Paramount CEO hints at Showtime changes

“We’ll continue to look for a way to create value there,” Bakish said, adding the Showtime brand still matters. — Bloomberg

LOS ANGELES: The head of Paramount Global says it no longer makes sense to run its Showtime premium cable network as a standalone operation, citing the growing financial pressure on the TV industry.

Chief executive officer Bob Bakish said at an investor conference that Paramount was looking at “consolidation economics” at Showtime and how to “unlock synergies” between the channel and the company’s broader portfolio, including the newer Paramount+ streaming service.

Paramount already has plans to bring together the streaming infrastructure for Showtime and Paramount+, he said, adding that offering Showtime inside the Paramount+ app “really works well”.

“We’ll continue to look for a way to create value there,” Bakish said, adding that the Showtime brand still matters.

“It’s transformation. It does affect people.”

Shares of Paramount are down more than 40% this year, compared with a drop of 17% for the S&P 500 index.

Warner Bros Discovery Inc and Walt Disney Co were also lower.

Paramount’s plans for Showtime are part of a series of cost-cutting initiatives at the company, accelerated by a decline in advertising and the continued loss of cable-TV subscribers.

Other media companies are taking similar steps. — Bloomberg

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

India's Adani kicks off $2.45 bln share sale while under short-seller attack
FBM KLCI set to close lower for third straight day
Malaysia airports records 52.7 million passenger traffic in 2022 - MAHB
Bill Ackman says Hindenburg's report on Adani Group 'highly credible'
Ringgit opens firmer vs US$ on higher oil prices
Kerjaya Prospek, SunCon are top sector picks, says RHB
FBM KLCI retests 1,500 level as US GDP data lifts investor sentiment
Trading ideas: Reservoir Link Energy, MQ Technology, Berjaya Corp and SYF Resources
Global economic view for this year downgraded
China’s box office bounces back on Spring Festival holiday

Others Also Read