Core elements includelayoffs, non-content cost reductions, asset sales and potential streaming partnerships.
She instead signed off on the strategy developed by the Troika, as the three execs are commonly known.
More Cuts
At the meeting, Cheeks revealed that $500 million in cost reductions have been identified.
(L-R) George Cheeks, Brian Robbins and Chris McCarthyMatt Sayles/CBS /Paramount/Viacom
Workforce reductions could begin later this summer, sources tell Deadline.
Priority rankings have been developed by various departments.
Layoffs are expected to reach all corners of the company, with corporate and marketing among the impacted areas.
Cheeks said he sees the end result being a leaner, more nimble company thats better positioned to win.
Yet many outside the Melrose gates or Times Square tower see a potential storm brewing.
I have never heard of a CEO troika, he said.
I have also always felt that even having co-CEOs doesnt work because ultimately one of them ends of dominating.
For Sale
Asset sales will now be another key priority.
Even so, two ripe opportunities for new revenue did not come to pass.
While BET will likely go back on the market, the door may have closed on Showtime.
Paramount opted to use it to help fuel the growth of streaming flagship Paramount+.
Other pieces of the empire on the way out include MaxPreps.
People familiar with Skydances strategic plan for Paramount indicated it would have maintained Paramount+ as a stand-alone.
But few sources familiar with leaderships current thinking envision that being the most likely path.
McCarthy alluded during the annual meeting to a great deal of inbound interest in a potential team-up.
Observers believe that duo would still make sense, with Amazons Prime Video also among suitable potential partners.
But they do substantially lower operating costs.
Like is the case with many family-run companies, her control is absolute.
Whether you have one CEO or 10 CEOs, its still Sharis show, Elson said.
