One year ago, Congress defunded public media. Now that we're 100% community funded, please become a sustaining member or increase your existing membership today.
Paramount Parts Ways With CEO As Acquisition Talks Heat Up
Paramount Sudios
(
Merkuri2/Getty Images
/
iStock
)
Topline:
Paramount Global parted ways with CEO Bob Bakish on Monday, likely removing another impediment for Skydance Media to gain control of the entertainment company and its legendary film studio.
Why it matters: Paramount is one of the five major Hollywood studios, and the vitality of the entertainment business has long been dependent upon there being healthy competition among usually six players.
Earnings woes: The company announced its leadership change at the same time it released its first-quarter 2024 earnings. Its overall fortunes were boosted in particular by the company broadcasting the Super Bowl in February. Paramount revenue grew 6% year over year to $7.6 billion. But despite reducing its spending on programming by $556 million in one year — a 33% decrease — the company still reported a loss of $554 million.
New leadership for now: Bakish has been replaced by a troika of division leaders inside Paramount: CBS’ George Cheeks, studio chief Brian Robbins and MTV’s Chris McCarthy. Their stated three-point plan is to: 1) Make the most of Paramount’s hit content; 2) Strengthen the balance sheet; and 3) Optimize its streaming strategy.
What to watch: April 30 is the deadline for Paramount to renegotiate its carriage deal with Charter, the nation’s largest cable company. Paramount generated $2.58 billion in advertising revenue from CBS and its cable networks in Q1, and $2 billion in affiliate revenue. Paramount’s exclusive negotiating window with Skydance expires Friday.
For more . . . read the full story on The Ankler.
This story is published in partnership with The Ankler, a paid subscription publication about the entertainment industry.
One year ago, Congress voted to defund public media, eliminating a critical $1.7 million from our budget every year going forward. But they couldn’t silence us, and we’re not going anywhere. LAist is now 100% community funded and that means we’re taking our future into our own hands and turning to you to keep local reporting strong.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
You come to LAist because you want independent reporting and trustworthy local information. Our nonprofit newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our communities. We are free to follow facts wherever they lead and to hold power to account without fear or favor. Our only loyalty is to our readers and listeners and our mission: to inform, engage, and strengthen Southern California’s communities.
If this story helped you, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Senior Vice President News, Editor in Chief
