Strikes Cost Paramount $60M In Latest Quarter As CEO Bob Bakish Hopes Actors’ Walkout Ends Soon
The actors are still on strike and it’s still costing Paramount Global.
The owner of CBS, MTV and Nickelodeon revealed during its third quarter earnings report Thursday that the strikes have cost the company $60 million over the past three months.
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Paramount CFO Naveen Chopra said that “Shifting gears a bit, I’d like to provide additional detail regarding the financial impact of the strikes … nearly $60 million of strike-related idle costs. These are incremental expenses incurred to retain production capabilities while the strike is ongoing. These costs impacted both our TV media and film entertainment segments.”
He added that Paramount also expects to incur additional costs in the fourth quarter given there’s no deal yet between SAG-AFTRA and the studios. The strike is in its 112th day.
Earlier on the company’s investor call, CEO Bob Bakish said that the company was “happy” the WGA deal was “reached and ratified.”
Bakish did highlight the impact to the film side of the business, pushing movies such as Mission: Impossible 8 and A Quiet Place: Day One.
“It’s a deal that’s good for our company and our industry. At the same time, you saw that we recently made some changes to our film slate which has been impacted by the continued SAG-AFTRA strike. And while late night is back up and running, the scripted side of TV is still strike impacted,” he said. “Obviously, we all hope to be back at work soon.”
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