Shares of Paramount Global tumbled as much as 25% 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…
Bob Bakish
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…
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,…
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 with…
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…
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…
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…
Paramount Global’s success in streaming is hurting its bottom line The New York owner of the CBS broadcast network and the Paramount movie studio said that the costs of generating gains in streaming crimped the conglomerate’s operating income and forced a swing to a loss in its fiscal fourth quarter,…
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…
Showtime has pulled several series from its streaming platform, becoming the latest banner to parse down its digital library in the past year. Sources close to the situation share that most removed titles will have the opportunity to sell to third-parties. Among the removals are “American Gigolo” and “Let the…
Showtime is being integrated into Paramount+ across both linear and streaming platforms, resulting in a rebranding of the pay TV channel to “Paramount+ With Showtime.” The updated offerings and Showtime name change will launch later in 2023, and only affect the premium tier of Paramount+ and the Showtime linear network…
Longtime Paramount Global exec David Nevins is exiting the company, Variety has learned. Sources say Nevins, who currently serves as the chairman and CEO of Paramount Premium Group (which included Showtime) and chief creative officer of Paramount+ scripted series, is stepping down from his post just over a year after…