Partners Sony and Apollo have formally reached out to Paramount’s special board committee asking to discuss a potential $26 billion cash offer, Deadline has learned. It comes as Par’s exclusive negotiating window with David Ellison’s Skydance is set to expire.
Paramount share are up more than 13% on the news. Investors would vastly prefer a Sony/Apollo acquisition to a Skydance deal as it is currently configured, even after Skydance made a revised offer, that was said to be its best and last, last week.
Sony and Apollo’s overture is really jus a start, a non-binding expression of interest, Deadline has learned, in meeting and exploring the contours of a possible deal. While Skydance has been given access to Paramount’s books for the last month, Sony and Apollo have yet to do any due diligence.
The partners would buy out the whole company and take it private.
Paramount share are up more than 13% on the news. Investors would vastly prefer a Sony/Apollo acquisition to a Skydance deal as it is currently configured, even after Skydance made a revised offer, that was said to be its best and last, last week.
Sony and Apollo’s overture is really jus a start, a non-binding expression of interest, Deadline has learned, in meeting and exploring the contours of a possible deal. While Skydance has been given access to Paramount’s books for the last month, Sony and Apollo have yet to do any due diligence.
The partners would buy out the whole company and take it private.
- 5/2/2024
- by Jill Goldsmith and Anthony D'Alessandro
- Deadline Film + TV
The board room and executive suite drama at Paramount Global escalated on Monday, with Bob Bakish leaving his role as CEO and a trio of executives taking over just days before an exclusive negotiating window for a sale to David Ellison’s SkyDance Media and partners closes.
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
Veteran company leaders Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three will work with the Paramount board and CFO Naveen Chopra.
“We’re finalizing a long-term strategic plan to best position this storied company to reach new and greater heights in our rapidly changing world,” McCarthy told a conference call following Paramount’s first-quarter earnings report after the market close on Monday that lasted just nine minutes and didn’t allow for analysts’ questions. As of 11:15 a.m. Et on Tuesday, Paramount shares were down 4.3 percent,...
- 4/30/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Amid Paramount Global’s removal of Bob Bakish as CEO and the ongoing uncertainty of a company sale, it was business as usual for the first quarter at the media conglomerate — which included a $1.3 billion charge for content write-offs as well as layoffs.
Paramount Global reported Q1 2024 earnings Monday, announcing Bakish’s exit and the installation of an unusual three-in-a-box “Office of the CEO”: CBS’s George Cheeks, Chris McCarthy, Showtime/MTV Entertainment Studios and Paramount Media Networks, and Paramount Pictures’ Brian Robbins. The committee of three made brief remarks on the earnings call but didn’t take questions from analysts. The call, which lasted less than 10 minutes, concluded with the theme music to “Mission: Impossible.”
During the first quarter of 2024, Paramount Global took a total of $1.12 billion in content charges, including $909 million for the impairment of content to its estimated fair value as well as $209 million for development cost write-offs and contract-termination costs.
Paramount Global reported Q1 2024 earnings Monday, announcing Bakish’s exit and the installation of an unusual three-in-a-box “Office of the CEO”: CBS’s George Cheeks, Chris McCarthy, Showtime/MTV Entertainment Studios and Paramount Media Networks, and Paramount Pictures’ Brian Robbins. The committee of three made brief remarks on the earnings call but didn’t take questions from analysts. The call, which lasted less than 10 minutes, concluded with the theme music to “Mission: Impossible.”
During the first quarter of 2024, Paramount Global took a total of $1.12 billion in content charges, including $909 million for the impairment of content to its estimated fair value as well as $209 million for development cost write-offs and contract-termination costs.
- 4/30/2024
- by Todd Spangler
- Variety Film + TV
After trying to reassure Wall Street with their brief opening remarks at the Paramount Global earnings call, the trio of executives named to the newly formed Office of the CEO looked to do the same with the company’s employees rattled by the sudden ouster of longtime CEO Bob Bakish amid sale negotiations with Skydance.
In a joint memo Monday afternoon, George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon; addressed staffers in their new roles as Bakish’s successors.
It followed a company email by Shari Redstone, Chair of Paramount’s Board of Directors, who announced the creation of the Office of the CEO comprised of Cheeks, McCarthy and Robbins.
“As a team they bring to bear incredible knowledge and understanding of our business and will bring...
In a joint memo Monday afternoon, George Cheeks, President and CEO of CBS; Chris McCarthy, President and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, President and CEO of Paramount Pictures and Nickelodeon; addressed staffers in their new roles as Bakish’s successors.
It followed a company email by Shari Redstone, Chair of Paramount’s Board of Directors, who announced the creation of the Office of the CEO comprised of Cheeks, McCarthy and Robbins.
“As a team they bring to bear incredible knowledge and understanding of our business and will bring...
- 4/29/2024
- by Nellie Andreeva
- Deadline Film + TV
In a memo to employees Monday, Chris McCarthy, George Cheeks and Brian Robbins — who are together running Paramount after the ouster of CEO Bob Bakish — thanked Bakish for his tenure at the company, while signaling a new strategy ahead.
Paramount announced Bakish was out at the company Monday, just ahead of releasing first-quarter earnings, with McCarthy, Cheeks and Robbins making up the “Office of the CEO” upon his ouster. The three executives will work with the Paramount board and CFO Naveen Chopra.
“We’d like to thank Shari and the Board for putting their trust in us. This new structure will allow us to continue leveraging the power of the entire company. Ours is a partnership built on respect, camaraderie and, most importantly, a shared love of Paramount Global, its employees and our world-class content,” the memo reads.
The company did not take any questions during the earnings call Monday,...
Paramount announced Bakish was out at the company Monday, just ahead of releasing first-quarter earnings, with McCarthy, Cheeks and Robbins making up the “Office of the CEO” upon his ouster. The three executives will work with the Paramount board and CFO Naveen Chopra.
“We’d like to thank Shari and the Board for putting their trust in us. This new structure will allow us to continue leveraging the power of the entire company. Ours is a partnership built on respect, camaraderie and, most importantly, a shared love of Paramount Global, its employees and our world-class content,” the memo reads.
The company did not take any questions during the earnings call Monday,...
- 4/29/2024
- by Caitlin Huston
- The Hollywood Reporter - Movie News
George Cheeks, Brian Robbins and Chris McCarthy, the Paramount Global executives chosen to occupy the Office of the CEO as a replacement for the departing Bob Bakish, sought to reassure Wall Street on Monday that they have a plan.
The remarks, which took up just two minutes at the start of Paramount’s first-quarter earnings call, featured short comments from each exec, with the trio being played off by the Mission: Impossible theme. Cheeks began by thanking Bakish for his leadership.
“Paramount Global has the greatest content in the world,” he continued. “We’ve got incredible assets at this company.”
Equally as important, McCarthy said, is the fact that the three execs stepping in for Bakish are well-acquainted with each other. “We’re true partners,” he said, with a “deep respect for each other.”
The company is finalizing a long-term strategic plan, McCarthy added, built on three pillars: optimizing hit content,...
The remarks, which took up just two minutes at the start of Paramount’s first-quarter earnings call, featured short comments from each exec, with the trio being played off by the Mission: Impossible theme. Cheeks began by thanking Bakish for his leadership.
“Paramount Global has the greatest content in the world,” he continued. “We’ve got incredible assets at this company.”
Equally as important, McCarthy said, is the fact that the three execs stepping in for Bakish are well-acquainted with each other. “We’re true partners,” he said, with a “deep respect for each other.”
The company is finalizing a long-term strategic plan, McCarthy added, built on three pillars: optimizing hit content,...
- 4/29/2024
- by Dade Hayes
- Deadline Film + TV
Paramount has just unleashed its first quarter financials and they look pretty promising, although all eyes are on the shakeup in the C-suite. Revenue was higher across the board, albeit a hair shy of Wall Street expectations. Operating losses narrowed. Free cash flow rose, a key metric since it allows the company to pay down debt.
After a bleak Q4, TV and media group advertising jumped 14%, buoyed by Super Bowl Xviii on CBS in February. The studio had two winners in Mean Girls and Bob Marley: One Love. Paramount+ ended the quarter with more than 71 million subscribers, beating expectations and up from 65.7 million at the end of 2023.
The number hit just after the company confirmed that CEO Bob Bakish is departing, replaced with three division heads in a new office of the CEO amid drama-filled takeover talks with David Ellison’s Skydance.
In Bakish’ absence, CFO Naveen Chopra delivered the...
After a bleak Q4, TV and media group advertising jumped 14%, buoyed by Super Bowl Xviii on CBS in February. The studio had two winners in Mean Girls and Bob Marley: One Love. Paramount+ ended the quarter with more than 71 million subscribers, beating expectations and up from 65.7 million at the end of 2023.
The number hit just after the company confirmed that CEO Bob Bakish is departing, replaced with three division heads in a new office of the CEO amid drama-filled takeover talks with David Ellison’s Skydance.
In Bakish’ absence, CFO Naveen Chopra delivered the...
- 4/29/2024
- by Jill Goldsmith
- Deadline Film + TV
Paramount Global unveiled its first-quarter financial results Monday as controlling shareholder National Amusements, led by Shari Redstone, is in exclusive sale negotiations with a group led by David Ellison’s Skydance, as well as Gerry Cardinale’s RedBird Capital and Kkr.
During the latest quarter, the company hit 71 million Paramount+ streaming subscribers worldwide, up from 67.5 million Paramount+ customers at the end of its fourth quarter, with 3.7 million customers added during the past three months.
And the studio shrunk its streaming loss to $286 million for the first quarter, an improvement over a $511 million loss in Q1 2023. Direct-to-consumer revenue rose 24 percent to $1.87 billion, as advertising and subscription revenues were both up, driven by growth from Pluto TV and Paramount+.
Elsewhere, TV media revenue rose 1 percent to $5.2 billion and filmed entertainment revenue rose 3 percent to $605 million, driven by business from Mean Girls and Bob Marley: One Love.
Paramount’s latest earnings were released...
During the latest quarter, the company hit 71 million Paramount+ streaming subscribers worldwide, up from 67.5 million Paramount+ customers at the end of its fourth quarter, with 3.7 million customers added during the past three months.
And the studio shrunk its streaming loss to $286 million for the first quarter, an improvement over a $511 million loss in Q1 2023. Direct-to-consumer revenue rose 24 percent to $1.87 billion, as advertising and subscription revenues were both up, driven by growth from Pluto TV and Paramount+.
Elsewhere, TV media revenue rose 1 percent to $5.2 billion and filmed entertainment revenue rose 3 percent to $605 million, driven by business from Mean Girls and Bob Marley: One Love.
Paramount’s latest earnings were released...
- 4/29/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
The recent broadcast of Super Bowl Lviii boosted Paramount Global’s first quarter of 2024, stabilizing advertising revenue at its TV operations, as the company’s streaming operations added more than 3 million subscribers and cut losses there by more than 40%.
Overall, Paramount narrowed its first quarter operating losses while seeing a 6% uptick in revenue, due in large part to audience and advertiser interest in its Big Game presentation, which set a new viewing record.
The company released details of its first-quarter performance even as it announced a surprising executive turnover, with the heads of its TV, cable and movie businesses named to run the conglomerate after Bob Bakish, who had been the CEO for the past few years, was ousted. The company’s controlling shareholder, Shari Redstone, is in the midst of potential sale negotiations with a group led by the entertainment studio Skydance, RedBird Capital, and Kkr. In a sign...
Overall, Paramount narrowed its first quarter operating losses while seeing a 6% uptick in revenue, due in large part to audience and advertiser interest in its Big Game presentation, which set a new viewing record.
The company released details of its first-quarter performance even as it announced a surprising executive turnover, with the heads of its TV, cable and movie businesses named to run the conglomerate after Bob Bakish, who had been the CEO for the past few years, was ousted. The company’s controlling shareholder, Shari Redstone, is in the midst of potential sale negotiations with a group led by the entertainment studio Skydance, RedBird Capital, and Kkr. In a sign...
- 4/29/2024
- by Brian Steinberg
- Variety Film + TV
Paramount Global CEO Bob Bakish is out as the company unveiled a triumvirate leadership team shortly before its Q1 earnings report on Monday, amid ongoing uncertainty over who will eventually own the company.
Paramount Global has established an Office of the CEO comprising George Cheeks, president and CEO of CBS, Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks, and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
It is understood Bakish, who has worked with controlling shareholder Shari Redstone for more than 25 years since he joined Viacom in 1997, did not favour the bid...
Paramount Global has established an Office of the CEO comprising George Cheeks, president and CEO of CBS, Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks, and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
It is understood Bakish, who has worked with controlling shareholder Shari Redstone for more than 25 years since he joined Viacom in 1997, did not favour the bid...
- 4/29/2024
- ScreenDaily
It’s official: Bob Bakish is out as CEO of Paramount Global, the company announced Monday. The exec’s departure after nearly three decades at Paramount Global and predecessor Viacom comes as the media conglomerate’s board and controlling shareholder Shari Redstone are trying to lock down a deal to merge with Skydance Media.
Three of the company’s divisional heads will divvy up duties in the newly formed “Office of the CEO”: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
Word emerged over the weekend that Bakish was expected to exit the company imminently. Paramount Global said Bakish is “stepping down from his role as CEO” and from the board of directors. Bakish has agreed to remain employed with the company as a senior adviser from May 1 to Oct.
Three of the company’s divisional heads will divvy up duties in the newly formed “Office of the CEO”: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.
Word emerged over the weekend that Bakish was expected to exit the company imminently. Paramount Global said Bakish is “stepping down from his role as CEO” and from the board of directors. Bakish has agreed to remain employed with the company as a senior adviser from May 1 to Oct.
- 4/29/2024
- by Todd Spangler
- Variety Film + TV
Paramount Global CEO Bob Bakish is officially out at the company.
The entertainment conglomerate — in the middle of a sales process — is turning to a handful of top executives to run the company.
Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three executives will work with the Paramount board and CFO Naveen Chopra.
According to Paramount’s quarterly report, Bakish will officially step down on Tuesday, and has agreed to remain employed by the company through Oct. 31 as a “senior advisor.”
The dramatic change comes as Paramount is in the middle of an exclusive negotiating window with a potential buyer group consisting of David Ellison’s Skydance, RedBird Capital and Kkr, with talks circling a plan that would keep Paramount public but with Skydance and RedBird executives effectively running things and executing a new strategy.
The entertainment conglomerate — in the middle of a sales process — is turning to a handful of top executives to run the company.
Chris McCarthy, George Cheeks and Brian Robbins will make up an “Office of the CEO,” running Paramount on a day-to-day basis for now. The three executives will work with the Paramount board and CFO Naveen Chopra.
According to Paramount’s quarterly report, Bakish will officially step down on Tuesday, and has agreed to remain employed by the company through Oct. 31 as a “senior advisor.”
The dramatic change comes as Paramount is in the middle of an exclusive negotiating window with a potential buyer group consisting of David Ellison’s Skydance, RedBird Capital and Kkr, with talks circling a plan that would keep Paramount public but with Skydance and RedBird executives effectively running things and executing a new strategy.
- 4/29/2024
- by Alex Weprin and Georg Szalai
- The Hollywood Reporter - Movie News
Paramount Global CEO Bob Bakish saw his total compensation dip slightly in 2023, to $31.3 million from $32 million in the prior year.
The latest figures were disclosed Monday in an SEC filing.
The next-highest tally among top execs was for CFO Naveen Chopra, who collected $8 million, up from $6.5 million in 2022.
Bakish’s salary was $3.1 million and he was given a stock award of $15.5 million and another $12.4 million via the company’s non-equity incentive plan.
Along with executive compensation, the filing revealed the June 4 date of the company’s annual shareholder meeting. The meeting, which has seen more than its share of drama in recent years, could be another source of intrigue as controlling shareholder Shari Redstone considers a number of M&a options. Four members of the company’s board of directors, who would customarily have taken part in the meeting, recently announced they will not run for re-election.
Bakish’s salary had...
The latest figures were disclosed Monday in an SEC filing.
The next-highest tally among top execs was for CFO Naveen Chopra, who collected $8 million, up from $6.5 million in 2022.
Bakish’s salary was $3.1 million and he was given a stock award of $15.5 million and another $12.4 million via the company’s non-equity incentive plan.
Along with executive compensation, the filing revealed the June 4 date of the company’s annual shareholder meeting. The meeting, which has seen more than its share of drama in recent years, could be another source of intrigue as controlling shareholder Shari Redstone considers a number of M&a options. Four members of the company’s board of directors, who would customarily have taken part in the meeting, recently announced they will not run for re-election.
Bakish’s salary had...
- 4/22/2024
- by Dade Hayes
- Deadline Film + TV
Four board members at Paramount Global will step aside as talks continue with the David Ellison-led Skydance Media, the company confirmed Thursday in its proxy filing.
Dawn Ostroff, Nicole Seligman, Frederick Terrell and Rob Klieger will all depart the company’s board in the next few months, with Paramount telling shareholders in its annual proxy filing that they would not be standing for reelection. Paramount’s annual meeting has been scheduled for June 4, it is not immediately clear when the directors will leave the company.
Ostroff only joined the board a year ago. In the filing, the company said that the seven board nominees would be Robert M. Bakish, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips Jr., Shari E. Redstone and Susan Schuman.
Paramount — controlled by non-executive chair Redstone via her family’s National Amusements Inc. holding company — is in exclusive talks with Skydance...
Dawn Ostroff, Nicole Seligman, Frederick Terrell and Rob Klieger will all depart the company’s board in the next few months, with Paramount telling shareholders in its annual proxy filing that they would not be standing for reelection. Paramount’s annual meeting has been scheduled for June 4, it is not immediately clear when the directors will leave the company.
Ostroff only joined the board a year ago. In the filing, the company said that the seven board nominees would be Robert M. Bakish, Barbara M. Byrne, Linda M. Griego, Judith A. McHale, Charles E. Phillips Jr., Shari E. Redstone and Susan Schuman.
Paramount — controlled by non-executive chair Redstone via her family’s National Amusements Inc. holding company — is in exclusive talks with Skydance...
- 4/11/2024
- by Alex Weprin and Georg Szalai
- The Hollywood Reporter - Movie News
Four directors of Paramount Global will not standing for re-election at the annual meeting, an SEC filing has confirmed, paring the board down to seven directors.
Shareholders will vote on directors and other matters at the meet, which Paramount has set for June 4.
The proxy statement, which also lists the salaries of a company’s top five highest paid executives, said CEO Bob Bakish saw his compensation package dip slightly in 2023 to $31.3 million from $32 million in the prior year. He was by far the top-paid member of the senior management team, with the next-best-compensated being CFO Naveen Chopra, with a total package worth $8 million.
Bakish saw a $3.1 million base salary, stock awards worth $15.5 million and a cash incentive bonus of $12.4 million plus another $200+k for a total of $31.26 million.
Paramount is currently in an exclusive 30-day exclusive negotiating window with David Ellison’s Skydance Media for a deal that is...
Shareholders will vote on directors and other matters at the meet, which Paramount has set for June 4.
The proxy statement, which also lists the salaries of a company’s top five highest paid executives, said CEO Bob Bakish saw his compensation package dip slightly in 2023 to $31.3 million from $32 million in the prior year. He was by far the top-paid member of the senior management team, with the next-best-compensated being CFO Naveen Chopra, with a total package worth $8 million.
Bakish saw a $3.1 million base salary, stock awards worth $15.5 million and a cash incentive bonus of $12.4 million plus another $200+k for a total of $31.26 million.
Paramount is currently in an exclusive 30-day exclusive negotiating window with David Ellison’s Skydance Media for a deal that is...
- 4/11/2024
- by Jill Goldsmith and Dade Hayes
- Deadline Film + TV
Paramount Global has sold its 13% ownership stake in Indian TV and streaming company Viacom18 to Reliance Industries for $517 million. Reliance was already the majority owner of Viacom18.
The pact comes two weeks after Disney and Reliance Industries announced a blockbuster $8.5 billion deal merging their massive Indian TV and streaming businesses. As part of that agreement, Reliance’s Viacom18 is merging with Disney’s Star India.
On March 13, Paramount Global entered an agreement with Reliance Industries to sell Paramount’s entire 13.01% equity interest in Viacom18 for the equivalent to approximately $517 million based on the current foreign exchange rate, according to a filing with the SEC on Wednesday.
Bodhi Tree, a company controlled by former Disney India chair Uday Shankar and James Murdoch, owns 15.97% of Viacom18.
Viacom18 calls itself “one of India’s fastest growing entertainment networks.” The business includes a portfolio of 38 channels across general entertainment, movies, sports, youth, music and kids genres.
The pact comes two weeks after Disney and Reliance Industries announced a blockbuster $8.5 billion deal merging their massive Indian TV and streaming businesses. As part of that agreement, Reliance’s Viacom18 is merging with Disney’s Star India.
On March 13, Paramount Global entered an agreement with Reliance Industries to sell Paramount’s entire 13.01% equity interest in Viacom18 for the equivalent to approximately $517 million based on the current foreign exchange rate, according to a filing with the SEC on Wednesday.
Bodhi Tree, a company controlled by former Disney India chair Uday Shankar and James Murdoch, owns 15.97% of Viacom18.
Viacom18 calls itself “one of India’s fastest growing entertainment networks.” The business includes a portfolio of 38 channels across general entertainment, movies, sports, youth, music and kids genres.
- 3/13/2024
- by Todd Spangler
- Variety Film + TV
Paramount has engaged in sale discussions with Reliance Industries Ltd., which also purchased a majority of Disney’s Star operations this year.
Reliance Industries Ltd. is continuing its wheeling and dealing. A new report from Bloomberg indicates that Paramount has opened discussions with the Indian media conglomerate regarding its 13% stake in Viacom18, an Indian media joint venture. If the deal closes, it would increase the clout of Reliance, which is already one of India’s top media firms.
Paramount could garner as much as $550 million from the sale of its stake in Viacom18. Reliance purchased a majority stake in Disney’s Star operations earlier this year. The move is Paramount’s latest effort to cut costs ahead of possibly being acquired. Get 30 Days Free $5.99+ / month paramountplus.com
For a Limited Time, Get a Month of Paramount+ With Code: HUJQ6R.
Bloomberg’s report indicates that no deal is in place...
Reliance Industries Ltd. is continuing its wheeling and dealing. A new report from Bloomberg indicates that Paramount has opened discussions with the Indian media conglomerate regarding its 13% stake in Viacom18, an Indian media joint venture. If the deal closes, it would increase the clout of Reliance, which is already one of India’s top media firms.
Paramount could garner as much as $550 million from the sale of its stake in Viacom18. Reliance purchased a majority stake in Disney’s Star operations earlier this year. The move is Paramount’s latest effort to cut costs ahead of possibly being acquired. Get 30 Days Free $5.99+ / month paramountplus.com
For a Limited Time, Get a Month of Paramount+ With Code: HUJQ6R.
Bloomberg’s report indicates that no deal is in place...
- 3/8/2024
- by David Satin
- The Streamable
With U.S. media players having survived two strikes and focused on profitability for their streaming platforms, the obvious question is when will Hollywood’s content expenditures bounce back to where it was in 2022?
Don’t expect a quick recovery in content spending as the major studios’ spend-at-any-cost to produce peak TV dramas has ended, says a March 8 report from MoffettNathanson researchers. The number crunching points to overall cash content spending by Hollywood media players expected to grow by 5 percent in 2024, after an 8 percent drop in 2023 — which still leaves a shortfall from 2022 spending levels.
“We believe 2024 represents the new base level of spending for the industry as it exists today and project low single digit increases in the years ahead,” the MoffettNathanson report stated.
Besides spending on pricey TV dramas having slowed post-strikes, the report focused on a studio’s content amortization spend, or the accounting cost of specific content...
Don’t expect a quick recovery in content spending as the major studios’ spend-at-any-cost to produce peak TV dramas has ended, says a March 8 report from MoffettNathanson researchers. The number crunching points to overall cash content spending by Hollywood media players expected to grow by 5 percent in 2024, after an 8 percent drop in 2023 — which still leaves a shortfall from 2022 spending levels.
“We believe 2024 represents the new base level of spending for the industry as it exists today and project low single digit increases in the years ahead,” the MoffettNathanson report stated.
Besides spending on pricey TV dramas having slowed post-strikes, the report focused on a studio’s content amortization spend, or the accounting cost of specific content...
- 3/8/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Paramount’s top financial executive Naveen Chopra would not comment on M&a talks, except to say the company was always looking to create value for shareholders.
Paramount executives are well aware that merger and acquisition talks around the company have been fairly constant since December. Company CFO Naveen Chopra had the chance to discuss those reports directly at the 2024 Morgan Stanley Technology, Media and Telecom conference, and while he did not exactly offer a denial that the company was up for sale, he was more interested in discussing its plans to achieve domestic streaming profitability for Paramount+ by 2025.
Chopra would not comment in detail on talks that Paramount might be acquired by another company. Customers should expect Paramount+ to increase prices in the future, but likely not in 2024. Viewers should expect more streaming titles from Paramount+ to end up on Paramount-owned cable channels in the future. Get 30 Days Free $5.99+ / month paramountplus.
Paramount executives are well aware that merger and acquisition talks around the company have been fairly constant since December. Company CFO Naveen Chopra had the chance to discuss those reports directly at the 2024 Morgan Stanley Technology, Media and Telecom conference, and while he did not exactly offer a denial that the company was up for sale, he was more interested in discussing its plans to achieve domestic streaming profitability for Paramount+ by 2025.
Chopra would not comment in detail on talks that Paramount might be acquired by another company. Customers should expect Paramount+ to increase prices in the future, but likely not in 2024. Viewers should expect more streaming titles from Paramount+ to end up on Paramount-owned cable channels in the future. Get 30 Days Free $5.99+ / month paramountplus.
- 3/7/2024
- by David Satin
- The Streamable
Paramount Global chief financial officer Naveen Chopra said management is chipping away at debt, cutting costs, heading towards streaming profitability and otherwise “focused on execution” but won’t ignore other opportunities to create value for shareholders.
“We believe that continued execution of our plan will unlock value. We are very conscious of the fact that our job as management is to create value for all our shareholders. There are multiple ways to potentially accomplish that. But to the extent that there are other alternatives, we will be diligent about exploring them,” he told investors at a Morgan Stanley media conference when asked about M&a speculation swirling around the Bob Bakish-led, Shari Redstone-owned company for months, with no deal announced.
He declined to comment on the M&a chatter, which has zeroed in on David Ellison’s Skydance Media, Bryon Allen and, earlier, Warner Bros. Discovery.
He did noted...
“We believe that continued execution of our plan will unlock value. We are very conscious of the fact that our job as management is to create value for all our shareholders. There are multiple ways to potentially accomplish that. But to the extent that there are other alternatives, we will be diligent about exploring them,” he told investors at a Morgan Stanley media conference when asked about M&a speculation swirling around the Bob Bakish-led, Shari Redstone-owned company for months, with no deal announced.
He declined to comment on the M&a chatter, which has zeroed in on David Ellison’s Skydance Media, Bryon Allen and, earlier, Warner Bros. Discovery.
He did noted...
- 3/6/2024
- by Jill Goldsmith
- Deadline Film + TV
Paramount Global is focused on “getting the most we possibly can out of every single dollar that we invest in content,” CFO Naveen Chopra told an investor conference on Wednesday.
Speaking at the Morgan Stanley Tmt Conference in San Francisco in a session that was webcast, he said: “We feel very proud of our content portfolio. We think we punch above our weight and we’re incredibly excited about what’s coming. And we want to extract as much value as we possibly can.”
In the streaming space, that means a more focused approach to original programming and its timing of release. “It’s all about the right volume and the right cadence of original content, which you then use to drive consumers into library and affinity programming, which tends to be significantly less expensive and therefore more efficient,” Chopra said. “We really want every single one of our customers to believe that there are,...
Speaking at the Morgan Stanley Tmt Conference in San Francisco in a session that was webcast, he said: “We feel very proud of our content portfolio. We think we punch above our weight and we’re incredibly excited about what’s coming. And we want to extract as much value as we possibly can.”
In the streaming space, that means a more focused approach to original programming and its timing of release. “It’s all about the right volume and the right cadence of original content, which you then use to drive consumers into library and affinity programming, which tends to be significantly less expensive and therefore more efficient,” Chopra said. “We really want every single one of our customers to believe that there are,...
- 3/6/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
The logo of streaming service Paramount Plus. (Graphic by Bolivia Inteligente via Unsplash)
Paramount Global ended last year with around 67.5 million subscribers to its flagship streaming service Paramount Plus, the company announced on Thursday.
The data point was revealed in Paramount’s fourth quarter (Q4) and full-year earnings report, through which Paramount executives affirmed their subscribing losses peaked two years ago, and they expect Paramount Plus to be fully profitable by next year.
The 67.5 million subscribers reported on Thursday represent a net increase of 4.1 million customers. The figure doesn’t include the number of customers in the United States who purchased Paramount Plus with Showtime to stream the Super Bowl earlier this month, because the event fell outside the scope of the earnings report.
On a conference call with reporters, executives at Paramount said bundling offers like those promoted through marketplaces like Amazon Prime Video Channels and The Roku Channel...
Paramount Global ended last year with around 67.5 million subscribers to its flagship streaming service Paramount Plus, the company announced on Thursday.
The data point was revealed in Paramount’s fourth quarter (Q4) and full-year earnings report, through which Paramount executives affirmed their subscribing losses peaked two years ago, and they expect Paramount Plus to be fully profitable by next year.
The 67.5 million subscribers reported on Thursday represent a net increase of 4.1 million customers. The figure doesn’t include the number of customers in the United States who purchased Paramount Plus with Showtime to stream the Super Bowl earlier this month, because the event fell outside the scope of the earnings report.
On a conference call with reporters, executives at Paramount said bundling offers like those promoted through marketplaces like Amazon Prime Video Channels and The Roku Channel...
- 2/29/2024
- by Matthew Keys
- The Desk
The stock of Paramount Global, led by CEO Bob Bakish, was in Wall Street analysts’ focus on Thursday as they dissected its fourth-quarter 2023 earnings report from late Wednesday for signs of its outlook and possible deal future.
As of Thursday morning, several analysts spoke of a stabilization of sorts in Paramount’s business trends, with one suggesting a possible profit bottom may have been reached. But most experts also pointed to challenges for the Hollywood giant, meaning they aren’t ready to turn more bullish on its stock, at least at this stage.
The entertainment conglomerate, controlled by Shari Redstone’s National Amusements, told the Street it expected to deliver “significant total company earnings growth” in 2024 and reach profitability for streamer Paramount+ domestically in 2025, among other things.
Management also touted the opportunity for cutting the cost of film and TV titles in addition to corporate cost cuts via layoffs. “2023 presented...
As of Thursday morning, several analysts spoke of a stabilization of sorts in Paramount’s business trends, with one suggesting a possible profit bottom may have been reached. But most experts also pointed to challenges for the Hollywood giant, meaning they aren’t ready to turn more bullish on its stock, at least at this stage.
The entertainment conglomerate, controlled by Shari Redstone’s National Amusements, told the Street it expected to deliver “significant total company earnings growth” in 2024 and reach profitability for streamer Paramount+ domestically in 2025, among other things.
Management also touted the opportunity for cutting the cost of film and TV titles in addition to corporate cost cuts via layoffs. “2023 presented...
- 2/29/2024
- by Georg Szalai
- The Hollywood Reporter - Movie News
Paramount Global reported a surprise profit in the fourth quarter as well as solid streaming numbers, while revenues at the legacy segments declined over the period.
Overall the media conglomerate’s revenue declined 6% against the year-ago period to reach $7.64bn. That fell marginally against analysts’ forecasts, although there was unexpected profit as adjusted earnings per share reached four cents compared to a forecast loss of one cent.
Shares in Paramount Global rose by a couple of points after trading.
Additionally, executives said the company will take a $1bn write-down in the current quarter for layoffs and restructuring.
CEO Bob Bakish...
Overall the media conglomerate’s revenue declined 6% against the year-ago period to reach $7.64bn. That fell marginally against analysts’ forecasts, although there was unexpected profit as adjusted earnings per share reached four cents compared to a forecast loss of one cent.
Shares in Paramount Global rose by a couple of points after trading.
Additionally, executives said the company will take a $1bn write-down in the current quarter for layoffs and restructuring.
CEO Bob Bakish...
- 2/29/2024
- ScreenDaily
The inevitable M&a question came toward the end of Paramount Global’s hourlong conference call with Wall Street analysts on Wednesday — a session that undoubtedly would have been more contentious for Paramount leaders if they hadn’t started out by serving up sacrifices for the greater good of free cash flow and profit.
Paramount Global CEO Bob Bakish waved off the inquiry from Bank of America Merrill Lynch media analyst Jessica Reif Ehrlich about the tidal wave of media speculation about suitors coming (and going) for the company with a breezy “We’re always looking for ways to create shareholder value.” But it was clear from the earlier commentary and business updates from Bakish and chief financial officer Naveen Chopra that they are charting a course for this year and next to take streamer Paramount+ to the promised land of profitability and keeps the company entact as a standalone entity.
Paramount Global CEO Bob Bakish waved off the inquiry from Bank of America Merrill Lynch media analyst Jessica Reif Ehrlich about the tidal wave of media speculation about suitors coming (and going) for the company with a breezy “We’re always looking for ways to create shareholder value.” But it was clear from the earlier commentary and business updates from Bakish and chief financial officer Naveen Chopra that they are charting a course for this year and next to take streamer Paramount+ to the promised land of profitability and keeps the company entact as a standalone entity.
- 2/29/2024
- by Cynthia Littleton
- Variety Film + TV
After the Writers Guild and SAG-AFTRA strikes last year, and with every streaming service now laser-focused on profitability, Hollywood has been keeping a close watch on efforts to adjust content spend, either reducing spend overall, or finding ways to change the cost structure.
At Paramount, reducing that programming spend has now become a top corporate priority, according to CEO Bob Bakish and CFO Naveen Chopra, speaking on the company’s earnings call Wednesday.
“As we move into 2024, we’re focused on producing content more efficiently and magnifying the impact of our slate,” Bakish told analysts.
“2023 presented an opportunity to experiment with alternative lower-cost entertainment programming across our linear networks,” Chopra added, referencing the moves made by the company at CBS and its other networks during the strikes. “The performance we saw gives us confidence we can continue to reduce cost going forward while also delivering a consistent volume of high quality content.
At Paramount, reducing that programming spend has now become a top corporate priority, according to CEO Bob Bakish and CFO Naveen Chopra, speaking on the company’s earnings call Wednesday.
“As we move into 2024, we’re focused on producing content more efficiently and magnifying the impact of our slate,” Bakish told analysts.
“2023 presented an opportunity to experiment with alternative lower-cost entertainment programming across our linear networks,” Chopra added, referencing the moves made by the company at CBS and its other networks during the strikes. “The performance we saw gives us confidence we can continue to reduce cost going forward while also delivering a consistent volume of high quality content.
- 2/28/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Paramount Global expects to take a $1 billion charge in the current quarter due to ongoing programming shifts and the layoffs it announced earlier this month.
CFO Naveen Chopra delivered that outlook during the company’s fourth quarter earnings call with Wall Street analysts. The company is “making a variety of important changes to our global workforce and content strategy,” he said. “These moves reflect decisions we’ve made to transition our business and enhance our future value proposition. They will also result in a programming and restructuring charge in Q1, which we currently expect to be approximately $1 billion.”
The company has been increasingly “optimizing and sharing” programming across streaming and linear TV, Chopra noted. “We’re also focused on using the collective power of Paramount Global to unlock synergies more broadly. This mindset enables headcount cost reduction, including the action we announced earlier this month.”
Related: Paramount Global Put On...
CFO Naveen Chopra delivered that outlook during the company’s fourth quarter earnings call with Wall Street analysts. The company is “making a variety of important changes to our global workforce and content strategy,” he said. “These moves reflect decisions we’ve made to transition our business and enhance our future value proposition. They will also result in a programming and restructuring charge in Q1, which we currently expect to be approximately $1 billion.”
The company has been increasingly “optimizing and sharing” programming across streaming and linear TV, Chopra noted. “We’re also focused on using the collective power of Paramount Global to unlock synergies more broadly. This mindset enables headcount cost reduction, including the action we announced earlier this month.”
Related: Paramount Global Put On...
- 2/28/2024
- by Dade Hayes
- Deadline Film + TV
Paramount Global hit 67.5 million Paramount+ streaming subscribers worldwide at the end of its fourth quarter, a gain of 4.1 million from the previous financial quarter.
The Hollywood conglomerate, with its future the subject of mounting speculation on Wall Street, on Wednesday said it expected to deliver “significant total company earnings growth” in 2024, and reach profitability for Paramount+ domestically in 2025.
On an after-market analyst call, Paramount CEO Bob Bakish underlined increases in viewer engagement, reduced churn and a subscription price increase as bringing profitability to Paramount+ next year, which represented a “significant and exciting milestone in the company’s transformation.” The studio’s CFO, Naveen Chopra, also forecast a lower programming spend for Paramount’s streaming platforms.
“I do think sub growth in 2024 will be lower than 2023, though importantly I’d point out we do still expect very healthy Paramount+ revenue growth and, of course, revenue is the more important metric than subs,...
The Hollywood conglomerate, with its future the subject of mounting speculation on Wall Street, on Wednesday said it expected to deliver “significant total company earnings growth” in 2024, and reach profitability for Paramount+ domestically in 2025.
On an after-market analyst call, Paramount CEO Bob Bakish underlined increases in viewer engagement, reduced churn and a subscription price increase as bringing profitability to Paramount+ next year, which represented a “significant and exciting milestone in the company’s transformation.” The studio’s CFO, Naveen Chopra, also forecast a lower programming spend for Paramount’s streaming platforms.
“I do think sub growth in 2024 will be lower than 2023, though importantly I’d point out we do still expect very healthy Paramount+ revenue growth and, of course, revenue is the more important metric than subs,...
- 2/28/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
Paramount Global said it narrowed losses in its streaming business in its fourth quarter while grappling with declines in revenue in its larger TV and movie operations, echoing a dynamic followed by media rivals including Warner Bros. Discovery and Disney.
The New York owner of the CBS broadcast network, the Paramount+ streaming hub and the Nickelodeon cable channel said it saw a 6% decline in overall revenue during the period as the effects of last year’s Hollywood strikes weighed on its film and TV operations, which grappled with declines in advertising sales, content licensing fees and affiliate revenues.
In remarks, Paramount Global CFO Naveen Chopra emphasized an increasing focus on cutting costs, and said the company anticipated a charge of $1 billion in the first quarter for layoffs and restructuring. Paramount recently laid off about 800 staffers. Chopra also said that those costs would include $200 million tied to restructuring and the rest for programming write-off charges,...
The New York owner of the CBS broadcast network, the Paramount+ streaming hub and the Nickelodeon cable channel said it saw a 6% decline in overall revenue during the period as the effects of last year’s Hollywood strikes weighed on its film and TV operations, which grappled with declines in advertising sales, content licensing fees and affiliate revenues.
In remarks, Paramount Global CFO Naveen Chopra emphasized an increasing focus on cutting costs, and said the company anticipated a charge of $1 billion in the first quarter for layoffs and restructuring. Paramount recently laid off about 800 staffers. Chopra also said that those costs would include $200 million tied to restructuring and the rest for programming write-off charges,...
- 2/28/2024
- by Brian Steinberg
- Variety Film + TV
Disney+ may face a large cancel reaction in the near future, as 44% of its subscribers said they’ll cancel if stricter password-sharing rules are enforced.
The understandable disappointment by customers at the spread of rules against password sharing is not stopping streaming providers from enacting such rules. Disney became the latest company to update its streaming user agreements, forbidding subscribers to Disney+, Hulu and ESPN+ from sharing their login information. A new survey from Forbes indicates these changes have not created a marked shift in customer behavior so far, as 56% of respondents said they still use a streaming account someone else pays for.
Despite the high number of sharers, 68% of streaming customers pay for their streaming services by themselves. The survey notes that 90% of customers say they’ll cancel an account if password-sharing rules are enforced. Netflix and Disney streamers are underway on password-sharing restrictions, while Paramount+ has signaled no such rules are forthcoming.
The understandable disappointment by customers at the spread of rules against password sharing is not stopping streaming providers from enacting such rules. Disney became the latest company to update its streaming user agreements, forbidding subscribers to Disney+, Hulu and ESPN+ from sharing their login information. A new survey from Forbes indicates these changes have not created a marked shift in customer behavior so far, as 56% of respondents said they still use a streaming account someone else pays for.
Despite the high number of sharers, 68% of streaming customers pay for their streaming services by themselves. The survey notes that 90% of customers say they’ll cancel an account if password-sharing rules are enforced. Netflix and Disney streamers are underway on password-sharing restrictions, while Paramount+ has signaled no such rules are forthcoming.
- 2/16/2024
- by David Satin
- The Streamable
Disney CEO Bob Iger confirmed the news this week, saying the company likely wouldn’t see any financial gains from the change until 2025.
Despite all the magic and mystique that surrounds Disney theme parks, and the whole Disney brand in general, the company is just that: a company. Its bottom line always comes first, particularly when it’s working so hard to make streaming the centerpiece of its entertainment offerings going forward.
Rules against password sharing are coming to American Disney+ subscribers next year. Disney CEO Bob Iger says the company won’t see tangible financial gain from the rule change until next year. Users in Canada have already noted some changes, specifically an updated user agreement which says password sharing is against Disney+’s terms of service. Sign Up Now $7.99+ / month disneyplus.com
Get Disney+, Hulu, and ESPN+ for just $14.99 a month ($12 savings).
When Will Disney+ Enact Password Sharing Rules?...
Despite all the magic and mystique that surrounds Disney theme parks, and the whole Disney brand in general, the company is just that: a company. Its bottom line always comes first, particularly when it’s working so hard to make streaming the centerpiece of its entertainment offerings going forward.
Rules against password sharing are coming to American Disney+ subscribers next year. Disney CEO Bob Iger says the company won’t see tangible financial gain from the rule change until next year. Users in Canada have already noted some changes, specifically an updated user agreement which says password sharing is against Disney+’s terms of service. Sign Up Now $7.99+ / month disneyplus.com
Get Disney+, Hulu, and ESPN+ for just $14.99 a month ($12 savings).
When Will Disney+ Enact Password Sharing Rules?...
- 11/9/2023
- by David Satin
- The Streamable
Speaking with Wall Street analysts on Thursday, Paramount executives confirmed the coming months would see a price hike for Paramount+ users.
Last quarter was a good one for Paramount+. On the heels of a price increase that saw its ad-free tier rise in cost to $11.99 per month and its ad-supported plan jump to $5.99 when Paramount+ integrated Showtime in June, the service gained 2.7 million new subscribers in the third quarter.
Paramount executives confirmed again on Thursday that they saw room to raise Paramount+ prices further. The company’s last price increase led to fewer cancelations than forecast. Rules against password sharing are not expected in the near future, however, as the company does not see sharing users as a meaningful profit drain. Save $20 Now $5.99+ / month paramountplus.com
For a Limited Time, Get 1 Month of Paramount+ With Code: Wantmore
When is Paramount+ Raising Prices Next?
As is the company’s standard, Paramount...
Last quarter was a good one for Paramount+. On the heels of a price increase that saw its ad-free tier rise in cost to $11.99 per month and its ad-supported plan jump to $5.99 when Paramount+ integrated Showtime in June, the service gained 2.7 million new subscribers in the third quarter.
Paramount executives confirmed again on Thursday that they saw room to raise Paramount+ prices further. The company’s last price increase led to fewer cancelations than forecast. Rules against password sharing are not expected in the near future, however, as the company does not see sharing users as a meaningful profit drain. Save $20 Now $5.99+ / month paramountplus.com
For a Limited Time, Get 1 Month of Paramount+ With Code: Wantmore
When is Paramount+ Raising Prices Next?
As is the company’s standard, Paramount...
- 11/3/2023
- by David Satin
- The Streamable
After exceeding revenue estimates and topping expectations for how much it could cut losses in its streaming unit (only $238 million in the red is a win right now), Wall Street analysts picked through Paramount Global’s Nov. 2 earnings report for how it’s faring in a battle to survive in a landscape with far larger media and tech giants.
The company, controlled by Shari Redstone and run by Bob Bakish, hit 63 million global streaming subscribers in the latest quarter (a gain of 2 million) and touted that total revenue hit $7.1 billion, up 10 percent year-over-year, with free cash flow at $377 million.
The company’s leadership also believes that 2022 marked the peak investment year for its streaming ambitions — powered by Paramount+ and Pluto TV — and that this year losses will be overall lower than last year, an encouraging sign. Partnerships with Delta and Walmart+ were touted by the company as far as expanding...
The company, controlled by Shari Redstone and run by Bob Bakish, hit 63 million global streaming subscribers in the latest quarter (a gain of 2 million) and touted that total revenue hit $7.1 billion, up 10 percent year-over-year, with free cash flow at $377 million.
The company’s leadership also believes that 2022 marked the peak investment year for its streaming ambitions — powered by Paramount+ and Pluto TV — and that this year losses will be overall lower than last year, an encouraging sign. Partnerships with Delta and Walmart+ were touted by the company as far as expanding...
- 11/3/2023
- by Erik Hayden
- The Hollywood Reporter - Movie News
SAG-AFTRA says it is waiting on Hollywood studios to respond to several proposals as negotiations over a new three-year labor contract continue.
The union previously stated that it had sent its latest AI proposal to the studio side Wednesday and a “comprehensive” proposal package Saturday; as of Thursday evening, union negotiators were still awaiting responses, according to the SAG-AFTRA negotiating committee.
“The Negotiating Committee was on standby today awaiting a response from the AMPTP on both the AI counter we presented yesterday, and the comprehensive counter proposal we passed across the table five days ago,” the committee said in a statement to members Thursday night.
“The ball is entirely in their court,” added one union-side source. According to the negotiating committee, work will resume on the contract Friday.
On Friday morning a studio-side source emphasized that SAG-AFTRA and the AMPTP met the previous day and that both sides are currently working on all unresolved issues.
The union previously stated that it had sent its latest AI proposal to the studio side Wednesday and a “comprehensive” proposal package Saturday; as of Thursday evening, union negotiators were still awaiting responses, according to the SAG-AFTRA negotiating committee.
“The Negotiating Committee was on standby today awaiting a response from the AMPTP on both the AI counter we presented yesterday, and the comprehensive counter proposal we passed across the table five days ago,” the committee said in a statement to members Thursday night.
“The ball is entirely in their court,” added one union-side source. According to the negotiating committee, work will resume on the contract Friday.
On Friday morning a studio-side source emphasized that SAG-AFTRA and the AMPTP met the previous day and that both sides are currently working on all unresolved issues.
- 11/3/2023
- by Katie Kilkenny
- The Hollywood Reporter - Movie News
Update 9:17 Pm: SAG-AFTRA’s TV/Theatrical Negotiating Committee informed members tonight that they’re awaiting a response from studios on the guild’s AI counter from yesterday as well as the actors’ “comprehensive counter proposal” they put forth to the AMPTP five days ago.
As Deadline told you earlier, today was one of non-talks, however, sources believe that the studios are reviewing all the AI intel the guilds put before them.
“The Negotiating Committee was on standby today awaiting a response from the AMPTP on both the AI counter we presented yesterday, and the comprehensive counter proposal we passed across the table five days ago,” read tonight’s statement from the TV/Theatrical Negotiating Committee.
“Our team looks forward to continuing bargaining with the companies tomorrow,” ended the statement.
Tomorrow, Friday, will mark the 113th day of the actors’ strike. Sources on both sides would not be shocked if talks extend into the weekend.
As Deadline told you earlier, today was one of non-talks, however, sources believe that the studios are reviewing all the AI intel the guilds put before them.
“The Negotiating Committee was on standby today awaiting a response from the AMPTP on both the AI counter we presented yesterday, and the comprehensive counter proposal we passed across the table five days ago,” read tonight’s statement from the TV/Theatrical Negotiating Committee.
“Our team looks forward to continuing bargaining with the companies tomorrow,” ended the statement.
Tomorrow, Friday, will mark the 113th day of the actors’ strike. Sources on both sides would not be shocked if talks extend into the weekend.
- 11/3/2023
- by Dominic Patten and Anthony D'Alessandro
- Deadline Film + TV
The media giant’s third quarter results show a 63% increase in theatrical revenue.
The Paramount+ streaming service reached 63m subscribers around the world in the third quarter of 2023, parent Paramount Global has reported, helping drive a 38% increase in the media giant’s direct-to-consumer revenue.
The Hollywood writers and actors strikes, however, caused nearly $60m in “strike-related idle costs,” the company said, with more costs expected in the fourth quarter.
Paramount+ added 2.7m subscribers in the quarter and the company said it believes that its streaming losses peaked in 2022. Paramount Global is now “clearly advancing on the path to streaming profitability,...
The Paramount+ streaming service reached 63m subscribers around the world in the third quarter of 2023, parent Paramount Global has reported, helping drive a 38% increase in the media giant’s direct-to-consumer revenue.
The Hollywood writers and actors strikes, however, caused nearly $60m in “strike-related idle costs,” the company said, with more costs expected in the fourth quarter.
Paramount+ added 2.7m subscribers in the quarter and the company said it believes that its streaming losses peaked in 2022. Paramount Global is now “clearly advancing on the path to streaming profitability,...
- 11/2/2023
- by John Hazelton
- ScreenDaily
The actors are still on strike and it’s still costing Paramount Global.
The owner of CBS, MTV and Nickelodeon revealed during its third quarter earnings report Thursday that the strikes have cost the company $60 million over the past three months.
Paramount CFO Naveen Chopra said that “Shifting gears a bit, I’d like to provide additional detail regarding the financial impact of the strikes … nearly $60 million of strike-related idle costs. These are incremental expenses incurred to retain production capabilities while the strike is ongoing. These costs impacted both our TV media and film entertainment segments.”
He added that Paramount also expects to incur additional costs in the fourth quarter given there’s no deal yet between SAG-AFTRA and the studios. The strike is in its 112th day.
Earlier on the company’s investor call, CEO Bob Bakish said that the company was “happy” the WGA deal was “reached and ratified.
The owner of CBS, MTV and Nickelodeon revealed during its third quarter earnings report Thursday that the strikes have cost the company $60 million over the past three months.
Paramount CFO Naveen Chopra said that “Shifting gears a bit, I’d like to provide additional detail regarding the financial impact of the strikes … nearly $60 million of strike-related idle costs. These are incremental expenses incurred to retain production capabilities while the strike is ongoing. These costs impacted both our TV media and film entertainment segments.”
He added that Paramount also expects to incur additional costs in the fourth quarter given there’s no deal yet between SAG-AFTRA and the studios. The strike is in its 112th day.
Earlier on the company’s investor call, CEO Bob Bakish said that the company was “happy” the WGA deal was “reached and ratified.
- 11/2/2023
- by Peter White
- Deadline Film + TV
Amid its quest to slim down its asset portfolio to scale up its core entertainment ambitions, Paramount Global hit 63 million global streaming subscribers in the latest quarter (up from 61 million as of the end of June) and kept narrowing losses in its direct-to-consumer segment to $238 million, a possibly encouraging sign for Wall Street.
The Bob Bakish-led conglomerate, home to Paramount Studios, CBS, Showtime, MTV, Comedy Central, BET and Nickelodeon, has battled the perception that it’s too small to compete at scale in streaming with giants like Netflix (247 million subscribers) or Disney+ (105 million core subs).
Overall, Paramount reported $621 million in operating income for the third-quarter, up 10 percent from the same frame a year ago. The company also disclosed “nearly $60 million of strike-related idle costs” in its latest quarter amid the Writers Guild of America and SAG-AFTRA strikes, CFO Naveen Chopra said. “These are incremental expenses incurred to retain production...
The Bob Bakish-led conglomerate, home to Paramount Studios, CBS, Showtime, MTV, Comedy Central, BET and Nickelodeon, has battled the perception that it’s too small to compete at scale in streaming with giants like Netflix (247 million subscribers) or Disney+ (105 million core subs).
Overall, Paramount reported $621 million in operating income for the third-quarter, up 10 percent from the same frame a year ago. The company also disclosed “nearly $60 million of strike-related idle costs” in its latest quarter amid the Writers Guild of America and SAG-AFTRA strikes, CFO Naveen Chopra said. “These are incremental expenses incurred to retain production...
- 11/2/2023
- by Erik Hayden
- The Hollywood Reporter - Movie News
Bob Bakish, president and CEO of Paramount Global, appears confident SAG-AFTRA and the Alliance of Motion Picture and Television Producers will reach a deal to end the ongoing actors strike.
Speaking at the international television conference MIPCOM on Tuesday, where he received the 2023 personality of the year award, Bakish said despite negotiations breaking down last week, he was optimistic the industry will see an end to the three-month-long strike action.
“[The actors] are at the table,” Bakish said. “Yes, things broke down a bit last week, but they want to be back at the table. And we’ll get there because ultimately, we all want to get back to work … I’m optimistic we’ll get there as an industry in the near term.”
In May, shortly after the Writers Guild of America went on strike, Bakish said on a company earnings call that Paramount had been preparing for the possibility of...
Speaking at the international television conference MIPCOM on Tuesday, where he received the 2023 personality of the year award, Bakish said despite negotiations breaking down last week, he was optimistic the industry will see an end to the three-month-long strike action.
“[The actors] are at the table,” Bakish said. “Yes, things broke down a bit last week, but they want to be back at the table. And we’ll get there because ultimately, we all want to get back to work … I’m optimistic we’ll get there as an industry in the near term.”
In May, shortly after the Writers Guild of America went on strike, Bakish said on a company earnings call that Paramount had been preparing for the possibility of...
- 10/17/2023
- by Scott Roxborough
- The Hollywood Reporter - Movie News
The writers and actors strikes are good for business? Fake news, says the guilds. Well, technically, the WGA called that point-of-view “calculated disinformation.” Of course, they’re also the union back at the bargaining table with the studios of the Alliance of Motion Picture and Television Producers (AMPTP).
Truth is, the companies are saving money, but only in the short term. With no productions comes no production costs — the free cash flow is truly free-cash flowing. It’s been a temporary reprieve for both the strapped streamers who now realize their business isn’t bulletproof and for the legacy media companies reliant on the dying linear-television medium. But that’s the whole thing; it’s temporary.
Still, the town’s chief financial officers are making hay while the sun shines and the studio lights do not. Better-than-expected results in the June quarter have given way to improved forecasts for the September one.
Truth is, the companies are saving money, but only in the short term. With no productions comes no production costs — the free cash flow is truly free-cash flowing. It’s been a temporary reprieve for both the strapped streamers who now realize their business isn’t bulletproof and for the legacy media companies reliant on the dying linear-television medium. But that’s the whole thing; it’s temporary.
Still, the town’s chief financial officers are making hay while the sun shines and the studio lights do not. Better-than-expected results in the June quarter have given way to improved forecasts for the September one.
- 8/15/2023
- by Brian Welk and Tony Maglio
- Indiewire
Paramount Global is embarking on a rethink of its streaming content strategy, one that executives suggest will lower the cost of content (to help profitability), while also reducing churn among its subscribers.
On the company’s earnings call, CEO Bob Bakish and CFO Naveen Chopra outlined the plan, with Bakish referencing the company’s “evolving content slate.”
“As Bob pointed out, there’s no question we make great content, but it matters just as much that we do it efficiently,” Chopra told analysts on the company’s earnings call.
To that end: “In streaming, we’re focused on optimizing spending and content and marketing, the two largest expense categories in our streaming P & L,” he added.
Chopra said the company is using its internal data to change its content slate, and will focus on “carefully-defined specific audience segments.” The company, Chopra noted, has “evolved our programming strategy to super serve...
On the company’s earnings call, CEO Bob Bakish and CFO Naveen Chopra outlined the plan, with Bakish referencing the company’s “evolving content slate.”
“As Bob pointed out, there’s no question we make great content, but it matters just as much that we do it efficiently,” Chopra told analysts on the company’s earnings call.
To that end: “In streaming, we’re focused on optimizing spending and content and marketing, the two largest expense categories in our streaming P & L,” he added.
Chopra said the company is using its internal data to change its content slate, and will focus on “carefully-defined specific audience segments.” The company, Chopra noted, has “evolved our programming strategy to super serve...
- 8/7/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Paramount Global hosted its second-quarter earnings call Tuesday amid the ongoing writers and actors strikes in Hollywood. Just like every other major media company that has reported its Q2 results already, the CBS parent company’s execs addressed the work stoppages with hopes for a timely resolution and comments on how it will affect their business operations.
“We anticipate continued delays in production for the duration of the strikes, and as such, we estimate free cash flow in the back half of the year will be significantly higher than previously expected,” Paramount CFO Naveen Chopra said.
Chopra’s projection comes a week after Warner Bros. Discovery CFO Gunnar Wiedenfels stated that the company had saved more than $100 million in Q2 as a result of delayed and scrapped productions during the Hollywood strikes.
The Writers Guild of America has been on strike since May 2, as a result of being unable to...
“We anticipate continued delays in production for the duration of the strikes, and as such, we estimate free cash flow in the back half of the year will be significantly higher than previously expected,” Paramount CFO Naveen Chopra said.
Chopra’s projection comes a week after Warner Bros. Discovery CFO Gunnar Wiedenfels stated that the company had saved more than $100 million in Q2 as a result of delayed and scrapped productions during the Hollywood strikes.
The Writers Guild of America has been on strike since May 2, as a result of being unable to...
- 8/7/2023
- by Jennifer Maas
- Variety Film + TV
Bob Bakish, CEO of Paramount Global, has found himself on his second earnings call discuss a strike in Hollywood.
“I’d like to take a moment to address the issue that is top of mind for all of us. The ongoing writers and actor strikes. were saddened that as an industry, we couldn’t come to an agreement that would have prevented this. Our partnership with the creative community is critical to the health of our industry, so we remain hopeful for a timely resolution, and we are committed to finding a path forward. At the same time, we have a responsibility to minimize disruptions to our audiences and other constituents,” he said.
This comes after the WGA and the AMPTP failed to reach an agreement to resume contract negotiations after a meeting on Friday.
While the company revealed that free cash flow would be “significantly” higher as a result of cost-savings,...
“I’d like to take a moment to address the issue that is top of mind for all of us. The ongoing writers and actor strikes. were saddened that as an industry, we couldn’t come to an agreement that would have prevented this. Our partnership with the creative community is critical to the health of our industry, so we remain hopeful for a timely resolution, and we are committed to finding a path forward. At the same time, we have a responsibility to minimize disruptions to our audiences and other constituents,” he said.
This comes after the WGA and the AMPTP failed to reach an agreement to resume contract negotiations after a meeting on Friday.
While the company revealed that free cash flow would be “significantly” higher as a result of cost-savings,...
- 8/7/2023
- by Peter White
- Deadline Film + TV
Updated with sale announced: Paramount Global has inked a deal to sell publisher Simon & Schuster to private investment giant Kkr, the media conglom said this afternoon as it reported second-quarter earnings.
“We are pleased to have reached an agreement on a transaction that delivers excellent value to Paramount shareholders while also positioning Simon & Schuster for its next phase of growth with Kkr,” said Bob Bakish, Paramount Global CEO. “The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delevering our balance sheet.”
Bakish is currently talking with analysts on a post-earnings conference call, more details to come.
The company said that ffter the closing of the transaction, Simon & Schuster will become a standalone private company and will continue to be led by Jonathan Karp, President and CEO and Dennis Eulau, COO and CFO of Simon & Schuster.
“All of the executives...
“We are pleased to have reached an agreement on a transaction that delivers excellent value to Paramount shareholders while also positioning Simon & Schuster for its next phase of growth with Kkr,” said Bob Bakish, Paramount Global CEO. “The proceeds will give Paramount additional financial flexibility and greater ability to create long-term value for shareholders, while also delevering our balance sheet.”
Bakish is currently talking with analysts on a post-earnings conference call, more details to come.
The company said that ffter the closing of the transaction, Simon & Schuster will become a standalone private company and will continue to be led by Jonathan Karp, President and CEO and Dennis Eulau, COO and CFO of Simon & Schuster.
“All of the executives...
- 8/7/2023
- by Jill Goldsmith
- Deadline Film + TV
Tom Cruise helped Paramount Global’s operations do good business last year, but he wasn’t able to lend a similar boost in the second quarter of 2023.
The New York owner of CBS, Nickelodeon and the Paramount movie studio posted a second-quarter loss after ad revenue at its various TV networks sunk 10% and the company proved unable to devise a movie hit on the order of last year’s “Top Gun: Maverick.” Revenue was off 39% at the company’s film operations. Paramount saw a loss of $299 million, or 48 cents per share, in its second quarter. Adjusted for one-time items, earnings came to 10 cents per share.
The tough results on the company’s linear side came even as it saw robust performance from streaming. Paramount narrowed its direct-to-consumer loss to $424 million in the second quarter, compared to a loss of $445 million in the year-earlier period and a loss of $511 million in the first quarter.
The New York owner of CBS, Nickelodeon and the Paramount movie studio posted a second-quarter loss after ad revenue at its various TV networks sunk 10% and the company proved unable to devise a movie hit on the order of last year’s “Top Gun: Maverick.” Revenue was off 39% at the company’s film operations. Paramount saw a loss of $299 million, or 48 cents per share, in its second quarter. Adjusted for one-time items, earnings came to 10 cents per share.
The tough results on the company’s linear side came even as it saw robust performance from streaming. Paramount narrowed its direct-to-consumer loss to $424 million in the second quarter, compared to a loss of $445 million in the year-earlier period and a loss of $511 million in the first quarter.
- 8/7/2023
- by Brian Steinberg
- Variety Film + TV
Paramount Global reached 61 million Paramount+ streaming subscribers worldwide in the three months ended June 30, a slight gain from the 60 million announced last quarter, but importantly the company pared down its streaming losses.
On the streaming side, the company reported a quarterly adjusted operating loss before depreciation and amortization of $424 million compared to $511 million last quarter and $445 million a year ago. Subscription revenue increased 21 percent year-over-year, to reach $1.2 billion, thanks to growth in the number of subscribers compared to Q2 2022, as well as growth in digital advertising.
Addressing the softness in net subscriber addition, CFO Naveen Chopra said the numbers reflect “seasonal softness” as well as “a strategic shift of content releases to better align with the launch of Paramount+ with Showtime.” Subscriber growth is expected to be higher in the back half of the year, but he noted that Q3 will see the loss of just over 1 million subscribers due...
On the streaming side, the company reported a quarterly adjusted operating loss before depreciation and amortization of $424 million compared to $511 million last quarter and $445 million a year ago. Subscription revenue increased 21 percent year-over-year, to reach $1.2 billion, thanks to growth in the number of subscribers compared to Q2 2022, as well as growth in digital advertising.
Addressing the softness in net subscriber addition, CFO Naveen Chopra said the numbers reflect “seasonal softness” as well as “a strategic shift of content releases to better align with the launch of Paramount+ with Showtime.” Subscriber growth is expected to be higher in the back half of the year, but he noted that Q3 will see the loss of just over 1 million subscribers due...
- 8/7/2023
- by Caitlin Huston
- The Hollywood Reporter - Movie News
Paramount Global reported mixed results for its second quarter of 2023 on Monday after reporting a net loss from continuing operations of $299 million, or a diluted loss of 59 cents per share, on revenue of $7.6 billion.
Analysts surveyed by Zacks Investment Research were expecting a loss of 1 cent per share on revenue of $7.43 billion.
Paramount’s direct-to-consumer division, which includes Paramount+ and Pluto, a free, ad-supported streaming service, saw revenue of $1.7 billion, up 40% year over year. Paramount+ subscribers increased by 700,000 in the quarter to 61 million. The division’s loss narrowed to $424 million.
In June, the company officially rolled out its integration of Paramount+ and Showtime, which is expected to generate $700 million of expense savings for the company. The move was accompanied by price increases on some streaming tiers. Paramount recorded $697 million in programming charges in connection with the combination.
Revenue from the company’s TV Media segment was nearly flat at $5.2 billion,...
Analysts surveyed by Zacks Investment Research were expecting a loss of 1 cent per share on revenue of $7.43 billion.
Paramount’s direct-to-consumer division, which includes Paramount+ and Pluto, a free, ad-supported streaming service, saw revenue of $1.7 billion, up 40% year over year. Paramount+ subscribers increased by 700,000 in the quarter to 61 million. The division’s loss narrowed to $424 million.
In June, the company officially rolled out its integration of Paramount+ and Showtime, which is expected to generate $700 million of expense savings for the company. The move was accompanied by price increases on some streaming tiers. Paramount recorded $697 million in programming charges in connection with the combination.
Revenue from the company’s TV Media segment was nearly flat at $5.2 billion,...
- 8/7/2023
- by Lucas Manfredi
- The Wrap
Netflix could be eyeing a big acquisition like Paramount or another studio thanks in part to the big runup in its stock that could enable a pivot to growth through mergers and acquisitions, according to Business Insider.
The report Thursday noted that Netflix has made strategic purchases in the past, notably in animation — it bought Australian animation studio Animal Logic last year — and its games business, including its buys of “Oxenfree” maker Night School in 2021 and Spry Fox in 2022. It also bought the Roald Dahl Story Company in 2021, with the intent to use the “Willy Wonka” author’s titles to deepen its original programming.
But now, for the first time since its founding 25 years ago, Netflix is looking for M&a to play a bigger role, the report said.
Among the catalysts are the need to find new avenues for boosting subscribers, even as it separately efforts to sign up users...
The report Thursday noted that Netflix has made strategic purchases in the past, notably in animation — it bought Australian animation studio Animal Logic last year — and its games business, including its buys of “Oxenfree” maker Night School in 2021 and Spry Fox in 2022. It also bought the Roald Dahl Story Company in 2021, with the intent to use the “Willy Wonka” author’s titles to deepen its original programming.
But now, for the first time since its founding 25 years ago, Netflix is looking for M&a to play a bigger role, the report said.
Among the catalysts are the need to find new avenues for boosting subscribers, even as it separately efforts to sign up users...
- 6/22/2023
- by Eileen AJ Connelly
- The Wrap
Paramount Global is “deep into the marketing process” for publisher Simon & Schuster and can see a path to closing a deal this year, CFO Naveen Chopra said today, putting the first timeframe on a sale.
It’s a “sizable transaction” and “very competitive” with strong interest from strategic and financial buyers, he told the Gabelli Funds media conference in New York. The company has targeted the book business as non-strategic and had initially closed a deal to sell it to Bertelsmann’s Penguin Random House for $2.2 billion. It walked away from that after the Department of Justice sued to block the merger and a federal judge upheld the government’s position.
The company is looking at selling a majority stake of BET with a number of potential buyers including Tyler Perry and Byron Allen, stepping up. It’s been divesting real estate, selling the CBS Black Rock corporate headquarters...
It’s a “sizable transaction” and “very competitive” with strong interest from strategic and financial buyers, he told the Gabelli Funds media conference in New York. The company has targeted the book business as non-strategic and had initially closed a deal to sell it to Bertelsmann’s Penguin Random House for $2.2 billion. It walked away from that after the Department of Justice sued to block the merger and a federal judge upheld the government’s position.
The company is looking at selling a majority stake of BET with a number of potential buyers including Tyler Perry and Byron Allen, stepping up. It’s been divesting real estate, selling the CBS Black Rock corporate headquarters...
- 6/8/2023
- by Jill Goldsmith
- Deadline Film + TV
In a dividend shocker this morning, Paramout Global said it’s slashing quarterly payouts to 5 cents, so 20 cents, annually — a major drop from about 24 cents a quarter or nearly a buck a year. It said the move would save it $500 million annually and that it’s important to conserve cash and pay down debt given strong macroeconmic headwinds.
Investors were taken aback. The shares had dipped on the weak quarterly numbers earlier today and took anoter dive – they’re currently down 23%. Why the cut now? analysts asked on a conference call after the earnings. Yes, broadcast and cable advertising fell 11% last quarter, contributing to flat revenue and red ink. However, CEO Bob Bakish and CFO Naveen Chopra had just finished saying that the ad market shows signs of stabilizing. They also reiterated that 2023 will be the year of peak losses at streaming, and that financials would turn around in 2024. They...
Investors were taken aback. The shares had dipped on the weak quarterly numbers earlier today and took anoter dive – they’re currently down 23%. Why the cut now? analysts asked on a conference call after the earnings. Yes, broadcast and cable advertising fell 11% last quarter, contributing to flat revenue and red ink. However, CEO Bob Bakish and CFO Naveen Chopra had just finished saying that the ad market shows signs of stabilizing. They also reiterated that 2023 will be the year of peak losses at streaming, and that financials would turn around in 2024. They...
- 5/4/2023
- by Jill Goldsmith
- Deadline Film + TV
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