combined IP from both companies played before the speeches, which a source describes as “impressive,” underscoring the vast entertainment empire that has been created.
Ellison introduced his leadership team, from president Andy Gordon and CFO Dennis Cinelli to Skydance’s co-chairs and CCO Casey Bloys and George Cheeks to co-chairs of the Skydance motion picture group Dana Goldberg and Josh Greenstein, among others, while also giving a nod to Gerry Cardinale of RedBird.
Outside, workers were adding fresh paint to the iconic Warner Bros. water tower. The new addition? Text below the logo that said “a Skydance Corporation,” mirroring similar language a few miles away at the paramount lot in Hollywood.
Offering a bit more detail on the plans was Ynon Kreiz, the executive who is largely seen as the man who will not only make sure that vision gets executed but is also the exec who will make the decisions on cost and jobs cutting. One source said that the former Mattel CEO came off as an “intense dude.”
Laying out the goals of the company, Kriez said the team would work to “establish Skydance as the premier Hollywood content engine … accelerate our integrated DTC platform … and optimize our highly profitable linear TV portfolio, reaching audiences globally across every entertainment vertical, anchored by CBS, the crown jewel of broadcast television.”
To do that, he continued, would require winning in storytelling, building the most technologically capable media company, among other goals.
“To win, we have to be innovative. Innovation can be anywhere. Not only in the great content that we make, or in our new tech stack that will be second to none,” Kreiz told the audience. “Innovation can happen in every part of the company, in any job, by any one and we should all look to improve on what we have here today, find betters way to do things, and challenge conventions. And we will have plenty of opportunities to develop new businesses, products, games and experiences to engage fans wherever they are and be where the consumer is going. Our industry rewards those who push forward, and we intend to lead the way.”
After their remarks, Ellison and Kreiz were interviewed by CNN anchor Anderson Cooper, who asked about what comes next for the company, as well as for CNN. Ellison said that he has full confidence in CNN chief Mark Thompson and supports its editorial independence. He also said that he supports CNN’s efforts to get full access to cover the White House, which has restricted its access alongside MS NOW and Politico, sparking a lawsuit.
Ellison was also asked about Secretary Pete Hegseth’s comments from earlier this year, in which he blasted “more fake news from CNN.”
“No quarter, no mercy for our enemies. Yet some in the press just can’t stop,” Hegseth said. “The sooner David Ellison takes over that network, the better.”
Ellison said that he had seen the quote but didn’t know what Hegseth was talking about.
And yet, some left the town hall underwhelmed. The big question on everyone’s mind remains whether they will have jobs in the future, and while Ellison nodded in the direction of the changes to come, the scope could not be ascertained.
“Bringing together two companies of this size and complexity will require difficult decisions. There will be changes, and there will be impacts. I’m not going to pretend otherwise,” Ellison told the staff. “What I can promise you is that we will move through those decisions as quickly and thoughtfully as we can. We will communicate directly. We will tell you what we know when we know it. And we will not allow a prolonged integration process to distract us from the reason we brought these companies together in the first place: which is to build the next generation media and entertainment company.”
