Paramount Global CEO Bob Bakish has outlined plans to cut the entertainment company’s workforce and to reduce the amount of international original programming it produces.
In a memo to staff, Bakish said the entertainment industry has been confronted by numerous challenges, including a soft ad market, Hollywood strikes and a volatile macroeconomic environment, all while navigating the transition to streaming.
He said that the priority for Paramount in 2024 is to drive earnings growth. “We’ll get there by growing our revenue while closely managing costs,” he wrote.
Bakish outlined “key strategies” for achieving this including maximising content with the biggest impact and driving streaming to profitability.
Parmount Global is home to film franchises as Top Gun and Mission: Impossible, as well as the hit television show Yellowstone. It is also the parent company of UK broadcaster Channel 5, streamer Paramount + and AVOD platform Pluto.
“It’s become very clear that our Hollywood hits are the biggest draw. So, in 2024, we’re focusing our resources on the most powerful, resonant franchises, films and series that perform across platforms globally,” wrote Bakish.
As a result, he said that Paramount will produce fewer local, international originals for its platforms, apart from for free-to-air networks in Australia, Argentina, Chile and the UK, “where we will continue to have a strong pipeline of local content.”
To boost streaming profitability, Bakish said Paramount would “lean even further into large markets like the US, UK, Canada, and Australia, where we have a strong multiplatform presence, our US studio content resonates best, and where there is the greatest revenue potential. In other important markets across Europe, Latin America and Asia, we will continue our market-by-market strategy and tap into the power of our strong local partnerships, ensuring we’re operating with the best model to drive local scale and viewership, while managing costs.”
He added that the strategy meant Paramount Global “will continue to reduce” its workforce globally.
“These decisions are never easy, but are essential on our path to earnings growth,” wrote Bakish.
Stephen Nuttall unveiled as new Chair of IBC’s Partnership Board
Stephen Nuttall has been appointed as the new Chair of IBC’s Partnership Board. Made up of representatives from each of the six partner organisations which own IBC (IABM, IEEE, IET, RTS, SCTE and SMPTE), the IBC Partnership Board provides the governance and strategic oversight of IBC.
Saleha Williams appointed CEO of IABM
Saleha Williams has been appointed as the Chief Executive Officer (CEO) of IABM.
Comcast sets leadership team for ‘SpinCo’ cable unit
US media and telco giant Comcast has unveiled the leadership team for SpinCo as it prepares to spin off its cable television portfolio later in the year.
Labour exploring ‘alternative funding options’ to BBC licence fee
UK Culture Secretary Lisa Nandy is reportedly considering scrapping the BBC licence fee at the end of the Corporation's current charter in December 2027.
BBC Director-General Tim Davie to head Creative Cities Convention speakers
BBC Director-General Tim Davie has been lined up as one of the key speakers at this year’s Creative Cities Convention, being held from May 7–8 in Bradford as part of its UK City of Culture 2025 celebrations.
