In a rapidly changing media landscape, Paramount’s leadership has made clear their intentions regarding cable networks and the future of BET. This article explores their strategic decisions and insights into the evolving role of iconic franchises.
Paramount Leadership on Cable Networks and BET
There are three media companies that own a movie studio, a TV studio, a streaming service, and a substantial number of cable channels: NBCUniversal, Warner Bros Discovery, and Paramount. The first two are in the process of spinning off their ad-supported cable assets into new companies ready for private equity play. However, Paramount’s leadership has emphasized that they will not follow this trend under their new ownership by Skydance.
Challenges and Opportunities in Cable
George Cheeks, Paramount’s Chair of TV Media, acknowledged the challenges in the cable business but highlighted the iconic franchises created by their content group. He noted that while the pay cable business is shifting to streaming, there are many valuable franchises worth preserving.
Paramount’s Unique Cable Portfolio
Paramount President Jeff Shell explained why the company will not spin off its cable assets. He stated that their cable portfolio differs from others, with less economic reliance on cable due to its decline. Brands like BET are seen as vital components of their streaming strategy, rather than declining assets.
Importance of Kids and Family Content
COO Andy Gordon emphasized the significance of Nickelodeon, stating that kids and family content is crucial. Cindy Holland, Chair of Direct-to-Consumer, cited South Park as a prime example of a show that continues to thrive on cable before transitioning to streaming.
Future of BET and Streaming Integration
Shell referred to BET as an essential building block of their streaming strategy, with plans to integrate BET+ into Paramount+. The goal is to streamline Paramount’s three streaming services for improved efficiency.
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Reimagining Cable Brands
While reimagining cable brands is a long-term goal, Paramount’s immediate focus is on rebuilding its content machine and scaling up Paramount+. Shell stressed the need to balance economic realities while keeping the brands alive until they can be redefined.
Content Challenges Ahead
Shell acknowledged the challenge of supporting content in a linear model, noting that MTV’s current slate is limited. He emphasized the importance of not letting the brands die to ensure long-term viability.
Source: deadline.com
