Paramount Global is undergoing a major shakeup. Facing declining revenue from traditional television and a yet-to-be-profitable streaming service, the company announced a restructuring plan with $500 million in cost cuts, potential asset sales, and a possible partnership for Paramount+. This comes amidst a power shift at the top, with three co-CEOs replacing former boss Bob Bakish.
Paramount’s controlling shareholder, Shari Redstone, endorsed the new leadership and their plan to revitalize the company. However, the future remains uncertain. While merger talks with Skydance Media seem promising, Paramount is also considering offers from Sony Pictures Entertainment and Apollo Global Management.
The Skydance deal involves acquiring the studio and National Amusements (owned by Redstone) for voting control over Paramount. This complex situation with multiple bids leaves Paramount’s future and Redstone’s decision-making in the spotlight.
Source: Reuters