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Paramount Global Is ‘Leaning In’ to Content Cost Cuts and ‘Hollywood Hits’ as Leaders Chart a Course for Survival
Paramount Global leaders vowed to cut content costs and produce more modestly budgeted films as they outlined a survival plan after a rough Q4.
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. Bakish and Chopra promised Wall Streeters that the company will spend less to make and market movies and TV shows and they will get more bang for those bucks with more aggressive windowing of streaming content across linear assets and vice versa. Bakish pointed to Paramount Pictures’ success so far this year with modestly budgeted theatrical films “Mean Girls” and “Bob Marley: One Love,” the biopic that has lead the U.S. box office for the past two weekends.
Or read this on Variety