×
You will be redirected back to your article in seconds

Viacom Chief Bob Bakish on Paramount’s Turnaround: ‘The Mountain Is Back’

Paramount Pictures is enjoying a reversal of fortune this year on the strength of box office hits such as “A Quiet Place” and the growth of its television production business, Viacom CEO Bob Bakish told investors Wednesday.

After a years-long slump, Paramount has real momentum coming out of a summer in which “A Quiet Place,” “Mission Impossible – Fallout” and “Book Club” performed well at the multiplexes. That’s a “very stark contrast” to 2016 when the studio churned through $1 billion in cash and lost $500 million, he said.

“There’s no question that the mountain is back,” Bakish said during his presentation at Goldman Sachs Communacopia investor conference in New York. “Book Club” and “Quiet Place” are also “killing it in the transactional window,” he said, citing paid downloads and VOD purchases. Paramount’s 2019 slate will feature the first film from Tyler Perry to come from the wide-ranging overall deal the studio struck with the multi-hyphenate last year, Bakish said.

Moreover, Paramount is expanding the scope of its film production business to include what he called “the streamers,” although he did not elaborate.

“We are in the very late stages of beginning to produce films for different third parties including the streamers,” he said. “It’s another new revenue stream for Paramount, and it’s a great opportunity.”

Paramount Television is also boosting the studio’s fortunes. The TV production effort restarted in 2013 is now delivering about $400 million in annual revenue. He cited successful series such as Netflix’s “13 Reasons Why,” TNT’s “The Alienist,” and Amazon’s “Tom Clancy’s Jack Ryan.” Paramount at present has nine shows on the air, a number that will grow to 16 next year.

“Paramount is not only back in the television business — it’s a hitmaker,” Bakish enthused.

Bakish credited Paramount’s markedly improved performance to the leadership of chairman Jim Gianopulos and the “best in class” management team that the film veteran brought in after taking the reins in April 2017. Bakish did not reference the messy transition at Paramount Television, where Nicole Clemens was named president last week following the ouster in July of Amy Powell over allegations she made insensitive remarks on a work-related conference call.

The conversation also steered clear of any discussion of CBS Corp. and the corporate drama involving Viacom’s cousin under the National Amusements Inc. banner. There’s been much speculation about National Amusements reuniting the companies that were merged in 2000 and split apart again in 2006 — a push that sparked legal action by CBS that was settled this past Sunday along with a separate pact that saw CBS chairman-CEO Leslie Moonves forced out amid sexual assault allegations.

Bakish said there’s a “lot of noise and activity” on the media M&A front, but his focus is on “operating the assets we already own. We see substantial value creation opportunities ahead.”

On the TV channels front, Bakish pointed to MTV as a “microcosm” of the push since he became CEO in late 2016 to focus resources on six key channels out of Viacom’s suite of 25 domestic cable channels. “That brand is in far better shape than it was two years ago,” he said.

More Biz

  • Jackie Knobbe

    UTA Hires Agent Jackie Knobbe to Comedy Touring Division

    UTA has hired Jackie Knobbe as an agent in its comedy touring division, Variety has learned. Knobbe joins UTA after almost 20 years at APA, where she was a partner and co-head of comedy touring. She will bring a strong roster of touring comedy clients with her to the agency, including Tiffany Haddish, Lewis Black, Jeanne Robertson [...]

  • Arista Records Names Danny Cooper Senior

    Arista Records Names Danny Cooper Senior VP of Promotion

    Danny Cooper has been named senior vice president of promotion at Arista Records, it was announced today by John Boulos, the label’s executive VP of promotion. In this role, Cooper will work closely with Boulos in all areas of promotion across genres, and oversee Arista’s promotion staff throughout the U.S. He is based in Los [...]

  • Harvey Weinstein

    Media Organizations Seek Access to Key Harvey Weinstein Hearing

    A group of media organizations asked a New York judge on Monday to allow public access to a critical hearing in the Harvey Weinstein criminal case. The disgraced producer is scheduled to go on trial on June 3 on five charges of rape and sexual assault involving two alleged victims. Prosecutors have filed a motion [...]

  • Delta Air Lines celebrates Grammy Weekend

    Halsey, Jonas Brothers, Zedd to Headline iHeartMedia Wango Tango Concert

    Jonas Brothers, Halsey, 5 Seconds of Summer, Zedd, Ally Brooke (with special guest Tyga), Ava Max, Fletcher and Tomorrow X Together will perform at iHeartMedia’s annual Wango Tango concert at the Dignity Health Sports Park in Los Angeles (formerly StubHub Center) on June 1. Freeform will broadcast a 90-minute television special on Friday, June 7 [...]

  • Prince Memoir, ‘The Beautiful Ones,’ to

    Prince Memoir, ‘The Beautiful Ones,’ to Be Released in October

    The memoir Prince was working on at the time of his death is coming out Oct. 29, according to the Associated Press. Publisher Random House confirmed Monday that “The Beautiful Ones” will combine Prince’s unfinished manuscript with rare photos, scrapbooks and lyrics. Announced just weeks before his 2016 death, the 288-page book, issued in partnership [...]

  • Abigail Disney on Bob Iger

    Abigail Disney Calls Bob Iger's $65 Million Compensation 'Insane'

    Disney chairman-CEO Bob Iger’s total compensation for Disney’s fiscal 2018 was a whopping $65.6 million. Abigail Disney, the granddaughter of Disney co-founder Roy Disney, calls that sum “insane.”  While speaking at the Fast Company Impact Council, the filmmaker and philanthropist insisted that this level of corporate payout has a “corrosive effect on society.” Disney took [...]

  • Contract Placeholder Business WGA ATA Agent

    Signs of Solidarity and Strain Emerge as Week 2 of WGA-Talent Agency Standoff Begins

    Hundreds of WGA members rallied solidly behind their union last week as the industry grappled with uncertainties spurred by the sudden break between writers and their talent agency representatives. But as the standoff heads into its second week, signs of strain among some WGA members are beginning to emerge. Shalom Auslander, author and creator of [...]

More From Our Brands

Access exclusive content