Fears of a bloodbath are growing over – Business News
LOS ANGELES — Hollywood is buzzing this week – much less about Sunday’s Academy Awards than fears of a looming bloodbath after Paramount Skydance inks its mega merger with Warner Bros. Discovery.
While casualties might reportedly quantity within the 1000’s, the chatter in Tinseltown is more and more centered on who might lose their jobs within the C-suites – with some betting that HBO boss Casey Bloys could also be at risk.
In latest days, Paramount CEO David Ellison has made the rounds at WBD, telling staffers that he intends to keep WBD’s crown jewel HBO unbiased. He has even met with Bloys one-on-one to emphasise his dedication.
Paramount CEO David Ellison made the rounds this week to quell fears over a huge consolidation, telling staffers he intends to keep HBO unbiased. Getty Images
But brokers, producers and different media watchers aren’t shopping for it and are speculating that Bloys, a hitmaker who introduced “The Pitt,” “White Lotus” and “Heated Rivalry” to HBO, might get edged out by Paramount’s direct-to-consumer chief Cindy Holland.
They pointed to Ellison’s own assertion that streaming platforms Paramount+ and HBO Max can be folded into one service – arguing that it seems like a blueprint for how issues will unfold on the company more broadly.
A rep for Paramount declined to remark.
“There has to be consolidation,” mentioned a prime Hollywood agent, who predicted that regardless of Ellison’s reassurances, there can be a streamlining from the highest down.
The source pointed to the hefty $79 billion debt load that Paramount will tackle when the WBD deal closes, in addition to all of the duplicative jobs throughout each firms, which when mixed will embody two Hollywood studios, two streaming companies, two information networks and a slew of cable channels.
Insiders speculated that HBO CEO Casey Bloys might get edged out by Paramount’s direct-to-consumer chief Cindy Holland. Getty Images
“Why do they need two programming chiefs?” the insider mentioned, including that Bloys’ high compensation will make it an simple selection for Ellison. The source estimated that the HBO boss’ compensation is $15 million.
A rep for HBO didn’t return requests for remark.
Sources famous that Bloys is more liberal and outspoken within the Hollywood group in comparison with Holland, who operates a bit more below the radar.
Holland, a former Netflix exec who helped construct the streamer into behemoth with hits like “Stranger Things,” “House of Cards” and “The Crown,” has a mountain of accomplishments – to not point out a robust relationship with Ellison.
Hollywood insiders speculated that Holland, a former Netflix exec, would win a bakeoff if Ellison consolidates its programming below one individual. Getty Images for Women’s Media Award
“I think he picks her,” mentioned one producer.
“People are trying to create this fictitious tension between Cindy and Casey. David sees the value in Casey,” a individual aware of the scenario informed The Post.
Such hypothesis could also be untimely – the deal nonetheless must get the greenlight from US regulators – and from there, prime brass will need to judge what’s working and what isn’t.
Ellison visited Warner Bros. this week to underscore his dedication to retaining HBO unbiased. AFP through Getty Images
Sources who know each Holland and Bloys say the leisure veterans will discover a method to work collectively.
Still, there’s a “lack of clarity” with regards to how Ellison will reorganize the businesses whereas sustaining the standard of HBO, a number of sources mentioned.
Beyond the management “Hunger Games” that’s anticipated to play out as soon as the deal is closed, there’s additionally skepticism about Ellison’s pledge to put out 30 films a 12 months.
“There’s an existential dread,” one prime movement image agent informed me. “Warner Bros. was a significant buyer and it’s collapsing into Paramount Pictures.”
“You can say anything, that you will make 30 movies a year, but if the financials are bad, that can change overnight.”
