Bob Bakish: Celebs Rumors

Paramount CEO Bob Bakish said today that “writers are essential in creating content and… we hope we can come to a resolution that is good for everyone fairy quickly. But it’s also fair to say there is a pretty big gap today, and it’s really a multifaceted kind of bid and ask.”

Todd Spangler NY Digital Editor Shares of Paramount Global tumbled as much as 22% in early trading Thursday after the media conglomerate reported disappointing first-quarter 2023 results and slashed its dividend. Paramount posted a Q1 net loss of $1.12 billion, as revenue of $7.27 billion was down 1% on shortfalls in its TV media and filmed entertainment units. The company’s streaming business, which includes Paramount+ and Pluto TV, saw revenue rise 39% in the first quarter to $1.5 billion. However, the direct-to-consumer segment posted a loss of $511 million, growing 12% compared with the year-earlier period. The company said Paramount+ added 4.1 million subscribers in the quarter, coming to a total of 60 million overall.

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.”

Brian Steinberg Senior TV Editor Paramount Global said it would it cut its dividend as continued investment in streaming weighed on the company while it saw declines in its traditional revenue from advertising and cable distribution. The owner of CBS, Nickelodeon and the Paramount movie studio said its first-quarter loss came to nearly $1.23 billion, or $1.81 a share, compared with a profit of $775 million, or 58 cents a share, in the year-earlier quarter. Revenue was essentially flat, down 1%, on shortfalls in its TV media and filmed entertainment units, while its streaming operations saw revenue rise 39%. “We are focused on continuing to drive market-leading streaming growth while navigating a dynamic macroeconomic environment,” said Bob Bakish, the company’s chairman and CEO, in a statement.

Bob Bakish, chief executive of Paramount Global, saw total compensation in 2022 of $32 million, up from $20 million the year before.

Paramount Global is shuffling its board of directors, including the addition of Dawn Ostroff, who will serve as an independent non-executive director, the company announced Friday. The filing also noted that Bob Bakish would be making $31.5 million.Ostoroff’s seat is pending a stockholder vote that will take place at Paramount’s 2023 Annual Meeting of Stockholders later this year. Bakish, who serves as Paramount Global’s president will be receiving a pay boost to $31.5 million as a result of $16 million stock awards grant.

Showtime has been going through downsizing and recalibration since the November ouster of longtime CEO David Nevins and the premium network’s inclusion in Paramount Media Networks President Chris McCarthy’s portfolio. There have been layoffs, series cancellations and an executive restructuring as McCarthy articulated the plans for the network, which will soon be rebranded as Paramount+ with Showtime. They include multiple TV universes built around some of Showtime’s biggest series, including multiple Dexter and Billions offshoots.

Paramount Global CEO Bob Bakish decided to, in his words, “cross the line” and address a recent bid the company received for Showtime.

Jennifer Maas TV Business Writer Though Showtime is being rebranded into Paramount+ With Showtime, Paramount Global CEO Bob Bakish says the Showtime brand is alive and well and more projects based on the cable channel’s most iconic series, including “Ray Donovan,” are in the pipeline for the integrated platform. “We’re not just doing that streaming, we’re doing that linear as well,” Bakish said during a Morgan Stanley-hosted investor conference. “So come sometime this year, when you turn on Showtime linear, it’s going to be Paramount+ With Showtime. And it’s what I call a win-win-win. It’s a win for consumers, because the product is going to be fundamentally better than Showtime. 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. So you could think about the slate as smaller, which will be less expensive, but also really giving the people what they want — which is more Showtime, maybe more ‘Dexter,’ maybe more ‘Ray Donovan,’ and really leaning into that. And we have some exciting plans there.”

Paramount Global today announced a new brand positioning and trade campaign around the tag ‘Popular is Paramount’ to reflect “the company’s indisputable strength in making popular content and content popular for every audience.”

Cynthia Littleton Business Editor Paramount Global is unveiling today a corporate image campaign that builds on the sentiment of a popular self-help affirmation: You are loved, and you are enough. Just in time for media upfront season, the company’s “Popular is Paramount” marketing push is designed to burnish its image within Hollywood and on Wall Street. Paramount Global CEO Bob Bakish wants the town and the Street to know that the company is fielding a new generation of hits – from “Top Gun: Maverick” to “Yellowstone” to “Paw Patrol” — and is not intimidated by having to compete against larger rivals such as Disney, Warner Bros. Discovery and Comcast. The campaign will include with outdoor advertising in highly trafficked corridors of New York and Los Angeles, as well as on digital and TV platforms, both on and off Paramount’s own air.

Tyler Perry is in talks to purchase a majority stake of BET Media Group amid reports that parent company Paramount Global is exploring a sale of the asset, Variety has confirmed. Perry currently owns a minority stake in the operation run by CEO Scott Mills, which includes cablers BET and VH1, and also produces a large portion of the programming available on BET and streamer BET+, which he helped launch in 2019. Also among BET’s divisions is production company BET Studios, which counts Kenya Barris, Rashida Jones and Aaron Rahsaan Thomas as minority stake holders. Perry and BET have a long history, as the network helped fund his first feature, 2005’s “Diary of a Mad Black Woman.” In 2017, Perry endeavored on a long-term film deal with Paramount, with a TV deal that began in May 2020. The partnership has been a lucrative and successful endeavor for Perry, Paramount Global president and CEO Bob Bakish and BET Networks president Scott Mills.

UPDATED with Tyler Perry interest: Paramount Global is talking with Tyler Perry about a deal for BET Media as the conglom explores a sale of a majority stake in the division.

filing Friday. The settlement is still subject to approval by Delaware’s Court of Chancery.CalPERS, California’s state pension fund, was the lead plaintiff in the litigation, which also named Shari Redstone and the Redstone family’s National Amusements as defendants.

“Screw you guys, we’re going to sue,” a Cartman paraphrasing Warner Bros Discovery essentially said to Paramount Global and the series creators today in a scathing lawsuit over South Park streaming rights.

Paramount is betting that new and existing subscribers to Paramount+ are big fans of Showtime. Executives touted thr integration of the streaming service and the cable television channel as a key justification for raising prices for the direct-to-consumer service’s premium tier Thursday as they discussed the media giant’s earnings.  Later this year, the top tier of Paramount+ will rise from $9.99 per month to $11.99 per month.

Paramount Global’s CFO said the company will take a $1.3 billion to $1.5 billion hit in the current first quarter mostly on content as it restructures its streaming business, absorbing Showtime into Paramount+.

Cynthia Littleton Business Editor Paramount Global is preparing to hike the monthly price of Paramount+ later this year, and the company disclosed its intent to take as much as a $1.5 billion write-down from the integration of Showtime with the streaming platform. Paramount Global chief financial officer Naveen Chopra unveiled the pricing plan details and plans for a $1.3 billion-$1.5 billion impairment charge as Showtime is blended into Paramount+ in the U.S. Paramount is aiming for $700 million in savings as Showtime and Paramount+ become one. Paramount Global CEO Bob Bakish acknowledged in a conference call with Wall Street analysts on Thursday morning that the company hit big “headwinds” in 2022 and that 2023 will not be a robust year for profits. “We are at peak investment in 2023” in Paramount+, Bakish said.

Jennifer Maas TV Business Writer Paramount surpassed 77 million streaming subscribers in Q4, adding 10 million to Paramount+ alone to reach nearly 56 million customers for that platform. In comparison, the paid streamer added 4.6 million subscribers in the third quarter, reaching nearly 67 million global direct-to-consumer customers overall for Paramount by the end of September. During the fourth quarter, Paramount Global’s SVOD launched splashy Taylor Sheridan titles “1923,” yet another a prequel to his hit Paramount Network series “Yellowstone,” and the Sylvester Stallone-led “Tulsa King,” as well as the “Criminal Minds” revival “Criminal Minds: Evolution” and the streaming debut of “Top Gun: Maverick.”

As Paramount Global prepares to report quarterly earnings Thursday, with CEO Bob Bakish presiding and Shari Redstone happily ensconced as non-executive chair, a new book is bringing forth some interesting (and at times lurid) revelations about the company’s tortuous journey.

Showtime will no longer be a standalone brand.

The streamlining of CBS Studios and Paramount Television Studios’ operations continues. Deborah Aquila, who heads casting for PTVS, will become the head of casting for both CBS Studios and Paramount TV Studios. She will add the responsibilities most recently held by CBS Studios EVP Casting Meg Liberman who announced her retirement earlier today.

Media ratings collective OpenAP, along with national programmers Fox, NBCUniversal, Paramount, TelevisaUnivision, and Warner Bros. Discovery and the Video Advertising Bureau have formed a joint committee to push alternatives to Nielsen numbers.

Markus Dohle, the chief executive of Penguin Random House has announced his resignation after the world’s largest trade book publisher failed in its bid to acquire Simon & Schuster.

EXCLUSIVE: The expected alignment of CBS Studios, Paramount TV Studios and the Paramount+ scripted originals team is happening, and it is resulting in staff cuts. The latest round of Paramount Global layoffs is impacting under 30 people, I hear, all on the West Coast. According to sources, the majority of them are at CBS Studios and Paramount TV Studios, with handful of employees at CBS also let go.

EXCLUSIVE: Layoffs are under way at Paramount Global, with several dozen employees expected to leave the company today, insiders have confirmed to Deadline.

The restructuring of Paramount Global’s TV operations continues with another realignment of the company’s linear cable networks. VH1 will move into the BET Media Group, which includes BET, BET+, BET Her, BET Studios and BET Digital and is run by BET CEO Scott Mills. The announcement was made by Paramount Global President and CEO Bob Bakish in a company memo, a copy of which was obtained by Deadline.

Paramount Global is planning for “meaningful and sizeable” cost cuts in the coming months as it looks to balance streaming investments with declining pay-TV operations.

Three weeks after the exit of David Nevins left a hole in the oversight of Paramount+ scripted originals, the void is yet to be filled. However, chatter about a restructuring of the operations along the lines laid out in Deadline’s piece on the day of Nevins’ departure announcement has been gaining momentum.

The departure today of David Nevins as Chairman and CEO, Paramount Premium Group and Chief Creative Officer, Paramount+ Scripted Series, as well as Paramount Global’s restructuring unveiled alongside it, created a lot anxiety in the operations impacted by Nevins’ exit.

In a fickle TV business where the top network posts rank at the bottom for job security, we lost two of the longest-tenured executives in just a couple of days, the CW Chairman and CEO Mark Pedowitz, who stepped down Monday, and David Nevins, Chairman and CEO, Paramount Premium Group and Chief Creative Officer, Paramount+ Scripted Series, whose exit was announced today. Both were around the 12-year mark in their jobs.

Chris McCarthy, Tom Ryan and George Cheeks are all seeing their portfolios expand at Paramount Global after the departure of David Nevins.

Brian Steinberg Senior TV Editor Paramount Global has likely explored the idea of a bundled product that includes Showtime and Paramount+ with cable and satellite distributors, the company’s top executive said, as it continues to mull over the best way to package its various products for consumers. “We should have that conversation,” Paramount CEO Bob Bakish said during remarks at an investor conference held by Goldman Sachs. “It’s not like we have made a decision.” The Wall Street Journal reported Tuesday that Paramount might consider discontinuing its Showtime streaming service, in favor of shifting its content to Paramount+. But Bakish suggested the company had not made a commitment to that model, even as it explores all kinds of bundles of its streaming assets. Paramount operates Paramount+ and Showtime, which both hinge on subscribers, and Pluto, which is free and ad-supported.

Paramount Global is making moves in its advertising division. Jo Ann Ross, a 30 year veteran of the company, has been named chairman of Paramount advertising – an advisory role, with John Halley assuming her previous role as President in the division. As part of Halley’s new role, he will report to Bob Bakish, president and chief executive officer of Paramount.“Jo Ann is a true trailblazer in our industry and a dominant force behind the success of CBS, ViacomCBS, and now Paramount Global,” Bakish said in a statement.

Brian Steinberg Senior TV Editor Jo Ann Ross, the TV industry’s first female ad-sales chief, will take a new chairman role at Paramount Global, while John Halley will take on the position of president, overseeing U.S. sales — a major transition at the media company that aims to merge Ross’ close contact with clients with Halley’s expertise in new forms of digital advertising. Halley will report directly to Paramount Global’s CEO, Bob Bakish, while Ross will “provide her expertise and experience in a strategic advisory role to ensure a smooth transition,” the company said in a statement. Ross has been a trailblazer in the TV industry, taking over ad sales for the former CBS Corp. after the departure of Joe Abruzzese in 2002, when he exited to join Discovery Communications. Since that time, Ross has formed one of the most durable ad-sales teams in TV, with executives like Chris Simon, John Bogusz, Linda Rene and Joe Mina staying with her for years. That team is expected to stay at the company at present, according to a person familiar with the matter.

Paramount Pictures chief Brian Robbins wants to boost the studio’s annual theatrical output to 12 to 15 releases, up from its current Covid-affected level of eight this year and 10 to 12 in 2023.