{
  "id": 11310684,
  "title": "RedBird Founder Says Majority of Paramount-WBD Merger Cost Savings Won’t Come From Jobs",
  "url": "https://urgent.news/2026/10/01/redbird-founder-says-majority-of-paramount-wbd-merger-cost-savings",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-01T23:32:02.000Z",
  "source": {
    "name": "TheWrap",
    "slug": "thewrap",
    "url": "https://www.thewrap.com/industry-news/business/redbird-founder-says-majority-of-paramount-wbd-merger-cost-savings-wont-come-from-jobs/"
  },
  "original_language": "en",
  "account": "Paramount's largest backer, Gerry Cardinale, claims that the anticipated $6 billion in cost savings from the merger with Warner Bros. Discovery will primarily stem from non-labor factors. Speaking at the Bloomberg Screentime conference, Cardinale, a major shareholder in the combined company, highlighted the consolidation of the tech stack and the potential sale of real estate as key cost-cutting measures. The deal, subject to a settlement with 12 state attorneys general, is expected to close on October 6.\n\nCardinale, who previously supported David Ellison at Skydance and facilitated the acquisition of Paramount, expressed optimism about the future prospects of the merged entities. He cautioned against premature reactions, suggesting that investors should wait a few quarters before evaluating the companies' growth potential. While acknowledging that some job losses are inevitable, Cardinale emphasized that this should not be the primary focus, stating that the business plan is not solely centered around downsizing.\n\nContrasting his stance with a recent Los Angeles County-commissioned study, Cardinale dismissed claims of the merger leading to the loss of nearly 4,500 film and TV jobs and a $2.8 billion economic impact on the region. As part of the settlement, Paramount is committed to producing 30 films in the first two years, 32 films in the next three years, and investing at least $1.5 billion in U.S. productions over a five-year period.\n\nAddressing the Ellison family's ties with former President Donald Trump, Cardinale labeled such concerns as \"overstated.\" He argued that a pro-business administration should naturally foster such relationships, and that many tech CEOs also have connections with Trump through gifts and donations. Cardinale further touched on other subjects, including the potential growth of the combined streaming platforms, skepticism surrounding the valuations of American sports teams, and his past collaboration with Ben Affleck on the AI startup InterPositive, which was later acquired by Netflix. RedBird Capital Partners' Cardinale praised Ellison's talent for attracting and retaining top talent, describing it as a unique quality that sets him apart in the industry.",
  "summary": "“The notion that $6 billion of cost-related synergies means the firing of all these people is just completely antiquated,\" says Gerry Cardinale The post RedBird Founder Says Majority of Paramount-WBD Merger Cost Savings Won’t Come From Jobs appeared first on TheWrap .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}