Paramount Global
Paramount Promotes Lee Sears to President, International Markets Ad Sales
Paramount Global has promoted Lee Sears for the second time in less than a year as it looks to align its domestic and international broadcast, cable and streaming assets to create a global content powerhouse. “As we focus on driving earnings growth, it is critical that we drive commercial profitability across our business, in close […]
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Paramount Focuses on Earnings Growth But Wall Street Lacks Enthusiasm
The stock of Paramount Global, led by CEO Bob Bakish, was in Wall Street analysts’ focus on Thursday as they dissected its fourth-quarter 2023 earnings report from late Wednesday for signs of its outlook and possible deal future. As of Thursday morning, several analysts spoke of a stabilization of sorts in Paramount’s business trends, with […]
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Paramount, Citing Experiment During Strikes, to Cut Costs Per Title For Films, Series
After the Writers Guild and SAG-AFTRA strikes last year, and with every streaming service now laser-focused on profitability, Hollywood has been keeping a close watch on efforts to adjust content spend, either reducing spend overall, or finding ways to change the cost structure. At Paramount, reducing that programming spend has now become a top corporate […]
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Paramount+ Hits 67.5M Subscribers As Streaming Loss Shrinks to $490M
Paramount Global hit 67.5 million Paramount+ streaming subscribers worldwide at the end of its fourth quarter, a gain of 4.1 million from the previous financial quarter. The Hollywood conglomerate, with its future the subject of mounting speculation on Wall Street, on Wednesday said it expected to deliver “significant total company earnings growth” in 2024, and reach […]
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Paramount Put on Negative Credit Watch by S&P Global
Paramount Global is on a watch by S&P Global for a possible credit rating downgrade over weaker cash flow concerns as the major studio pivots from linear TV to the streaming space. “The margin and cash flows generated by DTC [direct to consumer] streaming businesses, which are replacing the linear TV segment, will be lower […]
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Why Disney Is Seen as the “Big Winner in the Licensing Renaissance”
Disney is “set to be the big winner in the licensing renaissance” as Hollywood giants look to make revenue from their content beyond using it on their own streaming services, according to a new study. “Disney trumps all the other major studios with its ownership of powerful licensable content, owning more than double that of […]
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Kids’ Streamer Noggin Shutting Down Amid Paramount Layoffs
Noggin, Paramount Global’s subscription video-on-demand service targeted at young kids, is shutting down. The platform is a casualty of a round of layoffs that saw 800 staffers across Paramount lose their jobs. CEO Bob Bakish said the layoffs are part of “streamlining costs” at the conglomerate. Noggin’s entire staff is among the 800 layoffs. The […]
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Paramount Global Stock Slides After Warren Buffett Chops Stake
Stock in Paramount Global slid after Warren Buffett’s Berkshire Hathaway reported a one-third stake cut in the major studio. Paramount Global shares fell by 36 cents, or nearly 3 percent, to trade at $12.83 on the NASDAQ Exchange at the market open on Thursday morning. That extended a late-day collapse in the studio’s stock Wednesday, […]
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Paramount to Lay Off 800 Staffers as CEO Unveils Broad “Streamlining Costs” Effort
Paramount Global CEO Bob Bakish recently asked his staff to prioritize “managing costs” and earnings growth amid expectations of looming layoffs and deal chatter surrounding the entertainment giant. On Tuesday, the CEO made things official, unveiling plans for job reductions in the U.S., an estimated 800 according to sources, and cuts abroad over time. The […]
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Tyler Perry Inks First-Look TV Deal at Netflix
Netflix is doubling down on its commitment to the ever-busy Tyler Perry. The streaming service announced Monday that it was adding a multi-year, first-look series deal to its ongoing partnership with Perry. The first series under the new pact is titled Beauty in Black, a 16-episode hour-long drama, written, directed and produced by the man himself. Per […]
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Freely, Free U.K. Streamer From BBC, ITV, Channel 4 and Channel 5, to Launch in Second Quarter
Freely, a new free streaming service backed by U.K. broadcasters BBC, ITV, Channel 4 and Paramount Global’s Channel 5, will launch in the second quarter of 2024. Everyone TV, formerly known as Digital U.K., a joint venture of these broadcasters formed to “lead the evolution of free TV in the U.K.,” shared the news on Monday and […]
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Paramount Hopes the Super Bowl Can Power Up Its Streaming Business
The state of the streaming business can be summed up in the very beginning of the new Super Bowl commercial for Paramount+: “On Paramount Mountain, the stakes get higher.” With the streaming business at a tipping point, as Netflix pulls ahead of the pack and everyone else is scrambling to turn a profit, Paramount Global […]
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