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Paramount Will Be “Diligent” Exploring Alternatives, CFO Promises, As Management Focused On Turnaround
Paramount Global CEO Naveen Chopra said the company will be diligent in exploring any alternatives amid M&A speculation.
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. 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. However, he didn’t rule addition hits related to “synergies, cost reductions, etc…” and they could come “in multiple forms and in various parts of the business … not just linear but streaming [and] that includes opportunities” in marketing, technology and “people and the organization.”
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