New Paramount CEO David Ellison and president Jeff Shell will be eligible for salaries of no less than $3.5 million and an annual target bonus of $1.5 million, according to a new 8-K filing with the U.

"Unless you can build a tech product that is truly competitive with what's coming out of Silicon Valley, you can't compete," the mogul told reporters Thursday. But what does he have in mind?

Paramount has set the base salaries for its new C-suite on the heels of Skydance closing its $8 billion acquisition of the media giant.