It’s official: Skydance Media’s deal to purchase CBS parent company Paramount Global for $8 billion is complete, and incoming chairman / CEO David Ellison’s first order of business is a massive restructuring.

In an open letter about his plans for Paramount, a Skydance Corporation (the merged companies’ new name), Ellison announced that, going forward, the business will be split into three distinct units: studios, direct-to-consumer, and TV media. Ellison explained that the restructuring is meant to boost efficiency as the new company prepares to transition its entire enterprise to a single technology platform for the first time.

“In doing so, we will be able to reduce our technology spend while driving substantial efficiency and performance gains and enabling leaders across the company t

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