Paramount’s Office of the CEO laid out its highly anticipated long-term strategic plan on Tuesday designed to help the struggling media conglomerate reduce its $14.6 billion in long-term debt, return to investment grade metrics after a credit downgrade to junk status, and drive revenue and earnings growth.
The broad strokes of the plan, which were unveiled by Chris McCarthy, Brian Robbins and George Cheeks at Paramount’s annual shareholder meeting, focuses on three pillars: transforming streaming, streamlining the organization to reduce non-content costs, and “optimizing” its asset mix to pay down debt.
“Our plan looks forward by building back the best of Paramount, delivering higher revenue with lower costs, which translates to higher earnings and better returns,” Robbins said.