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Paramount Global is gearing up for a major expansion in both film production and cable brand strategy following its $8.4 billion merger with Skydance Media.

The move aims to boost the studio's output, strengthen its streaming platforms, and redefine legacy cable networks like Nickelodeon, MTV, and BET.

At a media event on Paramount Pictures' lot on Wednesday, CEO David Ellison outlined his vision for the newly combined Paramount-Skydance.

"I want to create more content for Paramount+ and produce as many as 20 movies a year," Ellison said, emphasizing that franchise films such as "Top Gun 3"and "Star Trek" would be top priorities.

He added that emerging technologies like artificial intelligence would be harnessed to enhance storytelling.

According to Reuters, Paramount President Jeff Shell highlighted the importance of maintaining the company's cable networks, despite the general decline in traditional TV.

"We're thinking about those brands as assets we need to redefine, not spin off," he said.

Shell specifically noted BET, a network focused on Black culture, as a key element of Paramount's streaming strategy.

Paramount Won't Renew Multi-Year Live-Action Deal with Apple

The newly appointed leadership team includes Dana Goldberg and Josh Greenstein as co-chairs of Paramount Pictures.

Goldberg, formerly Skydance's chief creative officer, and Greenstein, ex-president of Sony's motion picture group, plan to balance a mix of original films and franchise installments.

Upcoming projects include James Mangold's "High Side" starring Timothée Chalamet and family-friendly fare reminiscent of "A Night at the Museum."

"We love these movies. We all grew up on these movies, and we don't feel like many people are making them," Goldberg said.

Ellison also confirmed that Paramount would not renew a multi-year live-action deal with Apple, allowing the studio to focus on its own properties.

The merger combines Paramount's global distribution network and prized library with Skydance's production expertise and technological capabilities.

Shares of Paramount surged 37% following the announcement, buoyed by optimism around Ellison's leadership and a high-profile UFC deal worth $7.7 billion, giving Paramount exclusive US rights to the events for the next seven years, BusinessTimes said.

While expanding content, the company has no immediate plans to raise Paramount+ subscription fees, which currently cost $8 per month.

Shell also mentioned the potential for joint ventures with other streaming services to grow subscriber numbers, highlighting Nickelodeon and BET as central to future streaming strategies.

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Film