Paramount Goes on the Offensive with $1.5B Content Play

Under new owner David Ellison, Paramount is launching a major expansion of its TV studio output, backed by a $1.5 billion programming investment for 2026, as reported by Deadline. The move positions the company to become a key arms dealer of content to both its own platforms and streaming rivals.

• A tale of two studios: The strategy hinges on a two-pronged studio approach. CBS Studios, which Ellison called the company’s “flagship asset,” will continue to churn out its roster of broad-appeal franchises, while a restructured Paramount TV Studios under former Netflix exec Matt Thunell will absorb Skydance Television to lead the streaming charge.

• Stacking the deck: The content push is backed by major deals with South Park creators Matt Stone and Trey Parker and a four-year deal with Stranger Things creators the Duffer Brothers. And while Taylor Sheridan’s lucrative contract will expire in 2028, Ellison noted the Yellowstone creator is still writing a Call of Duty movie for the studio.

Ellison is putting his money where his mouth is, calling streaming the company’s “top priority” and committing to a spending boost for Paramount+. This isn't just a pivot; it's a declaration that in the streaming wars, the new Paramount plans to be a supplier, not just a survivor.

And while Paramount focuses on its content build-out, bigger M&A questions loom after the company’s reported unsuccessful bids for Warner Bros. Discovery. Internally, the company is also overhauling its financial reporting, transitioning to a new three-segment structure covering Studios, Direct-to-Consumer, and TV Media.