
The Powers That Be: Daily Ellison’s Earnings Call Head Fake
Nov 13, 2025
Bill Cohan, a sharp journalist specializing in media and finance, joins to dissect Paramount's unusual earnings call. He highlights how David Ellison diverted focus from numbers to future investments and cost cuts, raising eyebrows among shareholders. The discussion dives into Paramount's failed offers for Warner Bros. Discovery and the potential roadblocks in acquiring the company. Cohan humorously critiques corporate jargon while offering insights into what might lie ahead for Ellison and the entertainment juggernaut.
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Earnings Call Focused On Future Targets
- David Ellison barely discussed historical earnings and instead framed a new vision focused on revenue and adjusted EBITDA targets.
- He projected ~$30B revenue and ~$3.5B adjusted EBITDA for next year while glossing over past results.
New North Star Priorities Revealed
- Paramount Skydance set three "North Star" priorities: cost cuts, profitable streaming, and creative-driven growth.
- Management raised expected cost takeouts from $2B to at least $3B, signaling aggressive restructuring.
Use Cost Cuts And Guidance To Move Markets
- Consider cost-savings and bold messaging as levers to restore investor confidence after leadership change.
- Use clear EBITDA guidance and strategic rhetoric to drive short-term stock pops.




