Paramount’s New Owners Plan Film Production Boost, Retain Legacy Cable Networks

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Paramount Global, fresh off its $8.4 billion merger with Skydance Media, has laid out an ambitious strategy to expand its film slate while holding on to its iconic cable brands such as Nickelodeon, MTV, and BET.

Speaking at a press event on the Paramount Pictures lot, President Jeff Shell emphasized that the company does not view cable as a “declining asset” but rather as a set of legacy brands with potential for reinvention in the streaming era.

Cable Networks to Stay

Unlike rivals Warner Bros. Discovery and Comcast, which are shedding their cable divisions, Paramount will continue to invest in its channels. BET, once considered for sale, was highlighted as a key piece of the company’s streaming strategy.

Television Media Chair George Cheeks acknowledged the challenges of cable but underscored its role in building franchises that can transition into streaming.

Big Push in Film Production

Co-chairs of Paramount Pictures, Josh Greenstein and Dana Goldberg, announced plans to nearly triple annual feature film production. The studio expects to ramp up from eight releases this year to 15, with a long-term goal of 20 films annually.

The slate will balance franchise powerhouses like Star Trek and Transformers with original titles, including James Mangold’s High Side starring Timothée Chalamet. Paramount also intends to revive family-friendly adventure films, inspired by classics such as The Goonies and A Night at the Museum.

Embracing AI in Storytelling

CEO David Ellison highlighted artificial intelligence as a transformative force in Hollywood. Comparing its potential impact to the birth of Pixar, Ellison said AI could soon become a powerful tool for filmmakers to enhance storytelling and production.

“We’re on the brink of another defining moment in entertainment,” Ellison said. “Our goal is to make Paramount the home for the most talented creators.”

With a stronger focus on film production, a renewed commitment to legacy cable networks, and a willingness to embrace emerging technologies, Paramount aims to carve out a bold future in the rapidly evolving entertainment industry.