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Paramount Co-CEOs Address End of Skydance Deal Talks, Say They’re Focused on Go-It-Alone Strategic Plan
With Skydance deal talks dead, Paramount Global's three co-CEOs said they remain focused on strategic plan for the company as a standalone entity.
At the June 4 meeting, they spoke at a high level about how they plan to cut upwards of $500 million in costs annually through layoffs and other cost-reduction measures, pursue a joint venture with Paramount+ and potentially sell some assets. “To be clear, $500 million in cost savings is just the beginning,” Cheeks said, adding that the three co-CEOs expect to provide more details on the Q2 2024 earnings call in August. • Transforming our streaming strategy to accelerate its path to profitability• Streamlining the organization and reducing non-content costs• Optimizing our asset mix, by divesting some of our businesses to help pay down our debt
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