Read Shari Redstone Farewell Memo at Paramount Staff on Eve of Skydance Close
On the eve of Shari Redstone that closes a $ 8 billion deal that will end the steward of her family for decades of Paramount Global and predecessor companies, she sent a memo to employees who expressed her gratitude for their work and share the optim of the new company’s prospect.
The subject line of her memo was: “Thanks for your talent, hard work and dedication. I will always encourage you.”
“My family and I have always loved this company. Although it is not easy to get away, I am very proud of the company that we have created, the culture on which it was built and the collaboration that forms the core of who we are and what we do,” Redstone wrote in the memorandum.
“Under the guidance of [co-CEOs] George Cheeks, Chris McCarthy and Brian Robbins, who names both the exciting and difficult decisions associated with Chief Executives, has contributed to every person at this company to deliver impressive performance despite the difficult industry environment, ”she wrote in the Memo.
Redstone will receive $ 1.75 billion in cash when closing the Skydance deal, and she will leave the board of the merged company.
Related: Shari Redstone evokes the ‘steadfast conviction of Father Sumner Redstone that contents is King’ in the last quarter of call as Paramount Global Owner
Ellison becomes chairman and CEO of the merged Paramount Skydance Corp., with the deal to close on Thursday 7 August. Skydance has already announced important executive agreements at the company, including confirming roles for 10 new execs on Wednesday.
Of the three Paramount Global Co CEOs, only CEOs, currently CBS’s CEO, remain with the new company as chairman of TV Media. McCarthy, from Showtime & MTV Entertainment Studios and Paramount Media Networks, leaves, just like Robbins, CEO of Paramount Pictures and Nickelodeon.
Read the full memo of Redstone:
Dear all,
When we announced our transaction with Skydance Media, I shared my confidence that Skydance had the vision and resources to successfully control Paramount Global in a rapidly changing environment. I not only keep sure that Paramount will benefit from this combination, but my conviction is even greater considering the progress that the company has strengthened in the past year.
No doubt, we would not be where we are today, were it not for your enormous talent, dedication and performance. Under the leadership of George Cheeks, Chris McCarthy and Brian Robbins, who names both the exciting and difficult decisions associated with Chief Executives, every person has contributed to this company to deliver impressive performance despite the difficult industry environment.
To celebrate only a few ‘victories’, after he is one of the last to launch in 2021, Paramount+ is one of the top four global SVODs. This reflects what this company always distinguishes – exceptional content. While others certainly offer significant amounts of programming, Paramount+’s growth talks about the unparalleled impact of quality in stimulating viewers about genres. This possibility to deliver HIT capture is also the reason that CBS has been the #1 broadcast network 17 years in a row, and in the cable the company has delivered the whole of the Line #1s, from reality series to children’s shows and everything in between. And with regard to Paramount Pictures, it has continued to expand its franchise strategy with breakout -hits, with more this year.
My family and I have always loved this company. Although it is not easy to get away, I am very proud of the company that we have created, the culture on which it was built and the collaboration that forms the core of who we are and what we do.
It has been an honor and a privilege to work with you all to bring CBS and Viacom together to make Paramount Global a really special place. I know you will bring that spirit to the future and please know that I will cheer every step for you.
The very best,
Crowd
