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Paramount Co-CEOs Say Talks Heating Up On Streaming Partnerships, Asset Sales Ahead Of Skydance Merger
Paramount co-CEOs said talks are active and things moving ahead on a streaming partner and asset sales ahead of the merger with Skydance.
The Paramount – Skydance merger is on track to close in the first half of 202 and “in the meantime, the Skydance and Redbird teams support our strategic plan and we are continuing to operate business as usual,” said Chris McCarthy — who runs Par with Brian Robbins and George Cheeks — on a call after quarterly earnings. That includes an anticipated $500 million in cost cuts, a chunk from layoffs of about 15% of Paramount’s staff that started today and will go through the rest of the year, as well as asset sales. He said “the assets under consideration are undeniably strong with exciting futures ahead but will be better served on their own or as a centerpiece of another business.” He didn’t name any.
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