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Squawk on the Street

Squawk on the Street+ Skydance CEO David Ellison & RedBird Capital Managing Partner Gerry Cardinale 7/10/24

Squawk on the Street

CNBC

News, Investing, Business

4.1567 Ratings

🗓️ 10 July 2024

⏱️ 20 minutes

🧾️ Download transcript

Summary

Skydance CEO David Ellison and Gerry Cardinale, RedBird Capital Partners founder and managing partner, spoke with CNBC's David Faber about the technological transformation inside Paramount, how it plans to slow the pace of cord-cutting, and more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0

We're now going to turn to that merger of Skydance in Paramount a long time in the making,

0:04.6

the two gentlemen behind that transaction. First on CNBC, Skydance Media founder and CEO David Ellison

0:10.5

and Redbird Capital Partners, founder and managing partner, Jerry Cardinal. Gentlemen, thank you both

0:15.3

for being with me a couple of days after, of course, you announced the transaction. David,

0:19.9

I'd love to start with you because in the interim, since the announcement, you've been talking about technology

0:26.2

transformation inside Paramount that I think in some ways you think and have told people

0:31.6

will position it for growth. I'm curious as to what that actually means beyond those words.

0:38.3

Yeah, absolutely. First, just thank you for having me. Last time I'm curious as to what that actually means beyond those words. Yeah, absolutely.

0:39.3

First, just thank you for having me.

0:41.2

Last time I was here was Top Gun Maverick.

0:43.4

So it's a pleasure to be back talking about Paramount.

0:46.3

This is very much a business in transition.

0:48.5

It has absolutely remarkable assets.

0:50.9

You have Paramount Pictures, which is 100-year replica studio, CBS, which has been the number one broadcast assets. You have Paramount Pictures, which is a hundred-year replica studio, CBS, which has been

0:56.1

the number one broadcast asset for years, incredible reach assets, remarkable sports package with the NFL,

1:02.3

Nickelodeon, iconic brands and kids and family. But we believe to meet this moment that technology

1:09.3

and content need to work seamlessly together.

1:13.5

The core Paramount will always be a content company, it always be a storytelling company, an

1:17.8

entertainment company, and we believe that we need to make Paramount the number one destination

1:22.0

for the most talented artists in the world. But we also believe technology will transform

1:27.1

every single aspect of this company,

1:30.7

from infrastructure to studio in the cloud to the use of artificial intelligence,

...

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