Tom Ryan Steps Down as Paramount Streaming Merges with Skydance
Media & Entertainment

A Turning Point in Leadership
Tom Ryan, president and CEO of Paramount Streaming and co-founder of Pluto TV, is stepping down as the company finalizes its merger with Skydance Media. The deal is set to close by August 7, 2025. In a note to staff, Ryan expressed gratitude for the teams behind Pluto TV and Paramount+ and said he would stay on temporarily in an advisory role to help with the leadership transition.
From Warehouse Startup to Streaming Giant
Ryan's journey started well before Paramount entered the picture. He co-founded Pluto TV in a small West Hollywood warehouse, betting on the idea of free, ad-supported streaming. That bet paid off when Viacom acquired the platform in 2019. Under Ryan’s leadership, Pluto TV turned profitable by 2024, generating over $1 billion in annual revenue. He also played a key role in launching Paramount+ in 2021, which grew rapidly to reach 77.7 million global subscribers by mid-2025.
Why He’s Leaving Now
Paramount has struggled to keep pace with the bigger streaming players. The merger with Skydance, backed by David Ellison and RedBird Capital, is widely seen as a reset. Ellison will become CEO of the newly named Paramount Skydance Corporation, which will operate across three verticals: studios, streaming (Paramount+ and Pluto TV), and TV media. Jeff Shell will oversee operations as president.
Ryan called the experience “the journey of a lifetime” and said he felt deep gratitude for his colleagues in streaming. He’ll continue to support the incoming leadership team, including Cindy Holland, who will lead the direct-to-consumer division.
The Bigger Shake-Up and Financial Toll
Alongside the leadership changes, Paramount has written down nearly $6 billion in cable assets. Its legacy TV networks, CBS, MTV, Nickelodeon, and Comedy Central, are still bleeding ad revenue due to cord-cutting. Meanwhile, the streaming side is growing, but it’s not enough to offset the losses entirely.
The Skydance deal itself brings in $8 billion in fresh investment and values the combined company at $28 billion. It barely cleared regulatory approval, passing with a 2-1 FCC vote. One sticking point: a $16 million legal settlement Paramount paid to Donald Trump over a controversial "60 Minutes" interview, which critics say helped smooth the deal’s approval.
A Shift in the Streaming Landscape
Ryan helped define the FAST (free ad-supported streaming TV) model and turned Pluto TV into a billion-dollar business. Paramount+ reached profitability faster than expected, posting a $157 million profit in early 2025.
Now the spotlight is on Cindy Holland, former Netflix content exec. Her job is to integrate and scale both Paramount+ and Pluto TV, aligning them with Skydance’s broader strategy. One looming decision: whether Pluto TV will stay separate or merge with Paramount+.
What’s Next for Ryan
With his time at Paramount coming to a close, Ryan plans to explore new ventures in content, startups, and strategy. He currently chairs Struck Studio, a venture studio building AI-powered startups backed by Silicon Valley investors. He also advises firms like SignalFire and Felix Capital.
The End of an Era
Tom Ryan’s exit is more than a changing of the guard. It’s the close of a chapter where one man helped build Paramount’s digital footprint from scratch. The question now is whether Skydance can carry that momentum forward—and whether Pluto TV, the platform that started it all, will remain part of the story.
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