Paramount co-CEO Brian Robbins steps down as Skydance deal nears

Brian Robbins, Paramount Global’s co-chief executive officer, is stepping down as the media giant prepares to merge with Skydance Media, Reuters reported on Thursday.

The leadership change comes as David Ellison, founder and CEO of Skydance, positions himself to take over the combined entertainment company once the deal is completed.

Robbins, who joined Paramount in 2017 and became CEO of Nickelodeon the following year, took charge of Paramount Pictures in 2021. During his tenure, he helped revitalise the studio’s film slate, overseeing successful releases such as Mission: Impossible – Dead Reckoning, Sonic the Hedgehog and A Quiet Place. He also pushed for the growth of the Paramount+ streaming platform in an increasingly competitive market.

“The company is in exceptionally capable hands with David Ellison and the incoming team from Skydance,” Robbins said in a farewell note to staff, according to Reuters.

His departure marks the second exit from Paramount’s executive trio appointed in April 2024 to succeed former CEO Bob Bakish. Chris McCarthy, who headed MTV Entertainment Group, left the company last month, while George Cheeks will remain as Chair of Media, overseeing Paramount’s broadcast and cable operations.

The Skydance deal, expected to close later this year, will reorganise the merged company into three core segments: Studios, Direct-to-Consumer, and TV Media. The move reflects a strategic pivot aimed at positioning Paramount to better compete with technology-driven rivals such as Netflix, Amazon and Apple in both streaming and theatrical content.

Ellison, son of Oracle co-founder Larry Ellison, is known for leading Skydance into major franchises, producing films like Top Gun: Maverick and multiple entries in the Mission: Impossible series, as well as expanding into animation, gaming and television. Industry analysts have noted that his takeover could infuse the combined company with a stronger franchise-driven strategy and more aggressive content investment.

Robbins’ tenure coincided with a turbulent period for Hollywood, marked by shifting audience habits, streaming service price wars, and last year’s dual strikes by the Writers Guild of America (WGA) and Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA). His ability to deliver box office hits while steering Paramount+’s growth earned him praise in the industry, though the company continued to face profitability challenges in its streaming division.

Paramount Global, whose history stretches back over a century, has faced pressure to adapt quickly as legacy media companies confront declining linear television revenues and increased competition from Silicon Valley-backed streaming platforms. The merger with Skydance is seen as a transformative moment, combining Paramount’s library and production capacity with Skydance’s reputation for high-budget, action-oriented blockbusters and a nimble corporate structure.

Ellison is expected to unveil his leadership team and content strategy shortly after the merger is finalised. Industry observers will be watching closely to see whether the new leadership can successfully balance Paramount’s traditional film and TV operations with the demands of a global, streaming-first market.