Just days after its merger with Skydance Paramount’s new leadership saays they plan to make changes to its cable Networks. Paramount Skydance’s top executives have ruled out following the lead of competitors like NBCUniversal and Warner Bros. Discovery in spinning off their cable channels into a separate entity according to The Hollywood Reporter. However, the newly merged media giant made it clear during a Wednesday media session that maintaining the status quo is not an option either, as the company grapples with the rapidly evolving television landscape.
George Cheeks, chairman of TV media at Paramount Skydance and former co-CEO of Paramount, acknowledged the challenges facing the cable business. “There’s no question that [cable is] a super challenging business,” Cheeks said, speaking alongside other C-suite leaders, including CEO David Ellison and president Jeff Shell. Cheeks, who continues to oversee CBS while adding Paramount’s cable portfolio to his responsibilities, emphasized the need for adaptation in a market increasingly dominated by streaming platforms.
The cable portfolio under Paramount Skydance includes well-known brands such as BET, CMT, Comedy Central, Logo, MTV, Nickelodeon, Paramount Network, Pop, Smithsonian, TV Land, VH1, and premium outlet Showtime. These channels are home to iconic franchises like South Park, The Daily Show, SpongeBob SquarePants, and Yellowstone, which Cheeks described as valuable assets. “We’re all seeing the pay cable business shift over to streaming, so there will be a lot of conversations about what iconic franchises we want to continue, maybe shift to streaming, etc.,” he noted, signaling potential moves to reallocate key content to Paramount’s streaming service, Paramount+.
Jeff Shell, Paramount Skydance’s president, echoed Cheeks’ sentiments but framed the cable channels not as “declining linear assets” but as “brands we have to redefine.” This approach suggests a strategic pivot to reposition these networks for a streaming-dominated future, leveraging their established audiences and intellectual property to remain competitive. Shell’s comments reflect an optimistic vision for revitalizing these assets rather than divesting them.
CEO David Ellison addressed speculation surrounding BET, which has been the subject of persistent sale rumors in recent years. Ellison firmly stated his intention to keep the company intact, emphasizing the value of the portfolio acquired by Skydance and its partner, RedBird Capital. “Our goal is to preserve and build on what we have,” Ellison said, underscoring a commitment to maintaining the integrity of Paramount Skydance’s diverse assets.
The executive team’s remarks come just six days after the completion of the merger between Paramount and Skydance, a deal that has positioned the company as a major player in the media industry. While competitors have opted to carve out their cable divisions, Paramount Skydance’s leadership appears focused on redefining their networks’ roles in a streaming-first ecosystem. Cheeks hinted at the potential for some cable content to transition to Paramount+, which has already become a hub for the company’s premium programming.
Industry analysts see this as a bold but risky strategy. With cable subscriptions declining—cord-cutting has reduced U.S. cable households by nearly 20% over the past five years, according to Nielsen data—Paramount Skydance’s decision to retain and reimagine its cable portfolio could either reinvigorate these brands or strain resources. The company’s iconic franchises provide a strong foundation, but the challenge lies in navigating a fragmented media market where streaming giants like Netflix and Disney+ dominate.
For now, Paramount Skydance is betting on its ability to adapt. “We’re early in the process, but I do feel like there’s a lot to preserve there,” Cheeks said, hinting at a future where cable and streaming coexist under a reimagined business model. As the company charts its path forward, all eyes will be on how it balances its storied legacy with the demands of a rapidly changing industry.
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