It makes the movie instantly profitable for the studio, Paramount, which avoids a (likely) theatrical misfire and costly marketing campaign.
The recently expanded board of the entertainment conglomerate has been convening daily since Monday to weigh major topics of the company’s future, including selling a minority stake in Paramount — with a path for the potential buyer to acquire all of the Hollywood studio at a later date — and the potential sale of all of Viacom, or a possible recombination of Viacom with CBS.
With Viacom CEO Philippe Dauman officially out, analysts are renewing calls for Viacom and CBS to recombine and for Viacom to sell off the struggling Paramount.
Viacom Inc.’s plan to sell a stake in its historic Hollywood movie studio, Paramount Pictures, suffered another setback Friday when the Redstone family publicly reaffirmed its opposition. Viacom CEO Philippe Dauman has reportedly been negotiating with Chinese entertainment giant Dalian Wanda Group over the studio.
21st First Century Fox is interested in acquiring a minority stake in Viacom’s Paramount Pictures, a source close to the situation said on Wednesday. The company would be interested in exploring a deal that would create synergies for Paramount but not in being a pure financial investor, according to the source.
Given the more generous subsidies offered in other states and countries, major studios including NBCUniversal, Paramount and Disney all have large-scale, long-term expansion plans.
Brad Grey, chairman and CEO of Paramount Pictures and a prominent former TV producer himself, is looking to build a new TV division to insulate the studio from the lagging film industry. Grey has begun meeting with candidates who could run the new TV studio, individuals close to the CEO say, reviving a business that Paramount successfully ran for decades until the end of 2005 when Viacom and CBS were split into two distinct companies.
Viacom CEO Philippe Dauman just teased the announcement which he says will be coming “shortly.” The studio’s initiative will be “very small,” beginning with “a project based on one of our film properties,” he said at the Deutsche Bank Media, Internet and Telecom conference.
NEW YORK (AP) — YouTube and Paramount Pictures have reached a deal to make nearly 500 films available to rent online, even while their parent companies continue to feud over a $1 billion lawsuit. The agreement announced Wednesday makes Paramount the fifth major Hollywood studio to join YouTube’s online video store, a growing rental library […]