ViacomCBS Revisits Strategy That Drove a Turnaround at Paramount

Paramount Pictures, on the mend since studio head Jim Gianopulos took over in 2017, has taken a different approach to Hollywood’s obsession with proprietary streaming platforms. While Disney, WarnerMedia and NBCUniversal have focused on getting away from licensing content to Netflix and other third-party streaming services, Paramount has leaned into that model — and it appears to have paid dividends. But is that strategy a recipe for long-term success for the legendary studio that has struggled to return to its former glory? There are indications from within and outside the company that adjustments to that strategy are on the horizon. The studio’s turnaround — with improved operating income by half a billion dollars since Gianopulos grabbed the reins — has hung on both producing more films for theatrical release while also leaning heavily on third-party streaming partners like Netflix through license agreements and selling and producing content for other platforms. Meanwhile, ViacomCBS’ main streaming platform, CBS All Access, has served as little more than an extension of the CBS network. But last week, five months after CBS re-merged with Paramount parent Viacom, CEO Bob Bakish told Wall Street analysts that the company is planning “major changes” for the streaming platform, including a full...

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