One of management’s biggest questions surrounding Paramount following its pending acquisition of Warner Bros. Discovery – which will lead streaming – may have found an answer.
Cindy Holland leaves Paramount Skydance where she was president of Direct-To-Consumer after serving as an advisor to Skydance CEO David Ellison. His last day is today. Holland announced his departure in a company memo, which you can read below.
The move leaves Casey Bloys, chairman and CEO of HBO and HBO Max Content, as the likely streaming lead for the Paramount-WBD combination. Holland alluded to this in her email to staff, indicating that she and Ellison had discussed his plan for leading the combined HBO Max and Paramount+ streamer and that he would opt for “optimizing the stability of HBO” (aka Bloys), which Holland supported.
Since Ellison announced earlier this year that HBO Max and Paramount+ would merge into a single streaming platform following Paramount’s acquisition of WBD, it has become clear that the move would likely have to come with a choice between Holland and Bloys for who would lead the combined streaming operation, as both are accomplished, high-profile streaming executives, neither of whom would report to the other.
“As David prepares for the next phase of his vision, we discussed my role and the future of the combined businesses. David is optimizing HBO’s stability as we move forward into this next chapter, and I fully support that,” Holland wrote. “I know this team has the leadership and expertise to manage the transition and the next phase of the business, and to that end, today will mark my last day here.”
Holland, who was behind Netflix’s foray into original programming, was initially recruited by Ellison as an advisor in January 2025 to help draft Paramount’s post-merger streaming strategy before taking the reins of the operation as president of Paramount’s direct-to-consumer Skydance in August 2025, overseeing Paramount+ and Pluto.
“Cindy is one of the most exceptional executives in our industry – a force of nature whose impact on Paramount over the past year has been significant,” said Paramount CEO Ellison. “Under her leadership, P+ reached new heights, Pluto TV underwent its most significant transformation in a decade, and we strengthened our content and sports portfolio – all while exceeding the ambitious goals we set for ourselves. Just as important, she built an exceptional team and a strong foundation for the future. Cindy has been a trusted partner to me and so many others, and I couldn’t be more grateful for her leadership, her relentless drive, and everything she has done for our company.”
Holland’s departure raises questions about the future of her top executives post-merger, some of whom are her longtime close associates, led by Jane Wiseman, head of Paramount+ originals, who worked for Holland at Netflix and Sister before joining her at Paramount.
The two established Paramount+’s programming strategy, which includes expanding the slate, dominated by Taylor Sheridan dramas, toward “edgy women’s dramas” with a series of series orders, starting with Discretionwith Nicole Kidman, whose production recently started.
Bloys had indicated he would like to keep his senior HBO team intact after parent company WBD was acquired by Paramount.
In his note, Holland discussed some of his accomplishments over the past 13 months.
“We grew Paramount+ to a record subscriber level, achieved the best retention in the history of the service, and delivered double-digit growth in engagement and revenue,” she said. “We’ve built an extraordinary content pipeline, greenlighting more than 40 new and returning series and setting unprecedented records with Landmanthe most watched series in the history of Paramount+, and Dutton Ranch, the service’s largest original series premiere ever.
During his tenure, Sheridan, who is behind Paramount+’s biggest hits, including Landman, Dutton Ranch, Lioness And King of Tulsaannounced that he would join NBCUniversal in January 2029. Meanwhile, Holland played a key role in attracting Stranger Things creators Duffer Brothers, whose show she had championed at Netflix, for a big film and television deal at Paramount.
Holland’s memo indicates that WBD could have been a target for Ellison months before he made the first unsolicited offer for the company in September 2025, as his Skydance Corp. was still undergoing regulatory approval for its acquisition of Paramount.
“When I joined David’s team in January 2025, we set three goals: i) advise on the acquisition of Warner Bros. Discovery, ii) integrate and transform Paramount+ and relaunch Pluto TV, and iii) build an unprecedented team in this industry,” Holland said. “In just over 12 months, I am proud to say that we have accomplished all three of these goals and it has been a joy working closely with all of you. »
During his nearly two-decade tenure at Netflix, including nine years as vice president of original content, Holland established the streamer’s original programming strategy and spearheaded the crop of scripted series that put the streamer on the map, including House of Cards, Orange is the New Black, BoJack Horseman, The crown And The Queen’s Gambit.
Since leaving the streamer in September 2020, Holland had taken on board and advisory roles before returning to the executive ranks as global CEO of Elisabeth Murdoch and Jane Featherstone’s Sister in 2023. She spent 15 months in that role before taking on the role of senior advisor at Skydance.
Here is Holland’s full message:
When I joined David’s team in January 2025, we set ourselves three objectives: i) advise on the acquisition of Warner Bros. Discovery, ii) integrate and transform Paramount+ and relaunch Pluto TV, and iii) build an unprecedented team in this sector. In just over 12 months, I am proud to say that we have accomplished all three of these goals and it has been a joy working closely with all of you.
Together with the Product team, we led significant strategic and organizational changes within DTC, establishing a new foundation for growth across both services, while investing in deeper and broader programming and driving strong revenue, profit and subscriber growth for the division.
As David prepares for the next phase of his vision, we discussed my role and the future of the combined businesses. David is optimizing HBO’s stability as we move into this next chapter, and I fully support that. I know this team has the leadership and expertise to manage the transition and the next phase of the business, and to that end, today will mark my last day here.As I reflect on my time here and everything we have built together in such a short time, what strikes me most is this team. I have never been so proud of a group of people. What we have accomplished together is remarkable: succeeding quarter after quarter while navigating extraordinary uncertainty and change with resilience, focus and ambition. We grew Paramount+ to a record subscriber level, achieved the best retention in the service’s history, and delivered double-digit growth in engagement and revenue. We’ve built an extraordinary content pipeline, greenlighting more than 40 new and returning series and setting unprecedented records with Landmanthe most watched series in the history of Paramount+, and Dutton Ranchthe service’s largest original series premiere ever.
We’ve transformed live sports into a powerful streaming growth engine, striking landmark deals with UFC and Zuffa Boxing and expanding our WNBA and UEFA Champions League rights – with UFC Freedom 250 becoming the largest audience ever for an exclusive live event on Paramount+ and UFC 329 setting a new platform record for peak simultaneous streams for an exclusive live event. And we undertook the largest Pluto TV product transformation in a decade, significantly increasing recorded viewing and VOD consumption while driving strong financial performance across the business. These are extraordinary achievements – but what makes me most proud is how we achieved them: together, with an unwavering commitment to our audiences, our creative partners and to each other.
I joined Paramount because I believe in these companies and because I wholeheartedly believe that the combination of Paramount and Warner Bros. Discovery serves the best interests of artists and audiences around the world. I can’t wait to see what you all accomplish together in this momentous next chapter.
Cindy
Gn entert
