Paramount Skydance Confirms Compensation Packages For Jeff Shell & David Ellison
Image Source: JoBlo
Skydance’s acquisition of entertainment powerhouse, Paramount, became official last month, and as of Thursday of this week. Jeff Shell and David Ellison have signed on the dotted lines for their respective compensation packages. They will be the executives charged with leading the newly combined entertainment company. Ellison is named CEO, and Shell, the former NBCUniversal boss, will be the president. Among the details released, the compensation packages for Shell and Ellison have been made available to the public.
The contracts are for a five-year term with a total combined salary budget in the neighborhood of $8 billion. The SEC filing states that Ellison and Shell should make at least $3.5 million each, with annual bonus possibilities of around $1.5 million per year. Additionally, both execs are expected to receive 5 million shares of restricted stock units. Shell and Ellison will be based out of the Los Angeles, California headquarters, but are expected to visit offices in New York and LA soon.
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Partners involved in this merger refer to the combined efforts and resources as a “next-generation media and technology leader, positioned to win in today’s rapidly transforming media landscape.”
Ellison himself penned an open letter discussing his vision for the new company. Among the highlights, he discusses investing in growth that is “anchored by our creative engines and superior storytelling.” Additionally, he discusses the importance of embracing technology by making it available to “empower our creative partners with technology that will enable them to tell bigger, more compelling stories fueled by human ingenuity.”
His letter indicates his commitment to the overall growth and success of the company at large, indicating a hit-the-ground-running approach to his newly signed contract.
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