ViacomCBS’s Shari Redstone says media company will focus on organic growth

Shari Redstone, president of Nationwide Amusements and Vice Chairman, CBS and Viacom speaks on the WSJTECH reside convention in Laguna Seashore, California, U.S. October 21, 2019. REUTERS/ Mike Blake
Dec 1 (Reuters) – ViacomCBS Inc (VIAC.O) Chair Shari Redstone, who prior to now has hinted at extra offers to bulk up the media empire, mentioned on Wednesday the corporate will deal with organic growth and search world growth alternatives.
In an interview in the course of the Reuters Subsequent convention, she mentioned the corporate remained open to “all the time have a look at alternatives on the market,” however had no rapid urge to merge.
ViacomCBS, with its $20.1 billion market valuation, is one-tenth the dimensions of the Walt Disney Co (DIS.N). As media conglomerates have raced to bulk as much as amass content material for subscriptions and advertising-supported streaming video providers, the corporate’s comparatively smaller scale has spurred hypothesis that Redstone would search one other deal.
“I feel our development trajectory is definitely fairly excessive at this cut-off date,” Redstone mentioned. “Our capacity to develop each domestically and internationally is nicely on its method.”
Redstone mentioned ViacomCBS’s assortment of conventional media property — its CBS broadcast community, its cable networks, together with Comedy Central and MTV — offers a possibility for the corporate to retain its core viewers even because it reaches youthful cord-cutters through its streaming service, Paramount+. The corporate’s power, she mentioned, lies in its content material, evoking her late father Sumner Redstone’s well-known line about content material as “king.”
As Paramount+ emerges as a central focus for the corporate, Redstone mentioned ViacomCBS not views itself as an “arms seller,” promoting motion pictures and tv exhibits to different streaming providers. As a substitute, it’s focusing its assets in-house. So whereas its hit Paramount Community TV present “Yellowstone” may be streaming on NBCUniversal’s Peacock, its spinoff, “1883,” will play on Paramount+.
“There’s a particular shift within the firm now that we’re creating content material for our platform,” Redstone mentioned.
Redstone, who by way of Nationwide Amusements operates film theaters, defended ViacomCBS’s technique of releasing movies concurrently in theaters and at house. She referred to as it a “false narrative” that such a day-and-date launch technique is dangerous to field workplace, citing the success of “Paw Patrol: The Film.”
“We have been in a position to do a advertising and marketing marketing campaign better than any marketing campaign we ever may have accomplished had it been a single launch in theaters,” Redstone mentioned. “Because of that, we truly tripled, from a Paramount standpoint, the field workplace that we anticipated to do and, on the similar time, introduced on tons of of 1000’s of subscribers to … Paramount+.”
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