former Showtime leader David Nevins’ offer to buy the network for about $3 billion.“Yeah, we got an unsolicited offer for Showtime.
We looked at it,” Bakish said. “And the reality is, it wasn’t that interesting to us. If you compare that [price] to our internal business plan, the reality is our internal plan is far more value-creating when you take the base earnings and synergies…it just didn’t make sense to divest that asset at anywhere near that price.”Bakish added that the company is “always looking for ways to unlock value.” “If we see something accretive based on a strategic thesis, based on a commercial thesis, based on a financial thesis, we’re gonna look at it,” he said.In February, CFO Naveen Chopra said the integration of Showtime into Paramount+ will officially launch in the third quarter.
The combination is expected to result in an impairment charge in the range of $1.3 billion to $1.5 billion in the first quarter and generate approximately $700 million in future annual expense savings.“It’s a win for consumers, because the product is going to be fundamentally better than Showtime,” Bakish said. “You’re going to get ‘1923’ on it, you’ll get ‘Tulsa King,’ as part of your Showtime subscription.
It’s just going to be a bigger, broader product. We fundamentally believe in a broad thesis. So that will work at the consumer level and as part of that, we’re leaning into the Showtime franchises.
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