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☆ Paramount says CEO Bob Bakish is stepping down, will be replaced by a trio of executives
▼ + stars: | 2024-04-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

David A. Grogan | CNBCParamount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed as Paramount Global. Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. Paramount said it added 3.7 million Paramount+ subscribers during the quarter, bringing the total to 71 million.

Persons: Bob Bakish, David A, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Naveen Chopra, Chopra, LSEG, Bob Marley Organizations: Viacom, Allen & Company Sun Valley Conference, Grogan, CNBC Paramount Global, Skydance Media, CBS, Paramount Global, Paramount, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon, LSEG, Super, BET, MTV, NFL, TV Media, Hollywood Locations: Sun Valley , Idaho

☆ Paramount stock rises after strong earnings report, adding to blockbuster day
▼ + stars: | 2023-11-02 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +4 min

Paramount Global's stock moved higher in extended trading Thursday after it reported strong revenue and subscription trends in its third-quarter earnings report. In the third quarter, streaming service Paramount+ saw 2.7 million net additions to its 63 million total subscriber count. Adjusted for one-time items, earnings per share were 30 cents during the period. "Looking ahead, we remain on the path to achieving significant total company earnings growth in 2024." Paramount and other media stocks closed higher Thursday as streaming device maker Roku surged 30% following its own stellar earnings report.

Persons: Bob Bakish, Roku, there's, Bakish, Naveen Chopra, Chopra, we've, Simon & Schuster Organizations: Paramount, Columbia, CBS, Showtime, BET, Nickelodeon, SAG, WGA, Netflix, KKR, CNBC PRO Locations: Hollywood , California

☆ Paramount to sell Simon & Schuster to KKR for $1.62 billion
▼ + stars: | 2023-08-07 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The publishing offices of Simon and Schuster in New York. Paramount Global agreed to sell book publisher Simon & Schuster to private equity giant KKR for $1.62 billion, the media company said Monday as it reported earnings. KKR's entry into the book publishing space comes months after Paramount scrapped its initial agreement to sell Simon & Schuster to rival Penguin Random House — which was valued at $2.2 billion — after a federal judge rejected the merger and it raised red flags with the government. Paramount executives said during Monday's earnings call that the proceeds of the Simon & Schuster sale would be used in the company's ongoing effort to pay down debt. Paramount reported revenue of $7.62 billion for the quarter, down about 2% year-over-year, as the company's TV segment was once again dragged down by lower advertising revenue.

Persons: Simon, Schuster, Simon & Schuster, Naveen Chopra, Bob Bakish Organizations: Paramount Global, KKR, Paramount, Penguin Random, Simon &, Penguin, BET Media Group, BET, VH1, CNBC, Media, Revenue Locations: New York

Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration/FILE PHOTOAug 7 (Reuters) - Paramount Global (PARA.O) said it would sell Simon & Schuster to private-equity firm KKR & Co (KKR.N) for $1.62 billion in cash, ending a year-long attempt to sell the marquee book publisher. Paramount has been trying to offload Simon & Schuster, the publisher of authors such as Stephen King and Hillary Clinton, since a federal judge blocked its $2.2 billion sale to Penguin Random House last year. "Simon Schuster is a fantastic asset, but ... it's not core," CEO Bob Bakish said on a post-earnings call. Paramount will receive gross proceeds of $2.2 billion from the sale of Simon & Schuster, including a $200 million termination fee paid by Penguin Random House and the cash flow it received during the process.

Persons: Dado Ruvic, Simon, Schuster, Stephen King, Hillary Clinton, Penguin Random, Simon Schuster, Bob Bakish, Bakish, Simon & Schuster, Naveen Chopra, Samrhitha, Dawn Chmielewski, Anil D'Silva Organizations: REUTERS, Paramount, KKR, Co, Penguin, BET Media Group, BET, Simon &, Penguin Random, Netflix, Disney, Finance, Hollywood, CBS, U.S, Apple, Thomson Locations: Bengaluru, Dawn, Los Angeles

☆ Paramount’s Slashed Dividend Will Cost It
▼ + stars: | 2023-05-04 | by ( Dan Gallagher | ) www.wsj.com time to read: +1 min

Paramount has been facing its own ‘Mission Impossible’ in grappling with how to pay for its expensive pivot to streaming. Photo: Christian Black/Paramount/Everett CollectionThe media giant behind the “Mission Impossible” franchise has been facing one of its own: how to pay for an expensive pivot to streaming long past the time when investors were willing to write blank checks for that. Now Paramount Global ’s checks to investors won’t be nearly as large as they used to be. The company announced a “dividend modification” with its first-quarter results Thursday morning. That modification—a 79% cut to what the company had been paying—will help it conserve $500 million in cash annually.

☆ Paramount Global shares fall 17% premarket after revenue, earnings miss estimates
▼ + stars: | 2023-05-04 | by ( Alex Sherman | ) www.cnbc.com time to read: +2 min

Paramount Global fell as much as 17% premarket after it reported earnings and revenue that missed analyst estimates and cut its quarterly dividend. Paramount Global's traditional TV revenue, which consists of CBS and its cable networks such as MTV, Comedy Central and Nickelodeon, dropped 8% in the quarter to $5.2 billion. Media companies are struggling to replace traditional TV revenue, as customers cancel each quarter, with streaming revenue as they build out direct-to-consumer businesses. This year will represent peak losses for Paramount Global's streaming business, Bakish said. Streaming revenue from Paramount+ and Pluto TV, the company's free advertising-supported service, rose 39% to $1.5 billion.

☆ Paramount+ plans price increases as it hits 56 million subscribers
▼ + stars: | 2023-02-16 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

The Paramount+ streaming service is now available in Germany. Paramount Global said it saw its streaming business grow during the fourth quarter, and announced plans to increase prices for Paramount+ this year. Paramount+ added 9.9 million subscribers during the fourth quarter. In total, Paramount+ reached nearly 56 million customers during the fourth quarter. Overall, Paramount fourth quarter revenue declined 7% compared with last year, to roughly $5.9 billion, due to the drop in advertising.

One of the really interesting questions here – this will be fascinating – the core of linear TV is sports rights. When you look at the size and scope of the linear TV business, it's huge. Patrick T. Fallon | Afp | Getty ImagesByron Allen, Entertainment Studios founder and CEO: I think linear TV will exist for a very, very long time. Simmons: I believe Apple, out of nowhere, will start making their own awesome televisions that have Apple TV embedded in them. We are witnessing early stages of this dynamic with deals like "NFL Sunday Ticket" on YouTube and the MLS deal with Apple TV.

☆ NBCUniversal's latest round of layoffs shows how streaming is killing the traditional TV ad sales role
▼ + stars: | 2023-01-09 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

A TV era is quietly coming to a close and high-profile ad sales executives are hitting the exits. The changes come as advertisers pause spend due to economic uncertainty, and linear TV ad buys decline as viewers shift to streaming TV. Paramount CFO Naveen Chopra noted at an investor event "significant restructuring in our ad sales organization." NBCUniversal has done small groups of layoffs across divisions and just cut ad sales staff. Horizon's Campanelli said that with clients knowing much more about their audiences' viewing preferences, traditional ad sales desks have a smaller role to play than before.

☆ Streaming is killing the traditional TV ad sales role
▼ + stars: | 2023-01-06 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

A shift to streaming is shrinking the need for big ad sales teams. A TV era is quietly coming to a close and high-profile ad sales executives are hitting the exits. The changes come as advertisers pause spend due to economic uncertainty, and linear TV ad buys decline as viewers shift to streaming TV. Horizon's Campanelli said that with clients knowing much more about their audiences' viewing preferences, traditional ad sales desks have a smaller role to play than before. And local stations are still hiring TV sales executives, said Robert Russo, CEO of RNR Media Consulting, a former VP of political sales at ION Media.

☆ Warren Buffett just bet big on Paramount to win the ad streaming wars — here's what makes its business unique compared to competitors like HBO Max, Disney, and Netflix
▼ + stars: | 2022-11-15 | by ( Elizabeth Pham Janowski | Ryan Joe | ) www.businessinsider.com time to read: +6 min

The maturation of ad-supported streaming services over the last year have become clearer. Discovery, and Netflix, which are charging high rates for streaming ads against so-called premium content. If these companies hope to attract premium CPMs however, they need to get them now. "The only reason, in my opinion, that they can control premium CPMs today is that they're just starting at this," Martin said. She believes the market will force services charging "premium" CPMs to lower these prices over time.

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