Entertainment
Paramount studio lot could be at stake amid asset sale talks
Paramount Global is continuing its asset sales and bankers are on hand as it moves to streamline and raise cash to pay down debt, its three co-CEOs confirmed Tuesday at a company town hall meeting with staff.
Many avenues are being studied. Deadline has heard that there are rumors about Paramount selling the land and re-leasing it, with an option to buy it back later.
Paramount is not in the real estate business and a sale could raise $2 billion. As ViacomCBS, it sold the historic CBS building in New York, known as Black Rock, for $760 million to real estate investment firm Harbor Group International in 2021. Later the same year, it sold the iconic CBS Studio Center to Hackman Capital Partners and Square Mile Capital Management. for $1.85 billion.
Jeffrey Katzenberg made a similar deal in 2015, when DreamWorks Animation was also a cash-strapped publicly traded company, selling its lot in Glendale for $185 million to the investment arm of Sun Trust Banks.
The Paramount land is a historic Hollywood gem, and industry insiders were wary of the idea of private equity or other financial buyers snapping it up. That’s why many supported Skydance’s bid for Paramount. David Ellison wanted the land badly. Apollo, which has partnered with Sony on a potential deal, was interested in the acquisition as a real estate deal.
Deadline has learned that the bankers are also evaluating a group of TV stations that are not affiliated with CBS and are not core to the broadcast business. Paramount owns 13 television stations not affiliated with CBS.
Other assets on the table include BET, which Paramount has already tried to get rid of several times.
There is no decision yet on the free, ad-supported streamer Pluto TV.
A partner for Paramount+ could be considered. One of the options discussed at today's town hall is a long-term relationship with a leading technology platform. As for other potential partners, Peacock has been mentioned, and David Zaslav, CEO of Max's parent company Warner Bros Discovery, is said to be enthusiastic.
Staff at today's town hall listened with concern to hints of layoffs, which CEOs confirmed would come amid $500 million in cost cuts. Deadline learns that they haven't reached a definitive figure in terms of headcount reductions, but are examining layers of redundant corporate infrastructure in communications, financial, legal and offshore cable offices.
None of the layoffs will concern those in content, which remains king for the company.
RELATED: What's Next for Paramount After Skydance Merger Talks Fail
Shari Redstone's National Amusements, which controls Paramount, has a debt payment due next year and, according to what was expressed at the town hall, will continue to explore mergers and acquisitions. However, anything is unlikely to happen before the November presidential election, many sources tell us.
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