Bob Bakish, the dynamic CEO of Paramount Global, recently addressed a pressing issue during his second earnings call. He spoke passionately about the ongoing strikes involving writers and actors in Hollywood. Bakish expressed his disappointment that the industry couldn’t reach an agreement to prevent these disruptions. He emphasized the importance of their partnership with the creative community and remained hopeful for a timely resolution. However, he also acknowledged their responsibility to minimize disruptions to their audiences and other stakeholders.
Amidst this challenging situation, Bakish highlighted the company’s commitment to finding a way forward. He didn’t shy away from discussing the impact of the strikes on their operations. Bakish mentioned that while they expect a significant increase in free cash flow due to cost-savings, they didn’t provide specific figures like Warner Bros. Discovery did. The CFO, Naveen Chopra, estimated that the back half of the year would see a substantial rise in free cash flow as a result of the strike-related production delays.
Bakish took the opportunity to showcase the success of Paramount+’s latest series, “Special Ops: Lioness,” created by the talented Taylor Sheridan. He also mentioned how they were leveraging popular series like “Yellowstone” to strengthen CBS’ fall lineup. Bakish emphasized the company’s nimble approach and the strength of their global multi-platform asset base.
Furthermore, Bakish proudly shared that Paramount+ has an impressive lineup of international original series. With 85 already produced, in production, or greenlit, they are truly embracing diverse storytelling. Notable examples include the British drama “The Gold, Sexy Beast” and Korean series like the crime thriller “Bargain, Queen Woo” and “A Bloody Lucky Day.”
Bakish also provided an update on completed film productions, including highly anticipated titles like “Killers of the Flower Moon,” “Bob Marley,” John Kraskinski’s “If,” and “A Quiet Place: Day One.” Additionally, he mentioned the upcoming release of “Dear Santa” featuring Jack Black and the “Mean Girls” musical for Paramount+.
Acknowledging the marketing challenges posed by the strikes, Bakish assured stakeholders that they were actively working to assess and address these obstacles. He recognized that some planned originals for Q4 might be delayed into 2024 due to production delays caused by the strikes. However, it was too early to determine the full impact of these delays.
In conclusion, Bakish expressed his optimism for a swift resolution to the strikes, emphasizing the industry’s collective desire to resume content production. He believed that by working together, they could overcome these challenges and get back to doing what they love.
