Paramount Stock Dives 26% as Media Giant Slashes Quarterly Dividend

Rebecca Rubin Film and Media Reporter A familiar face is back on the Croisette. Well, kind of… Tom Cruise may not be attending this year’s Cannes Film Festival, where “Top Gun: Maverick” premiered in 2022 to massive fanfare, but the star’s presence is enduring in the South of France. For festival attendees, it’s impossible to miss the giant LED screen outside the famed Carlton Hotel, where a trailer of “Mission: Impossible – Dead Reckoning Part 1” has been playing on loop all week. It’s designed to hype up movie lovers for the seventh installment in the globe-trotting franchise, which has no affiliation with Cannes, but debuts theatrically in July. “We’ve had this location for years because it’s at the heart of the festival action,” says Marc Weinstock, Paramount’s president of worldwide marketing and distribution. “Cannes is a renowned festival with global reach, which is why we chose to screen ‘Top Gun: Maverick’ there. It’s the perfect setting to showcase a Tom Cruise movie.”

Emiliano De Pablos Spain’s The Mediapro Studio is teaming with writer-director Marcel Barrena (“Mediterraneo: The Law of the Sea,” “100 Meters”) and Spanish star Eduard Fernández on real-life inspired social film “The 47.”  Scheduled to shoot in Catalan and Spanish June-July in Barcelona, “The 47” is based on the true story of Manolo Vital, a bus driver who, during the city’s expansion in the 1970s, help shape the Barcelona of today.  Produced by Jaume Roures and executive produced by Laura Fernández Espeso, Javier Méndez and Eva Garrido, the film is one of the projects The Mediapro Studio Distribution is presenting for international sales at the current Cannes’ Marché du Film.

Today (May 10), Beyoncé began her highly anticipated “Renaissance” tour after releasing the album of the same name last July. The tour kicked off in Stockholm, Sweden at the Friends Arena, where she performed for three hours.

Beyoncé has kicked off her long-awaited Renaissance World Tour that has put some in debt buying tickets. The iconic singer started the tour in Stockholm, Sweden, at the Friends Arena, performing her latest album, Renaissance, on stage for the first time.

Stockport County have paid tribute to former record-signing Neil Matthews following his death with cancer aged 56. Matthews played a key role in County's legendary 1990-91 season, scoring two goals in the club's final day 5-0 win over Scunthorpe that secured the club's first promotion in 20 years.

Elsa Keslassy International Correspondent Viaplay Content Distribution has closed the first raft of deals for its ambitious action drama film “Stockholm Bloodbath” directed by Mikael Håfström. Ahead of Viaplay’s official streaming premiere in 2024, “Stockholm Bloodbath” will be distributed in the Nordics by Scanbox Entertainment. It will roll out in Denmark on Jan. 18th and in Sweden and Norway on Jan. 19. Splendid Film, meanwhile, has acquired all rights for Germany, Austria and German-speaking Switzerland. “Stockholm Bloodbath” is part of Viaplay Content Distribution’s roster which will be unveiled at the Cannes Film Festival to international buyers. The company will present new and exclusive material from the film.

So long, Hollywood! Kelly Clarkson is leaving Los Angeles with her two kids for New York City more than one year after her divorce from Brandon Blackstock.

Cynthia Littleton Business Editor Endeavor has big financial plans for the rest of the year as the company announced Tuesday it will declare its first dividend and begin its first stock buyback program as it awaits its acquisition of WWE and sale of IMG Academy. Endeavor delivered solid first quarter results on Tuesday, powered by growth in its owned sports properties unit which is about to grow substantially as Endeavor closes its $21 billion takeover of WWE later this year. Endeavor’s events and experiences unit also was in positive territory for the quarter. But the hangover of the January 2022 sale of the Endeavor Content production unit put a dent in the representation unit’s quarterly numbers.

Keeping some details to herself. Kelly Clarkson‘s upcoming album Chemistry will offer a rare glimpse into her divorce from Brandon Blackstock — but fans shouldn’t expect to hear the whole story.

As the official rollout of “Paramount+ with Showtime approaches, the Paramount Global platform unveiled a unified Paramount Streaming Data & Marketing Group led by Domenic DiMeglio, EVP and chief marketing officer, Paramount Streaming.

Paramount+ with Showtime. The major media company has announced three executives in key positions of its streaming division: Domenic DiMeglio, Michael Engleman and Puja Vohra.The company said Monday it will be combining its marketing and data teams. This new division will now be titled the Paramount Streaming Data and Marketing Group and will be led by Domenic DiMeglio.

Joe Otterson TV Reporter Paramount’s Streaming Data & Marketing Group is making two high-profile changes under Domenic DiMeglio, the executive vice president and chief marketing officer of Paramount Streaming. Firstly, Michael Engelman has been named chief marketing officer of Paramount+ Domestic and Showtime. In that role, he will oversee consumer marketing, strategy, partnerships, lifecycle marketing, customer care, and social and creative execution for all U.S. campaigns. He will be based in Los Angeles. Secondly, Puja Vohra has been named executive vice president of consumer marketing for Paramount+ and Showtime. She will oversee brand, media, and program marketing for Paramount+ and Showtime and will be based in New York.

Taking the mic for the second time in a week, Paramount Global CEO Bob Bakish explained why the company slashed its dividend and talked streaming, advertising and weathering a WGA strike.

Well, “Yellowstone” fans, the rumors are true: Taylor Sheridan‘s hit show will end at the end of the second half of Season 5, which will premiere on Paramount Network in November. But fans of the series won’t need to wait long for the show’s story to continue.

Voters in Stockport have had their say in the 2023 local elections.

Well, “Yellowstone” fans, the rumors are true: Taylor Sheridan‘s hit show will end at the end of the second half of Season 5, which will premiere on Paramount Network in November. But fans of the series won’t need to wait long for the show’s story to continue.

In a dividend shocker this morning, Paramout Global said it’s slashing quarterly payouts to 5 cents, so 20 cents, annually — a major drop from about 24 cents a quarter or nearly a buck a year. It said the move would save it $500 million annually and that it’s important to conserve cash and pay down debt given strong macroeconmic headwinds.

Todd Spangler NY Digital Editor Shares of Paramount Global tumbled as much as 22% in early trading Thursday after the media conglomerate reported disappointing first-quarter 2023 results and slashed its dividend. Paramount posted a Q1 net loss of $1.12 billion, as revenue of $7.27 billion was down 1% on shortfalls in its TV media and filmed entertainment units. The company’s streaming business, which includes Paramount+ and Pluto TV, saw revenue rise 39% in the first quarter to $1.5 billion. However, the direct-to-consumer segment posted a loss of $511 million, growing 12% compared with the year-earlier period. The company said Paramount+ added 4.1 million subscribers in the quarter, coming to a total of 60 million overall.

Paramount Global fell way shy of Wall Street forecasts with ongoing losses in streaming exacerbated by soft advertising at its TV/Media group last quarter and a dip in filmed entertainment as well. The stock is down sharply — about 14% — in early trading

integration of Showtime into Paramount+ will officially launch in the third quarter, the company confirmed. The combination, which is expected to generate approximately $700 million in future annual expense savings, resulted in a programming charge of $1.7 billion during the first quarter. As part of the move, the company is raising its prices for Paramount+ subscriptions.