Adam Goodman on His Way Out at Paramount (Exclusive)

“The studio is currently reviewing its creative organization,” said an individual familiar with Paramount’s thinking

Adam Goodman Ok Boomer

Adam Goodman is on his way out as president of Paramount Film Group, multiple individuals familiar with the situation have told TheWrap. “The studio is currently reviewing its creative organization,” said an individual familiar with the studio’s thinking.

A representative for Paramount said the studio “does not comment on employee matters,” while an insider said Goodman has more than a year left on his current contract.

“The studio is currently reviewing its creative organization,” said an individual familiar with Paramount’s thinking.

Goodman brought along the blockbuster “Transformers” and “Paranormal Activity” franchises when he joined Paramount in 2008, and helped shape its strategy of making the most of a limited number of bankable releases.

Also read: Paramount, J.J. Abrams’ Bad Robot Extend First-Look Deal Through 2018

His leaving likely solidifies the position of chairman and chief executive Brad Grey, vice-chairman Rob Moore and president of worldwide marketing and distribution Megan Colligan.

While initial speculation regarding Goodman’s eventual replacement centered around “Ted” producer Scott Stuber and “The Amazing Spider-Man” producer Matt Tolmach, insiders say both producers are happy with their respective deals at Universal and Sony, and aren’t looking to make the move to Paramount.

Sony’s Doug Belgrad and Michael De Luca have also been mentioned as possible candidates, given the fact that they were passed over for the top job in favor of Tom Rothman on Tuesday, though sources also say that an internal candidate such as Paramount-based producer Mary Parent could also be the heir apparent.

Parent and De Luca did not respond to phone calls on Tuesday afternoon, when word of Goodman’s imminent exit first began surfacing.

Also read: Will Smith to Star in Paramount Action-Thriller ‘Bounty’

Goodman was behind the “Teenage Mutant Ninja Turtles” and “SpongeBob” reboots, and oversaw recent hits including Brad Pitt’s “World War Z” and Christopher Nolan’s “Interstellar.”

His Paramount tenure also included several films nominated for Best Picture Oscars, including “Selma,”  Martin Scorsese’s “The Wolf of Wall Street,” the Coen brothers’ “True Grit” and Alexander Payne’s “Nebraska.” Goodman was instrumental in the studio’s launch of its low-budget unit Insurge Pictures, which delivered the $100 million-grossing “Justin Bieber: Never Say Never.” And Paramount recently extended its deal with J.J. Abrams’ Bad Robot, the production company behind the studio’s “Star Trek” franchise, through 2018.

However, the “Transformers” and “Paranormal Activity” franchises appear to have peaked, at least domestically, and no one has filled the void created by the loss of low-budget horror film producer Jason Blum, who took his deal and slew of low-budget, high-return projects to Universal Pictures.

Also read: ‘Lazarus Effect’ to Test Jason Blum Effect of Turning Low-Budget Thrillers Into Box-Office Hits

Additionally, Paramount’s three-movie bet on reviving the pricey “Terminator” franchise is not a lock, given aging star Arnold Schwarzenegger’s recent box-office struggles. And though Tom Cruise’s 2011 hit “Mission: Impossible – Ghost Protocol” was the highest-grossing entry in the franchise, neither the series nor its star are getting younger.

The first new “Terminator” will be released July 1, and “Mission: Impossible 5” on July 31.

Last year, Paramount finished last among the major studios in domestic market share. Michael Bay’s “Transformers: Age of Extinction” grossed more than $1 billion, but most of that came from China. “Paranormal Activity: The Marked Ones,” the pricey Biblical epic “Noah” and “Jack Ryan: Shadow Recruit” all underwhelmed domestically.

So far this year, the studio has had a hit with “The SpongeBob Movie: Sponge Out of Water,” produced by the in-house animation unit that Goodman backed. But it has missed with two low-budget releases, the teen sci-fi film “Project Almanac” and the comedy sequel “Hot Tub Time Machine 2,” which flopped over the weekend.