Paramount Global Announces Strategic Shifts Amid Financial Challenges

In a move to enhance profitability and shareholder value, Paramount Global is cutting TV content and focusing on lower-budget films, aiming for Paramount+ profitability in the U.S. by 2025.

• Paramount Global plans a $1 billion write-down, primarily affecting TV shows and movies, to streamline operations and focus on profitable content.
• The company reported a $1.6 billion loss on streaming operations in 2023 but expects to reach profitability for Paramount+ in the U.S. by 2025.
• Paramount+ hit 67.5 million subscribers worldwide, with a reduced streaming loss of $490 million in the fourth quarter.
• The company is reducing efforts to produce local-language content overseas, instead focusing on content with global appeal.
• Paramount Global's strategic adjustments come amid speculation of mergers and acquisitions, with CEO Bob Bakish emphasizing the creation of shareholder value.

18 Articles

The Hollywood Reporter TheWrap Sportico Adweek Variety The Hollywood Reporter Fast Company Deadline New York Post The Hill Quartz CNBC TheWrap The Hollywood Reporter IndieWire Deadline Yahoo Finance Variety