Shortly after taking over Paramount, new Chief Executive David Ellison threw down the gauntlet — he wanted his studio to be the top destination for the most talented filmmakers and artists in the business.

It wasn’t just words.

Already, Ellison has made a $7.7 billion deal for UFC media rights, closed two massive deals that will pay the creators of “South Park” more than $1.25 billion over five years to secure streaming rights to the popular cartoon, and lured Matt and Ross Duffer of “Stranger Things” fame away from Netflix with a “wide-ranging” and exclusive four-year television, streaming and film deal.

That spending spree — along with new big-name studio hires — has ignited hope and enthusiasm among Hollywood’s creatives, who have weathered the industry’s recent downturns, consolidat

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