Shari Redstone Invokes Father Sumner Redstone’s ‘Steadfast Belief That Content Is King’ in Final Quarterly Earnings Call as Paramount Global Owner

Shari Redstone invoked the legacy of her father Sumner Redstone in her farewell remarks as owner of Paramount Global on Thursday as the studio reported its second quarter earnings report, one week before the company is set to be acquired by Skydance Media and RedBird Capital.

“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, 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,” Redstone, chair of Paramount Global, said in what was a rare appearance for her on an earnings call.

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“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. That is a reality that Skydance surely understands. I am confident that with their vision for the business and the technology and resources they can bring to bear, they can build on Paramount legacy and position it for long term success and value creation,” Redstone said.

Redstone asserted, “When the transaction closes, we will be turning over a healthy business with a strong foundation for success.”

Redstone also saluted the three co-CEOs who have steered Paramount Global since April 2024 when former CEO Bob Bakish was ousted amid friction over Redstone’s plan to sell the company. The company’s three top operational leaders — Chris McCarthy in cable, Brian Robbins in film and George Cheeks at CBS — stepped up to fill the corporate void in addition to running their respective divisions. McCarthy and Robbins are planning to exit on the heels of the sale completion. Cheeks is expected to remain at the helm of CBS under the new regime led by Skydance Media CEO David Ellison and Jeff Shell, former NBCUniversal CEO.

“While it is never easy to step away, please know that has been an honor for my family and for me to serve as stewards of these assets over the past several decades, we will always be cheering on paramount in the talented people who have made it what it is today,” Redstone said.

McCarthy followed Redstone during the call, and he reinforced that the management team has focused on realigning the studio for the new era of the content business. Paramount Global has struggled amid the broader disruption across the media and entertainment sector. McCarthy pointed to the tighter connection between streamer Paramount+ and the content priorities of CBS as an example of the company threading together disparate assets,

“When we talk about transforming into a streaming first company, nothing says it better than the alignment with CBS and Paramount+ this season, streaming of CBS series on Paramount plus grew 42% over the last year,” McCarthy said. For the year to date, “CBS content accounts for nearly half of all viewing on Paramount+,” he added. “The power of this combined content is evident across distribution and advertising. In June, we signed a new deal with DirecTV that includes a curated selection of Paramount’s most popular networks across entertainment, news and sports in various DirecTV genre packs.”

McCarthy closed out with a shout-out to the Redstone family and to the thousands of employees and creatives who have worked for the studio over the past 40 years. Sumner Redstone acquired Viacom in 1987. He scooped up Paramount Pictures in 1993 and CBS in 2000.

The studio’s success “doesn’t happen in our content teams without the support and hard work and efforts from every person in every department,” McCarthy said. “Across the entire company, against enormous headwinds and challenges, this team continued to be resilient and unwavering in your commitment to execute with excellence and, more importantly, to support each other with compassion.

“Under Shari’s leadership, Paramount has transitioned from a disconnected collection of TV assets into a streaming first company with a powerful portfolio of hit content and franchises,” McCarthy said. “Despite the naysayers and against all the odds, Shari, you did what you thought was right. … We thank you, Shari, for your vision to see where it was all going, and your leadership of the company.”

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