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- David Ellison has a vision for his media empire — whether you like it or not (businessinsider.com)
Media Mogul David Ellison Reworking Hollywood, Sparking Both Hope and Apprehension
NATIONAL NEWS — A seismic shift is underway in the media landscape, with tech billionaire scion David Ellison at the helm, rapidly reshaping legacy institutions and inspiring a potent mix of excitement and unease across the industry. Backed by his father Larry Ellison’s immense wealth, David Ellison is moving with unprecedented speed to build a new media empire centered around Paramount.
The clearest signal of Ellison’s intent to fundamentally remake iconic American media brands came with his recent installation of Bari Weiss, founder of the “anti-woke” digital platform The Free Press, as editor-in-chief of CBS News. This move places a digital-first, commentary-driven perspective atop the 98-year-old news institution, home to legendary figures like Walter Cronkite and “60 Minutes,” and signals Ellison’s willingness to challenge traditional media sensibilities. The Free Press was acquired for an estimated $150 million as part of this broader strategy.
Ellison’s ambitions may not stop there. Reports indicate the Ellison family is eyeing Warner Bros.
Discovery, which includes the century-old Warner Bros. studio and CNN, as a potential next acquisition. Such a merger would represent a monumental consolidation of Hollywood power.
Initially, Ellison’s interest in acquiring Paramount in 2023 was met with a collective sigh of relief in Hollywood. The company had been struggling with internal conflicts and failing to keep pace with streaming giants. Ellison, 42, brought a track record of success with his production company Skydance, responsible for hits like “Top Gun: Maverick” and “Mission: Impossible” films, along with the promise of significant financial investment.
He quickly began spending, hiring prominent executives, vowing to double Paramount’s film output, securing US rights for UFC, and attracting top talent like the creators of “Stranger Things.” This influx of cash and strategic hires initially fueled optimism that Ellison could revitalize the studio.
However, as Ellison’s broader plans have emerged, this optimism has given way to a “nervous energy.” The new CEO is targeting $2 billion in spending cuts, with thousands of layoffs anticipated.
A potential merger with Warner Bros. Discovery would likely amplify these job losses, reduce the number of content buyers, and further consolidate media influence.
Ellison has also signaled an embrace of technology not typically seen in Hollywood, discussing a “studio in the sky” and leveraging artificial intelligence for content creation—a stark contrast to the industry’s often cautious approach to new tech.
Political concerns are also surfacing. While Larry Ellison is a vocal supporter of former President Trump, David Ellison’s politics are less defined, though he has donated to President Biden.
The appointment of Bari Weiss, whose platform is perceived as friendly to conservatives and billionaires, has intensified worries about the political implications of media consolidation. Former CBS News anchor Dan Rather voiced concerns about billionaires gaining control of major news outlets.
Despite the apprehension, some analysts suggest that significant changes were inevitable for Paramount, given the challenges facing linear TV and the evolving media landscape. While Ellison’s path promises disruption and potential casualties, it may also represent the most viable strategy for these old Hollywood giants in a rapidly changing world. As one analyst noted, there are “no easy fixes” for the industry’s deep-seated issues.
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- David Ellison has a vision for his media empire — whether you like it or not (businessinsider.com)