The New Paramount leadership team officially took control of the company on Thursday, and as they assess their entire portfolio one particular area expected to face scrutiny is the media giant’s real estate assets.
The company’s president Jeff Shell told TheWrap during a media briefing on Thursday that the Paramount Lot in Los Angeles is among the properties that will likely be safe from any potential sale — a reversal after rumors of selling the lot surfaced last year — as will the CBS Broadcast Center on 57th Street in New York City due to its infrastructure. However, many other assets are “on the table” for review, such as National Amusements’ portfolio of movie theaters and Paramount’s Times Square headquarters in New York City.
The fate of the Ed Sullivan Theater also remains an open question as New Paramount’s TV/Media chair George Cheeks told reporters discussions remain ongoing about a programming replacement for “The Late Show” when Stephen Colbert’s show ends in 2026.
When asked about a spinoff of Paramount’s cable networks, Shell said, “I don’t think it really makes sense for us.” New Paramount chief operating and strategy officer Andy Gordon told reporters there’s “probably a place” for brands like MTV and Comedy Central to exist outside of the linear world where they can be “invested in and flourish.”
While acknowledging that the cable business is “clearly going through secular decline,” Gordon said the team would be “very careful” about how to manage the assets as efficiently as possible to maximize cash flow. Paramount recently launched a review of its international pay TV strategy, which Shell told TheWrap may result in a reduction of its cable footprint in international markets like Australia.
New Paramount leadership has previously set a goal of at least $2 billion in cost savings. In addition to real estate, New Paramount CEO David Ellison said in an open letter on Thursday that they would look to drive efficiencies in areas including technology, labor, procurement and workflow.
