“We’ll be thoughtful with how we deploy capital, with our world-class content being the priority,” said Robbins during the presentation Tuesday.
Cheeks said Tuesday the company is “prepared to move quickly on cost reductions,” which will focus on “duplicative teams and functions across the organization, real estate, marketing and other corporate overhead categories.”
“To be clear, $500 million in cost savings is just the beginning,” said Cheeks, adding that more details, including timing, will be provided on the company’s next earnings call in August.
Cheeks added that they will explore various strategic initiatives that help to “optimize the asset mix and use the proceeds to pay down debt.”
On Tuesday, Robbins said the company has been “aggressively exploring all options” when it comes to partnerships with other streamers. He noted Paramount has already received “a great deal of inbound interest” from other potential streaming partners for a joint venture that would include the company’s flagship service, Paramount+, which has more than 70 million subscribers but continues to lose money.
“Let me be clear, we’re not talking about marketing bundles. This is a deep and expansive relationship,” Robbins said.
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