News

#The Wall Street Journal: ViacomCBS revamping Paramount operations, refocusing on streaming

ViacomCBS shares slide record 23% after company prices roughly $3 billion offering of equity securities

Table of Contents

“#The Wall Street Journal: ViacomCBS revamping Paramount operations, refocusing on streaming”

Under the new structure, the movie and television arms will be run as separate entities

ViacomCBS Inc. is revamping the operations of its Paramount Pictures movie and television production unit as part of a broader shake-up of the management there that will give television veteran David Nevins a larger role, people familiar with the matter said.

Under the new structure, the movie and television arms will be run as separate entities, the people said. Nickelodeon chief Brian Robbins will oversee films while Nevins, a longtime ViacomCBS television executive, will add oversight of the Paramount television unit.

The realignment is expected to be unveiled as early as Monday, they said. The Wall Street Journal previously reported that Robbins will be tapped to succeed Jim Gianopulos as chief of Paramount Pictures.

The moves inside Paramount come as ViacomCBS
VIAC,
-1.71%
leadership including Chair Shari Redstone and CEO Robert Bakish are putting a priority on Paramount+. The company has made several content deals for the service as of late including one with “South Park” creators Matt Stone and Trey Parker. As part of the new alignment, Paramount Television is expected to focus primarily on making content for its sister cable and streaming networks, the people said. Paramount Television currently makes shows for a range of services including Apple’s
AAPL,
-3.31%
TV+ platform and Netflix
NFLX,
+0.20%.

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

Everything must go! The American car dealership is for sale.

Snowbirds are heading to Florida and Arizona despite the delta variant.

Joe Flint

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.