Paramount Global is on the verge of severing ties with Nielsen, its long-standing audience measurement provider, due to disagreements over pricing. This move reflects the industry’s growing dissatisfaction with Nielsen’s capabilities in an era of digital streaming. Paramount is exploring alternative data sources and is prepared to rely on them if an agreement isn’t reached.
Paramount Global, the parent company of CBS, Comedy Central, and MTV, is undertaking a second round of layoffs as part of its cost-cutting measures. The company expects to complete 90% of the reductions by the end of the day, impacting divisions like CBS News. The layoffs are part of Paramount’s strategy to accelerate streaming profitability and adapt to the evolving media landscape.
Media tycoon Edgar Bronfman Jr. is reportedly preparing a bid for Paramount Global, challenging David Ellison’s Skydance Media in a potential acquisition of the media giant. Bronfman’s bid is expected to include a larger share ownership for Paramount shareholders than the Skydance deal and potential strategic partnerships with technology and other industries. This development adds another layer to the evolving media merger landscape as Paramount seeks the best path forward for its future.
Paramount Global is undergoing significant restructuring, including layoffs affecting approximately 2,000 U.S.-based employees. The company aims to streamline its operations and enhance profitability, focusing on its streaming platform. While Paramount’s revenue has shown growth in recent years, its stock performance has lagged behind the market and its sector.
Sony Pictures and private equity firm Apollo Global Management have formally expressed interest in acquiring Paramount Global for approximately $26 billion. The move comes as Paramount’s special committee considers rival bids from both Sony-Apollo and Skydance Media. The Sony-Apollo offer values Paramount higher than its current enterprise value of $22 billion and would make Sony the majority shareholder. Paramount’s options include continuing negotiations with Skydance, extending the exclusivity period, or considering the Sony-Apollo proposal. The decision will likely impact the future of Paramount and the entertainment industry as a whole.
Paramount Global CEO Bob Bakish has stepped down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish’s departure comes after reports of his private dissent against the merger, which would dilute common shareholders. The company will now be led by an “Office of the CEO,” consisting of CBS president and CEO George Cheeks, Showtime/MTV Entertainment Studios and Paramount Media Networks president and CEO Chris McCarthy, and Paramount Pictures and Nickelodeon head Brian Robbins.
Jo Ann Ross, a pioneering figure in the television industry and the first woman to lead a broadcast network’s ad sales efforts, is retiring from her role as chairman of Paramount Global’s ad sales division at the end of April. During her tenure, Ross played a pivotal role in shaping the advertising landscape for primetime broadcast programs and forged enduring relationships with key advertisers. Paramount CEO Bob Bakish praised Ross’s contributions, including her leadership in integrating the company’s ad sales organization and reimagining its upfront format. Ross joined CBS in 1992, gradually rising to become the longest-tenured sales head in broadcast TV history. She oversaw the development of innovative ad formats, such as product integrations and in-show segments, while also championing diversity and female representation in media and entertainment.
Paramount Global CEO Bob Bakish’s total compensation rose to $31.3 million in 2023, driven by strong performance-based incentives and stock awards. The company’s recent cost-cutting measures and layoffs have faced scrutiny.
