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Paramount Sells Two Entertainment Websites Amid Cost-Cutting Effort

ComicBook and PopCulture, which were acquired in 2018, were sold to a venture run by Sam Savage, an executive who had held the CEO title at the brands.

As it looks to shed assets in order to achieve $500 million in cost savings, Paramount Global has sold two entertainment news websites in its portfolio to the digital media executive who once ran the sites. We are keeping the team intact and continuing the great work we have been doing for years,” assistant managing editor Joe Schmidt wrote on X on Thursday. During an earnings call, Paramount co-CEO Chris McCarthy characterized the effort to divest some assets as a way to “reshape our portfolio to best compete in the future.” The exec added, “The assets under consideration are undeniably strong with exciting futures ahead.” At the same time, Paramount plans to reduce its U.S. workforce this year by 15 percent across multiple divisions.

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