Paramount Global is temporarily halting its operations in Russia and giving $1 million to support humanitarian relief for Ukraine.Employees were notified of the moves earlier today in a memo from CEO Bob Bakish.The move affects the planned theatrical releases of The Lost City, and Sonic the Hedgehog 2 as well as book sales and licensing of translation rights by Simon & Schuster.
Paramount Consumer Products will also pause new licensing deals in Russia.Linear TV channel distribution and some content licensing will take more time to unplug due to “existing contractual, technical and partner complexities,” Bakish explained.Paramount will continue to “offer specialized support services to hundreds of staff, freelance and fixed term employees in Ukraine, Russia, and Poland whose lives are being impacted by this crisis,” the memo affirmed.
He said the company will still financially support employees in Moscow.Recently rebranded from ViacomCBS, Paramount has long been active in the region, with film releases and the cable networks formerly under the Viacom umbrella.
MTV Networks Europe first opened its doors in 1987, and MTV Russia launched in 1998 via a joint venture, later becoming a wholly owned network.
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