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Sept. 12, 2021, 8:34 p.m. EDT

ViacomCBS revamping Paramount operations, refocusing on streaming

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Joe Flint

ViacomCBS Inc. is revamping the operations of its Paramount Pictures movie and television production unit as part of a broader shake-up of the management there that will give television veteran David Nevins a larger role, people familiar with the matter said.

Under the new structure, the movie and television arms will be run as separate entities, the people said. Nickelodeon chief Brian Robbins will oversee films while Nevins, a longtime ViacomCBS television executive, will add oversight of the Paramount television unit.

The realignment is expected to be unveiled as early as Monday, they said.  The Wall Street Journal previously reported  that Robbins will be tapped to succeed Jim Gianopulos as chief of Paramount Pictures.

The moves inside Paramount come as ViacomCBS /zigman2/quotes/200340870/composite VIAC -0.71% leadership including Chair Shari Redstone and CEO Robert Bakish are putting a priority on Paramount+. The company has made several content deals for the service as of late including one with “South Park” creators Matt Stone and Trey Parker. As part of the new alignment, Paramount Television is expected to focus primarily on making content for its sister cable and streaming networks, the people said. Paramount Television currently makes shows for a range of services including Apple’s /zigman2/quotes/202934861/composite AAPL -0.53% TV+ platform and Netflix /zigman2/quotes/202353025/composite NFLX +1.78% .

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/200340870/composite
US : U.S.: Nasdaq
$ 37.51
-0.27 -0.71%
Volume: 13.53M
Oct. 22, 2021 4:00p
P/E Ratio
7.06
Dividend Yield
2.56%
Market Cap
$24.54 billion
Rev. per Employee
$1.14M
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 148.69
-0.79 -0.53%
Volume: 58.88M
Oct. 22, 2021 4:00p
P/E Ratio
29.12
Dividend Yield
0.59%
Market Cap
$2470.93 billion
Rev. per Employee
$1.86M
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/zigman2/quotes/202353025/composite
US : U.S.: Nasdaq
$ 664.78
+11.62 +1.78%
Volume: 6.19M
Oct. 22, 2021 4:00p
P/E Ratio
59.89
Dividend Yield
N/A
Market Cap
$289.09 billion
Rev. per Employee
$2.66M
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