Billionaire scion David Ellison wants to transform Paramount, the storied Hollywood company with roots in the silent film era, into a modern media and technology giant capable of challenging Netflix. A day after agreeing to acquire Paramount from Shari Redstone, Ellison told the Financial Times the century-old company needs to move faster to adapt to the technological shifts that are disrupting Hollywood, from streaming to artificial intelligence.
Ellison intends to work with his father’s company, which is a leader in cloud computing, to boost efficiency and reduce costs. Skydance is already using cloud technology in its animation business, which is headed by former Pixar chief John Lasseter. “We’re building studios on the cloud” in the animation business, he said, allowing production and rendering processes to be done virtually at lower costs.