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Skydance CEO Envisions Paramount's Future: A Company that Merges Technology and Media

TraderKnows
TraderKnows
07-09

After announcing the merger agreement with Paramount, Skydance's CEO openly discussed his plans and expectations for Paramount.

On Monday, David Ellison, CEO of Skydance Media, outlined a vision to transform Paramount Global into a company where technology and media converge. This vision is especially significant in an era where Hollywood competes with tech giants venturing into the entertainment business for attention.

In a financial community presentation an hour after announcing the merger agreement with Paramount, Ellison mentioned Steve Jobs and described the late Apple co-founder and Pixar Animation Studios leader as his mentor. Jobs' understanding of the relationship between art and technology deeply influenced him.

"Art challenges technology, and technology challenges art," Ellison quoted one of Jobs' favorite sayings. "We believe that understanding the symbiotic relationship between art and technology is crucial for addressing current challenges."

One of the "key arguments" behind the merger of Skydance with Paramount, a company with a century-long history dating back to the silent film era, is to better address changing market demands. Ellison discussed improvements to the Paramount+ streaming service and hinted at leveraging artificial intelligence technology.

"Many tech companies are rapidly expanding into the media field," Ellison said. "We believe Paramount must expand its technological capabilities to become both a media and technology enterprise."

Ellison told investors he will work to improve the algorithm recommendation engine used by Paramount+, hoping that subscribers will spend more time on the streaming service and reduce the rate of cancellations.

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