Paramount Global's Strategic Shift: Navigating Content Cost Cuts and Streaming Success

Paramount Global is making significant changes to its content production and budgeting strategies, including a $1 billion write-down, reduced spending on movie and TV production, and a focus on more cost-effective global franchises. The company aims to achieve profitability for Paramount+ in the U.S. by 2025 and plans to cut back on local-language content production overseas while emphasizing Hollywood hits. Additionally, Paramount Global will increase offshore production for global franchises and focus on balancing high-budget tentpoles with more modest cost titles. The company also addressed the impact of the Disney/Warner Bros. Discovery/Fox streaming sports venture and the performance of CBS, which has seen success with budget-conscious content like "NCIS: Sydney."