- In today’s CEO Daily: Diane Brady tackles the Paramount-Skydance merger–and how it marks a new age in the politics of pop culture.
- The big story: Zelenskyy travels to DC.
- The markets: Mixed sentiment as investors wait for a deal.
- Plus: All the news and watercooler chat from Fortune.
Good morning. My first job in the U.S. included covering Martha Stewart and World Wrestling Entertainment during the dot-com boom. Stewart was a multimedia influencer and doyenne of domesticity; Vince and Linda McMahon had transformed wrestling from a traveling circus of showmen and athletes into a superstar-studded global entertainment phenomenon. Today’s “trad wife” phenomenon or “manosphere” populated by the likes of Joe Rogan are not without precedent. Pop culture always reflects and responds to trends in the political sphere, and vice versa.
What’s unusual, perhaps, is the degree to which the two worlds have become intertwined. It helps that Trump comes from that world, having spent several years in reality TV and most of his adult life as a media celebrity. Along with installing himself as chairman of the Kennedy Center, President Trump personally picked this year’s list of honorees, which includes Kiss and Sylvester Stallone, and will host what he promises to be an ‘anti-woke’ ceremony.
Few CEOs are more attuned to the political winds in Hollywood right now than David Ellison, the new CEO of Paramount following Skydance Media’s merger with Paramount Global earlier this month. To get the deal done, Skydance agreed to “address bias and restore fact-based reporting,” according to FCC Commissioner Brendan Carr, and appoint an ombudsman to address any concerns about bias. Paramount had also reached a $16 million settlement with Trump over a “60 Minutes” interview with Kamala Harris prior to the deal getting done.
In one of his first moves as head of the combined Paramount, Ellison last week announced a $7.7 billion agreement to air Ultimate Fighting Championship events over the next seven years. That’s no doubt a smart business decision and certainly not lost on Ellison that UFC is a Trump-friendly form of entertainment, as well as a “global sports powerhouse.” UFC CEO Dana White said Ellison negotiated an “all-or-nothing” deal. White is close to Trump, who recently said he’d love to stage a UFC match on the White House lawn. (White also recently joined Meta’s board, too.)
Ellison, meanwhile, also struck a multi-year partnership with Taylor Sheridan, the creative mind behind “Yellowstone” and various spinoffs that are popular with conservative audiences.
To grow beyond the $30+ billion it made last year, Paramount will need to appeal to a wide and varied demographic. While its cancellation of “The Late Show with Stephen Colbert” sparked accusations of pro-Trump bias, Paramount’s recent $1.5 billion streaming deal with “South Park” creators Trey Parker and Matt Stone suggests that Ellison understands the power of polarizing entertainment on both sides of the house.
More news below.
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
This story was originally featured on Fortune.com
