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Nobody at Paramount needs to wear a Halloween costume into the office this week for things to be scary.

The studio has had a storm of recent headlines as new owner David Ellison and his top executives made dramatic moves and endured setbacks. The choppy waters follow an initial hero’s welcome for Ellison as he made a succession of mega-deals after the Paramount-Skydance merger closed in August — from paying $7.7 billion for the streaming rights to the UFC to shelling out $1.5 billion to re-up South Park and many millions to poach Stranger Things creators the Duffer Brothers from Netflix. But it’s easy for Hollywood to love you when you’re spending lots of money.

The departure of Paramount+’s top hitmaker Taylor Sheridan to NBCUniversal was easily the most stunning news, provoking plenty of debate over whether Ellison massively fumbled or if he’s just being financially savvy (and…

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