ViacomCBS Inc. unveiled a brand new administration staff and working construction for its iconic Paramount Photos film and tv manufacturing unit that Chief Govt Bob Bakish stated would higher place it for the streaming period.
Among the many adjustments anticipated because of the realignment is a better push for Paramount to create content material completely for its Paramount+ streaming service and different ViacomCBS networks and streaming platforms, folks acquainted with the corporate’s considering stated.
“The strikes we’re making in the present day will construct on Paramount’s sturdy momentum, making certain it continues to have interaction audiences at scale whereas embracing viewers’ evolving tastes and habits,” Bakish stated in an announcement Monday.
Paramount Photos underneath the brand new construction will seemingly cut back by about half the variety of theatrical releases it sometimes makes in a given yr, stated one of many folks acquainted with the corporate’s considering. Paramount Photos had been concentrating on making a minimum of a dozen theatrical releases yearly, the particular person stated.
On the tv aspect, Paramount Tv Studios will put extra give attention to creating reveals for its personal sister companies reminiscent of Paramount+ and its cable networks together with the Paramount Community, the folks acquainted with the corporate stated. That could be a shift from its present technique which has made it a prolific provider to companies reminiscent of Netflix and Apple TV+, an strategy some Wall Avenue analysts have cheered.
The strikes ViacomCBS is making are much like these undertaken over the previous yr or extra by Walt Disney Co. , Comcast’s NBCUniversal and AT&T’s WarnerMedia. The leisure conglomerates aren’t solely placing a better emphasis on constructing out their streaming companies but additionally on creating content material for themselves slightly than buying TV reveals and films from outdoors producers.
Beneath the brand new construction, Nickelodeon chief Brian Robbins will now have oversight of Paramount’s film operations together with movies for Paramount+. He’ll proceed to supervise Nickelodeon as properly, the corporate stated.
Robbins succeeds Jim Gianopulos, a well-regarded movie veteran who has headed the studio since 2017 and returned the unit to profitability with hits reminiscent of “A Quiet Place.” Bakish known as him a “towering determine in Hollywood.” Gianopulos will keep at Paramount as a guide by the tip of the yr.
As a part of the overhaul, Paramount Tv Studios will now be overseen by David Nevins, who can also be the chief govt of ViacomCBS’s premium cable channel Showtime. The transfer is aimed toward placing all the scripted content material operations underneath one umbrella.