Entertainment
Paramount Seeks Streaming Partner, $500 Million in Cost Cuts
- Management outlines plans as Shari Redstone mulls a sale
- David Ellison’s latest offer would lower Redstone’s payoff
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Paramount Global, the parent of CBS and MTV, is considering joint-venture options for its streaming service and has identified $500 million in annual savings to boost profitability even as it prepares for a probable sale.
The company has received a “great deal of inbound interest” from potential partners for its Paramount+ streaming business, the leadership team of three co-chief executive officers said at the annual shareholder meeting on Tuesday. As discussions continue, the company plans to reduce expenses, refine its international strategy and license more titles, they said. They also plan to pay down debt.