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Paramount CEO Bob Bakish Promises Showtime Brand “Still Matters” – KristenBellTattoos.com

Paramount Global CEO Buckish said today that while it “didn’t make sense to run Showtime as a 100% standalone entity,” he “wanted to make it clear that [Showtime] Brand still matters, and slate is going to be even more important.

He told a UBS media conference that the label would “lean into franchises”. “We have not announced anything. But you will see that we are not moving towards 2023.

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Bakesh recently spoke at length about the moves within the company, including layoffs and restructuring to create a lower-cost, streamlined business. “It’s hard work. It’s change. It affects people. But it will undoubtedly produce high financial results and strategic results.

“We’re working on initiatives that we were planning anyway because they’re strategic, but we’re definitely accelerating and using the current market as a catalyst,” he said. High content costs, soft ad revenue and a cloudy economic outlook have media companies cutting workers, restructuring distribution and in some cases (Warner Bros. Discovery, Disney, AMC Networks, Lions Gate) declares defects and other charges.

Paramount’s latest efforts include “some work around Showtime, both on the network side and on the streaming side” in what Buckish calls “compensation economics” — “cost synergies with the broader portfolio.” A method of locking.

“We’ve done a bunch of work around the studio,” as well. “Which isn’t about replacing studio creativity but about building scale and the economics associated with it,” he noted. Marketing is also under the microscope.

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Paramount+ and Showtime were combined into a single streaming app in August, the latest move to bundle Paramount’s brands on the Par+ platform. The company has also considered shuttering Showtime’s streaming service and folding its content into Paramount+.

As part of a major Paramount Global TV restructuring, Showtime chief David Nunes announced his departure in October, and since then there have been more possible executive changes as well as layoffs at the network. Discussions are ongoing, which went into the scope of Chris McCarthy, the chief. of Paramount Media Networks.

Showtime Digital is now part of the Paramount streaming umbrella led by Tom Ryan.

Meanwhile, the Paramount+ scripted originals team was folded into Paramount TV Studios, now reporting to CBS CEO George Cheeks, centralizing a number of back-end functions with CBS Studios and Holidays are taking place as a result.

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Buckish said the Showtime brand is valuable, calling it “more coastal, more upscale” than Paramount+. “Certainly, it stands for a certain type of programming with consumers. And it will continue. And we’ll lean into it. But we don’t have to do it as a stand-in. We’ll make it a will do as an integrated strategy.

Commenting on other related topics, including the broader deal landscape, Bakesh expected more M&A.

“Consolidation has been the rule in business for a long time, certainly in the media. So, it’s hard for me to bet on anything other than future consolidation. When will it happen, what’s the combination? , who’s on top, who’s gaining? Who knows. But there will be consolidation, and streaming will be part of it.

Paramount’s own deal to sell Simon & Schuster to Penguin Random House for $2.2 billion was derailed by US regulators, backed by a federal court. Bukesh first weighed in when the company refused to appeal and walked away.

“We’re obviously disappointed with the court’s decision. That said, we’ve collected our $200 million breakup fee. And we haven’t changed our approach. It’s not a core asset, because it’s not a video asset. Our company is a video company.

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“We’re going to do something in the marketplace with it as we go along,” he said, adding that “when and what” is still TBD.

“The only good news” here — the publisher’s financial performance is “materially higher than when we auctioned it off.”

“It will all work out in the end, but it’s been a great trip.”

Bakash was also the latest in a series of executives lamenting a soft ad market, fueling expectations that Par’s ad sales in the current fourth quarter would be in line with the third. The fourth quarter will come in “slightly below the third.”

“We looked for improvements in certain areas, but we didn’t see that.”

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“I have managed through a large number [ad] A cycle is also a cycle. This will also be reversed. The only question is when. And not being an economist, I can’t tell you when.

Economists believe the U.S. is headed for a recession sometime in the next 12 months, according to several recent surveys.

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