ViacomCBS CEO Bob Bakish Sees 100M Streaming Subs By 2024 As Company Rebrands

Disney‘s CEO Bob Chapek is addressing the company’s stance on the “Don’t Say Gay” Bill in Florida – Just Jared Jr There is some Queen Elizabeth news – Celebitchy Here’s everything you need to know about Megan Fox and Machine Gun Kelly‘s wedding – Popsugar Another CW star is leaving their TV show – Just Jared Jr

demonstrate outside Disney theme parks in Florida and California urging the company to denounce the proposed bill, which President Joe Biden has slammed as “hateful.” Further exacerbating the public backlash against Disney was an Orlando Sentinel report that Disney, despite casting itself as an LGBTQ-affirming place, gave money to every single sponsor and co-sponsor of the bill, including the bill’s Senate sponsor, Sen. Dennis Baxley (R-Belleview), who has proposed multiple pieces of anti-LGBTQ legislation during his time as a politician in Tallahassee.In response to stories about Disney’s political donations, Abigail Disney, the 62-year-old granddaughter of the company’s co-founder Roy O.

EXCLUSIVE: Lucifer exec producer Sheri Elwood has struck a first-look deal with Blink49 Studios, the Endeavor Content-backed studio founded by John Morayniss.

In a rather surprising (but very welcome) turn of events, a grime mixer behind the works of AJ Tracey and Headie One has helped '80s pop group The Pinkees to get their music onto streaming services just in time for their 40th anniversary.

Central Cee has been releasing music steadily for less than 2 years, but in that time he has already become one of the UK's most reliable new hitmakers. 

BFF knows best! Caroline Lunny has nothing but nice things to say about Becca Kufrin’s man, Thomas Jacobs.

Undaunted by headwinds, Sinclair Broadcast Group CEO Chris Ripley reaffirmed plans to launch direct-to-consumer streaming versions of the regional sports networks controlled by the company.

As the surge of Covid infections in December and January due to the Omicron variant continues to recede, media and entertainment companies are starting to update their return-to-office plans.

Was it the Bumblebee bit?

Afternoon subscribers. Max Goldbart here with your weekly dose of International Insider news and analysis and it’s been as busy as ever over the past seven days. Scroll down for more.

Fans are noticing the Twitter like that Dylan O’Brien handed out yesterday.

Todd Spangler NY Digital EditorShares of Paramount, the new corporate name of ViacomCBS, took a dive after the media conglomerate told Wall Street that it was more aggressively equipping itself for battle in the streaming wars.The stock was down more than 15% in premarket trading Wednesday, coming a day after Paramount’s 2022 investor day presentation that detailed revised financial forecasts including a bigger capital outlay for its streaming strategy, led by Paramount Plus.Investors were apparently unnerved about the heavier investment Paramount plans to make in the streaming biz — it plans to boost spending on streaming content to $6 billion by 2024, versus $4 billion previously — and the resulting hit to profitability. Bank of America Securities analyst Jessica Reif Ehrlich downgraded her rating on the stock, from “buy” to “neutral,” and cut her 12-month price target on the stock from $52 to $39 per share.SEE ALSO: As ViacomCBS Becomes Paramount, an Energized Company Solidifies Its Streaming Playbook“We commend management for taking a bold approach, but near-term headwinds will drive Y/Y declines in CY22 and CY23 OIBDA [operating income before depreciation and amortization] and pressure already depressed FCF [free cash flow] levels,” Reif Ehrlich wrote in a note to clients.In reporting Q4 2021 results, the company said Paramount Plus netted 7.3 million new subscribers to stand at 32.8 million at year end.

Cynthia Littleton Business EditorIn their last outings as leaders of ViacomCBS, the executive team led by Shari Redstone and Bob Bakish finally started to sound like they have a solid plan to compete in streaming.On the day ViacomCBS unveiled its corporate rebrand to Paramount, starting as of Feb. 16, the company put on a nearly three-hour virtual presentation for investors that demonstrated how much its operations have been turned inside out to focus on streaming growth opportunities.

The CFO of ViacomCBS, soon to be known as Paramount, said Tuesday that the company is looking hard for “efficiencies” at its traditional businesses to divert as much cash it can to streaming, where investment will hit an estimated $6 billion in 2024.

ViacomCBS unveiled a slew of new news Tuesday during an investor day presentation that followed the release of the company’s fourth-quarter earnings.

Yellowstone is the crown jewel in the newly rebrand Paramount Global but the Kevin Costner-led series lives on streaming in the U.S. with rival Peacock.

ViacomCBS President Bob Bakish announced today during the conglom’s investor day that all new Paramount theatrical releases will head straight to Paramount+ after their run in cinemas starting in 2024.

ViacomCBS is rebranding to become Paramount Global, effective Feb. 16, the latest giant pivot in a rapidly transforming media and entertainment landscape. It’s the name of the company’s storied studio and its centerpiece streaming network Paramount+, which launched in March of 2021.