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David Ellison's goal for Paramount: make it a 'media and technology' company

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The day after Paramount's board approved a merger agreement with Skydance Media, tech scion David Ellison laid out his plans for the newly-combined company.

To compete in today's tumultuous entertainment industry, Paramount Global will need to evolve into a 'media and technology' company, tech scion and soon-to-be Paramount Chief Executive David Ellison told investors and financial analysts Monday, a day after the company's board approved a merger deal with his Skydance Media.

Ellison noted the partnership that Skydance Animation has with Oracle — which was co-founded by his father — to build a so-called 'studio in the cloud.' Though animation has long been seen as an on-premise industry, Ellison said Skydance's newest animated film, 'Spellbound,' was partially produced in the cloud, which reduced costs.

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