Paramount's fresh proprietors plan to augment movie output, maintain control over cable networks
Paramount Global Redefines Legacy Cable Networks and Expands Film Production
Paramount Global, following its recent $8.4 billion merger with Skydance Media, has announced a strategic shift in its approach to cable networks and film production.
At a media gathering, the executive team discussed their plans to retain and revitalize legacy cable networks Nickelodeon, MTV, and BET as key components of their streaming and broader content ecosystem. BET, a network focused on Black culture, has been singled out as an important building block of their streaming strategy.
In terms of feature film production, Paramount Global is aiming to more than double its annual movie output. The focus includes prioritizing major franchise films like Top Gun 3 and Star Trek to drive theatrical releases. Josh Greenstein, co-chair of Paramount Pictures, plans to increase annual movie output from 8 to 15 "very quickly," with a goal of releasing 20 films per year. Additionally, Paramount Pictures will focus on family-oriented films, such as "A Night at the Museum" or "The Goonies."
Paramount's leadership, under CEO David Ellison, expresses a clear commitment to harnessing emerging technologies like artificial intelligence (AI) to transform storytelling and the creative process. Ellison views AI as a potentially transformative tool for filmmakers, comparable in impact to innovations like Pixar’s animation technology. The company aims to integrate AI to enhance both film and series production creativity and efficiency.
Ellison compares the potential impact of AI on filmmaking to the transformation brought about by John Lasseter and Steve Jobs at Pixar. He aims to transform Paramount into a haven for talented filmmakers, seeing artificial intelligence as a tool to enhance storytelling.
Paramount Global has also announced plans to retain and develop its entertainment brands Nickelodeon, MTV, and BET. The new slate will include new installments of franchises like "Star Trek" or "Transformers," as well as original movies, such as "High Side," starring Timotheé Chalamet.
Ellison believes that emerging technologies like artificial intelligence are evolving faster than the Hollywood industry thinks. He believes that Paramount's strategic approach aligns with creating a diversified, innovation-driven content ecosystem seeking sustained growth across traditional TV, theatrical releases, and streaming platforms. Dana Goldberg, co-chair of Paramount Pictures, expressed a love for these types of movies and noted that few are currently being made.
In contrast to other media companies such as Warner Bros Discovery and Comcast, Paramount Global is not viewing its cable networks as declining assets, but as brands to redefine. George Cheeks, Television Media Chair at Paramount Global, acknowledged the decline of cable television but believes the company's cable networks could thrive in the world of streaming video. Ellison, the son of Oracle co-founder Larry Ellison, believes that this approach will position Paramount as a bold competitor in the media industry.
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