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In a poignant and symbolic moment for Hollywood’s corporate landscape, Shari Redstone bid farewell to her role as owner of Paramount Global during the company’s final quarterly earnings call before its imminent acquisition by Skydance Media and RedBird Capital. The call, held Thursday, marked a rare public appearance by Redstone and signaled the end of an era for the Redstone family’s decades-long stewardship of one of the entertainment industry’s most storied media empires.
“I believe I can take it on faith that many on this call understand the enormous importance of this business to my family and to me,” said Redstone, chair of Paramount Global. “Beginning nearly 40 years ago, my father, Sumner Redstone, built Viacom and CBS by bringing together a group of the best assets in media, news and entertainment.”
Invoking her father’s foundational mantra “content is king” Redstone emphasized that the principle continues to guide the industry, even amid seismic shifts in how content is created, distributed, and consumed. “While people often debated whether content or distribution ruled the day, my father’s steadfast belief was that content was king. Even against the backdrop of enormous change, that core business philosophy remains the reality for our business and industry,” she said. “That is a reality that Skydance surely understands.”
Redstone expressed confidence in Skydance Media CEO David Ellison and the incoming leadership’s ability to build on Paramount’s legacy. “With their vision for the business and the technology and resources they can bring to bear, they can position Paramount for long-term success and value creation,” she said, adding that the company was being turned over “a healthy business with a strong foundation for success.”
Redstone also saluted the leadership trio that stepped in after the departure of CEO Bob Bakish in April 2024 — Chris McCarthy, Brian Robbins, and George Cheeks — who jointly managed the company during a period of uncertainty and transition. McCarthy and Robbins are expected to leave following the transaction’s closure, while Cheeks will remain at CBS under the new regime.
“While it is never easy to step away, please know it has been an honor for my family and for me to serve as stewards of these assets over the past several decades,” Redstone said. “We will always be cheering on Paramount and the talented people who have made it what it is today.”
McCarthy echoed Redstone’s sentiments, praising the team’s resilience and the company’s shift toward a streaming-first strategy. He pointed to a 42% year-over-year increase in streaming of CBS series on Paramount+, with CBS content accounting for nearly half of all viewing on the platform. He also highlighted a new distribution deal with DirecTV that reflects Paramount’s evolving content model.
“This team continued to be resilient and unwavering in your commitment to execute with excellence and, more importantly, to support each other with compassion,” McCarthy said, closing with praise for Redstone’s vision. “Despite the naysayers and against all the odds, Shari, you did what you thought was right. We thank you, Shari, for your leadership of the company.”
With the Skydance deal set to close within days, Redstone’s farewell marks a generational shift and the close of a significant chapter in Hollywood business history one grounded in a firm belief in the enduring power of content.
