Shari Redstone Insists Paramount Has Scale To Compete In A Tough Media Climate – “It’s Not About Market Cap”

deadline.com:

“Scale is not about market cap or about how much money you spend on content. It’s about how much money you spend on content that resonate with audiences,” Shari Redstone told Paramount shareholders, promising the company has the scale to compete in a cutthroat media world that’s seen significant M&A over the past year.Redstone, who serves as the non-executive chair of the company, was first up to address the annual meeting, held virtually, saying, “The momentum we have created over the past year is tremendous and we 100% believe that we have the scale to succeed and to win.” It’s the first shareholder meet since the company changed its name from ViacomCBS to Paramount Global and comes with a bit of glow as Top Gun: Maverick storms the box office — the studio’s fifth no.

1 theatrical opening of 2022.CFO Naveen Chopra said the $15 billion the company spent on content can be monetized across platforms — making it more logical than the spending of unnamed rivals without that ability. “All these number one films are currently, or will be, available on Paramount+, which means that they generate additional returns through our streaming service on top of what they already earned in theaters,” he said.

Ditto with the  CBS broadcast lineup with windows across the Paramount ecosystem.The woes of Netflix and speed bumps in the growth of subscription streaming services have given newfound swagger to companies like Paramount that can now prominently highlight diversity in broadcast, cable and theatrical — instead of pushing them under the rug as part of a business thesis — as well as AVOD in Pluto TVOn moviegoing, CEO Bob Bakish said Top Gun: Maverick’s record Memorial Day opening “brought consumers back to the theater at scale and