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Paramount Parts Ways With CEO As Acquisition Talks Heat Up
Paramount Pictures released its latest earnings report this week amid rumors of a possible sale.
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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New leadership for now: Bakish has been replaced by a troika of division leaders inside Paramount: CBS’ George Cheeks, studio chief Brian Robbins and MTV’s Chris McCarthy.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.
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