Paramount Global Takes $1.3 Billion Charge in Q1 for Content Write-Offs, Layoffs

Prime Video’s German series Maxton Hall – The World Between Us has been handed a swift recommission after becoming the streamer’s most-watched international show of all time in its first week.

Ben Croll Mediawan Rights, the distribution arm of the wider media group, manages scripted, unscripted, format and feature documentary sales, keying European content onto international airwaves. And if initially heritage titles, foreign-language fare and time-tested perennials made up much of the catalogue, the group’s expanding footprint and well-capitalized partnerships promise a new yield of premium fare developed in-house and marked by global ambitions.

Naman Ramachandran India is making a concerted push to become a global production hub with enhanced incentives, diverse locations and a strong presence at Cannes. It is a record year for India at Cannes, with its first title in competition in 30 years, Payal Kapadia’s “All We Imagine as Light,” and seven more Indian or Indian-themed films across the festival’s various strands. In addition, the country has a strong Cannes Film Market presence, while the Federation of Indian Chambers of Commerce and Industry, on behalf of India’s Ministry of Information and Broadcasting (MIB), has organized a range of events aimed at global content co-producers, sales agents and distributors at the India Pavilion on the Croisette.

Interpol has issued a global 'Red Notice' for an escaped fugitive known as 'The Fly' after a brutal prison van attack in France killed two police officers.

International crime-fighting organisation Interpol has issued a global 'Red Notice' for an escaped criminal known as 'The Fly'. The move is part of a manhunt to capture Mohamed Amra, 30, who managed to escape a prison van following an incident that left two guards dead at a toll booth on a motorway in northwest France.

Shari Redstone strolled onto the red carpet in New York City tonight for the premiere of Paramount Pictures IF, John Krasinski’ star-studded PG adventure that opens this weekend. She was there to support studio chief Brian Robbins.

Nick Vivarelli International Correspondent Pan-Arab distributor Mad Solutions is expanding operations by setting up Mad World, a Dubai-based company dedicated to selling Arab movies internationally that will officially launch in Cannes. Touted as Arab cinema‘s first global sales outfit, Mad World segues from Mad Solution’s first foray in the international distribution arena last year with Sudanese director Mohamed Kordofani’s “Goodbye Julia” which they sold widely after it’s splashy launch from Cannes’ Un Certain Regard section.

Lioness — the Taylor Sheridan drama starring Zoe Saldaña and Laysla De Oliveira — has been renewed for a second season by Paramount+.

Ben Croll A competitive tax rebate, combined with public and private initiatives to revitalize the local infrastructure, has substantially boosted the number of international productions shooting in France. Last revamped in 2020, Gaul’s Tax Rebate for International Production scheme now supplements a 30% across-the-board rebate with an additional 10% — applicable on all eligible expenses — for productions that spend $2.2 million with local VFX and post houses. And once the tax incentive put France back on the map, the country’s flourishing production ecosystem has kept projects on site longer than ever before. “The preconceived idea that France was too expensive clearly has changed,” says line producer John Bernard of Peninsula Film. “Projects with strong French DNA have very much embraced the whole process, basing themselves in France from beginning to end, using local crews and amenities.

Paramount Global says Chris McMarthy is the company’s “interim principal executive officer,” a necessity required by the SEC that apparently does not signal he has more decision-making power among a trio of top executives who stepped up to replace Bob Bakish this week in a new Office of the CEO.

Todd Spangler NY Digital Editor UPADTED: After months of M&A talks, Paramount Global and controlling shareholder Shari Redstone might be going it alone after all — for now. Insiders tell Variety that the expectation at the company is that neither of the two offers in play — Skydance Media-RedBird Capital Partners and Sony Pictures Entertainment-Apollo Global Management — will come to fruition. And Redstone is said to have reluctantly concluded that a deal with David Ellison’s Skydance, a longtime partner of Paramount Pictures, will not be possible.

Three days after he was named to the newly formed Office of the CEO of Paramount Global, George Cheeks, President and CEO of CBS, faced reporters at the unveiling of the broadcast network’s fall 2024 schedule.

Todd Spangler NY Digital Editor In the latest twist in Paramount Global‘s M&A saga, Sony Pictures Entertainment and Apollo Global Management reportedly have made a bid to take Paramount private with an all-cash buyout offer of $26 billion. Sony and private-equity giant Apollo submitted an offer letter Wednesday to Paramount Global, the Wall Street Journal reported Thursday. The report comes as Paramount Global board’s special committee established to consider M&A proposals is evaluating the best and final offer from Skydance Media to merge Paramount and Skydance, while keeping Paramount Global public.

Todd Spangler NY Digital Editor The three Paramount Global executives installed to run the company after Bob Bakish was removed as CEO sought to reassure employees that they have a long-term strategy. On Monday, Paramount Global said Bakish was stepping down as CEO and leaving the board. In his place, the company established an “Office of the CEO” committee led by three divisional heads: George Cheeks, president and CEO of CBS; Chris McCarthy, president and CEO, Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, president and CEO of Paramount Pictures and Nickelodeon.

George Cheeks, Brian Robbins and Chris McCarthy, the Paramount Global executives chosen to occupy the Office of the CEO as a replacement for the departing Bob Bakish, sought to reassure Wall Street on Monday that they have a plan.

Paramount Global‘s CEO Bob Bakish is out. The executive who has been a presence at several iterations of the company since 1997 will exit, effective immediately. A triumvirate of division heads — Brian Robbins, George Cheeks and Chris McCarthy — will step in to lead the company for now in a new office of the CEO.

Matt Donnelly Senior Film Writer As turmoil continues to surround the future of Paramount Global, details surrounding interim leadership and its proposed Skydance deal are coming to light, multiple sources told Variety. Sunday was a consequential day in Shari Redstone’s ongoing exclusive bargaining window with David Ellison‘s Skydance, one that would see the Hollywood scion take majority ownership of Paramount Global and its owner National Amusements Inc. Skydance offered its “best and final” offer to Redstone on Sunday, sources added.

Paramount Global is set to announce as early as Monday morning that Bob Bakish is stepping down as CEO amid talks with Skydance and ahead of the company’s quarterly earnings that afternoon.

Manchester United manager Erik ten Hag has suggested he has held discussions with Marcus Rashford about his work rate this season.

Marcus Rashford has taken to social media to call out 'months of abuse' in a message to his Manchester United critics.