Bob Bakish Says Paramount Global Is Prepared for Ongoing Writers Strike: ‘We Have a Lot in the Can’

variety.com:

Jennifer Maas TV Business Writer Paramount Global CEO Bob Bakish addressed the writers strike during Paramount’s Q1 earnings call Thursday, stating that writers are “an essential part of creating content” and “we hope we can come to a resolution that works for everyone fairly quickly.” However, the Paramount chief added, “it’s also fair to say there’s a really big gap.” “Obviously, we’ve been planning for this, we do have many levers to pull and that’ll allow us to manage through the strike, even if it’s for an extended duration,” Bakish said. “In terms of those levers, we have a lot in the can, so to speak, content in the can.

So with the exception of things like late-night, consumers really won’t notice anything for a while. Add to that a broad range of reality, unscripted, where we’re definitely a leader, as well as sports, and that’s not effected, so we can do more in those areas, if necessary.” Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news and more. Bakish added that offshore production, which Paramount has been “moving to leverage pre-strike anyway,” is part of the strike strategy, as is relying on its library content that can be pulled from to fill schedule holes. “So we’re well positioned to navigate that,” Bakish said, adding that as far as the financial impact goes, “it really ultimately depends on duration of strike.” The Alliance of Motion Pictures and Television Producers (AMPTP) ended contract talks with the Writers Guild of America (WGA) on Monday night, hours before the contract expiration deadline.

The WGA responded by calling for a strike to begin on Tuesday, with picket lines forming in front of the Peacock NewFront in NYC, as well as the