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Paramount May Be Selling Off Some Assets, Skydance Team Says

Paramount May Be Selling Off Some Assets, Skydance Team Says

As Skydance and Paramount chart out their strategy as a merged company, its new leaders say they would still be open to selling assets. 

On a call with investors Monday morning, after the announcement of a deal that will see Skydance acquire Shari Redstone’s National Amusements and gain control of Paramount, former NBCUniversal CEO Jeff Shell suggested the sale of some assets and a continuation of a strategy set in place by Paramount’s three CEOs. 

“There are assets here which we think are not strategic to where we’re going, that if we were to get a buyer to pay a price that we thought was compelling, we would absolutely do that,” Shell said. “And we know current management is also talking about a couple of transactions that, if they get the right price, we’ll be supportive of.”

After the deal closes, Paramount plans to acquire Skydance, with Shell as president and Skydance CEO David Ellison as CEO of the company.  Brian Robbins, Chris McCarthy and George Cheeks are currently the three CEOs at the head of the company. 

Ahead of the deal announcement, the three CEOs were said to be pursuing the sale of the company’s BET Media Group Assets. Other potential options on the table could include the company’s linear TV assets such as the non-CBS local TV stations or the annual video convention VidCon.

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In the company’s June 25 town hall, leadership said bankers had been hired to sell off assets in order to help the company pay down debt and strengthen the company’s balance sheet. The company had plans to cut $500 million in costs as Paramount’s revenue has grown by 13 percent between 2018 and 2023, while its operating income before depreciation and amortization has declined 61 percent.

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