Todd Spangler NY Digital Editor Amid Paramount Global’s removal of Bob Bakish as CEO and the ongoing uncertainty of a company sale, it was business as usual for the first quarter at the media conglomerate — which included a $1.3 billion charge for content write-offs as well as layoffs.
Paramount Global reported Q1 2024 earnings Monday, announcing Bakish’s exit and the installation of an unusual three-in-a-box “Office of the CEO”: CBS’s George Cheeks, Chris McCarthy, Showtime/MTV Entertainment Studios and Paramount Media Networks, and Paramount Pictures’ Brian Robbins.
The committee of three made brief remarks on the earnings call but didn’t take questions from analysts. The call, which lasted less than 10 minutes, concluded with the theme music to “Mission: Impossible.” During the first quarter of 2024, Paramount Global took a total of $1.12 billion in content charges, including $909 million for the impairment of content to its estimated fair value as well as $209 million for development cost write-offs and contract-termination costs.
In its 10-Q filing, the company disclosed that it may incur an additional programming charge of $250 million later in 2024 “related to the termination of an international programming agreement.” By writing down the value of content assets, companies can remove those from its balance sheet to avoid having to pay ongoing residuals and to reduce their taxes owed.
Read more on variety.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.