Paramount's New Owners to Boost Film Production

Paramount Execs

Following its $8.4 billion merger with Skydance Media, Paramount Global (PSKY.O) announced plans on Wednesday to strengthen its core brands—Nickelodeon, MTV, and BET—while significantly ramping up feature film production.

“We’re not viewing our cable networks as declining assets to offload,” said President Jeff Shell. “We’re focused on redefining those brands.” 

Reuters reports Shell, alongside Chairman and CEO David Ellison and the executive team, outlined the company’s strategy for film, TV, streaming, and emerging technologies like AI during a media event on the Paramount Pictures lot.

The event followed the recent completion of the Skydance merger, which brought new leadership to Paramount. Television Media Chair George Cheeks acknowledged the challenges in cable TV but emphasized the potential of Paramount’s iconic franchises in the streaming era. Shell highlighted BET, previously considered for sale, as a key component of the company’s streaming strategy, in contrast to moves by Warner Bros Discovery and Comcast to divest their cable businesses.

Paramount Pictures co-chair Josh Greenstein revealed plans to increase film output from eight movies this year to 15 annually in the near term, with a goal of 20 films per year. The slate will include new entries in franchises like Star Trek and Transformers, alongside original projects such as James Mangold’s High Side, starring Timothée Chalamet. The studio also aims to produce family-oriented films reminiscent of A Night at the Museum or The Goonies.

“We love these movies. We grew up on them, and we feel they’re underrepresented today,” said co-chair Dana Goldberg. Ellison emphasized transforming Paramount into a hub for top filmmakers, leveraging AI to enhance storytelling. “This technology is evolving faster than Hollywood realizes,” he said, comparing its potential impact to the founding of Pixar by John Lasseter and Steve Jobs.