Paramount seeks $500m savings, weighs asset sales & JV streaming partnership

L-R: George Cheeks; Chris McCarthy; Brian Robbins

Paramount Global is looking to make $500m in savings, has plans to sell its non-core assets and is exploring streaming joint ventures with other media companies.

Recently appointed Paramount co-CEOs George Cheeks, Chris McCarthy and Brian Robbins have set out their strategic vision for the company at the annual shareholders meeting yesterday.

The trio took over from Bob Bakish in April, forming a new ‘office of the CEO’ and their presentation came as majority shareholder Shari Redstone weighs a revised merger proposition from David Ellison’s Skydance Media.

However, the execs would not be drawn on the Skydance proposal, with McCarthy refusing to comment on “speculation’ about the offer from Ellison’s firm.

Their plan involves “transforming” Paramount\s streaming business, while also finding ways to make at least $500m in annual savings and selling off company assets to reduce debt

Cheeks said that Paramount needs to cut back on streaming expenses and eliminate “duplicated teams and functions” across the organisation.

“We’re confident our business can be run more efficiently by adjusting to the realities of the environment today,” he said.

McCarthy, meanwhile said there had been “a significant level of inbound interest” from potential partners for its Paramount+ streaming  business, “all of which recognise the value of our content.” The service carries original shows such as Halo, Yellowstone and the Star Trek franchise.

The trio also highlighted that they wanted to take an “alternative strategy to international” and would look to licence more Paramount content after its first run on Paramount+.

Robbins commented: “We need to think how we grow the revenue of our vast library, and more importantly, expand demand for our content.”