Paramount Global Co-CEOs Reveal Bankers Hired To Sell Assets; Discuss Path Forward At Town Hall
deadline.comAfter rejecting Skydance’s offer to merge two weeks ago, Paramount Global new co-CEO troika of Brian Robbins, George Cheeks and Chris McCarthy told a packed company town hall of 500 at the studio’s Melrose Lot Paramount Theater what progress has been made since the annual shareholders meeting three weeks ago, and what the company’s path will be going forward.
In sum, bankers have been hired to explore the sale of “certain Paramount owned assets” per Cheeks, while layoffs are on the horizon as the conglom looks to achieve a half billion in cost savings.
Paramount Global controlling shareholder Shari Redstone was not part of today’s town hall, we hear, which clocked about an hour with 15 to 20 minutes of Q&A. RELATED: Peter Bart: Paramount Global’s Skydance Rejection Puts Heavy Pressure On Shari Redstone To Sort Shaky Future The Town Hall was originally scheduled three weeks ago but was delayed when it appeared the entertainment conglomerate was seriously weighing an offer from David Ellison’s Skydance.
At the top of today’s town hall, Robbins exclaimed, “We’d like to take a moment to acknowledge the challenges of all the M&A speculation surrounding our company.
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