One of the biggest executive suite questions about Paramount following its pending acquisition of Warner Bros. Discovery — who will lead streaming — may have been answered.
Cindy Holland is leaving Paramount where she was Chair of Direct-To-Consumer since the close of the Skydance-Paramount merger having served as an advisor to Skydance CEO David Ellison prior to that. Her last day is today. She announced her 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 head of the combined Paramount-WBD. Holland hinted at that in her email to staff, indicating that she and Ellison had discussed his plan for the leadership of the combined HBO Max and Paramount+ streamer and he would be going with Bloys for that as a way of “optimizing for HBO stability,” something Holland supported.
Since Ellison announced earlier this year that HBO Max and Paramount+ will merge into one streaming platform after Paramount’s acquisition of WBD, it has become clear that the plan would likely have to come with a choice between Holland and Bloys for who would lead it as both are accomplished top-level streaming executives, neither of whom would report to the other.
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“As David readies for the next phase of his vision, we’ve discussed my role and the future of the combined businesses. David is optimizing for HBO stability as we move into this next chapter, and I fully support that,” she said. “I know this team has the leadership and expertise to manage through the transition and the next phase of the company, and to this end today will mark my last day here.”
Holland, who was behind Netflix’s initial move into original programming with series such as House of Cards and The Crown, was initially recruited by Ellison as an advisor in January 2025 to help draft the post-Paramount merger streaming strategy before she took the rains of the operation as Chair of Direct-to-Consumer 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,” Paramount CEO Ellison said. “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 the business exceeded the ambitious goals we set. Just as importantly, 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’s done for our company.”
Holland’s memo indicates that WBD may have been a target for Ellison months before he made the first unsolicited offer for the company in September 2025 while his Skydance Corp. was still going through regulatory approval on its Paramount acquisition.
“When I joined David’s team in January 2025, we proceeded to set three goals: i) advise on the Warner Bros. Discovery acquisition, ii) integrate and transform Paramount+ & revive Pluto TV, and iii) build an unparalleled team in this industry,” Holland said. “In just over 12 months, I’m proud to say we accomplished all three and it’s been a joy to work closely with all of you.”
Here is her full message:
When I joined David’s team in January 2025, we proceeded to set three goals: i) advise on the Warner Bros. Discovery acquisition, ii) integrate and transform Paramount+ & revive Pluto TV, and iii) build an unparalleled team in this industry. In just over 12 months, I’m proud to say we accomplished all three and it’s been a joy to work closely with all of you.
Together with the Product team, we drove significant strategic and organizational change across DTC — building a new foundation for growth on both services, while investing in greater depth and breadth of programming and delivering strong revenue, profit, and subscriber growth for the division.
As David readies for the next phase of his vision, we’ve discussed my role and the future of the combined businesses. David is optimizing for HBO stability as we move into this next chapter, and I fully support that. I know this team has the leadership and expertise to manage through the transition and the next phase of the company, and to this end today will mark my last day here.As I reflect on my time here and all that we’ve built together in this short time, what stands out most to me is this team. I have never been more proud of a group of people. What we’ve accomplished together is remarkable — landing quarter after quarter while navigating extraordinary uncertainty and change with resilience, focus and ambition. We grew Paramount+ to an all-time subscriber high, delivered the best retention in the service’s history, and drove double-digit growth in both engagement and revenue. We built an extraordinary content pipeline, greenlighting more than 40 new and returning series and setting all-time records with Landman, the most-watched series in Paramount+ history, and Dutton Ranch, the service’s biggest original series debut ever. We transformed live sports into a powerful streaming growth engine, securing landmark agreements with UFC and Zuffa Boxing and expanding our WNBA and UEFA Champions League rights – with UFC Freedom 250 becoming the largest-ever audience for an exclusive live event on Paramount+ and UFC 329 setting a new platform record for peak concurrent streams for an exclusive live event. And we undertook Pluto TV’s biggest product transformation in a decade, dramatically increasing registered viewing and VOD consumption while delivering strong financial performance across the business. These are extraordinary accomplishments – but what makes me proudest is how we achieved them: together, with an unwavering commitment to our audiences, our creative partners and one another.
I joined Paramount because I believe in these businesses, and because I believe wholeheartedly that the combination of Paramount and Warner Bros. Discovery serves the best interests of artists and audiences worldwide. I’m looking forward to seeing what you all accomplish together in this next, momentous chapter.
Cindy
