Earnings calls tend to be pretty standard fare: an overview of quarterly revenue, maybe some news here or there, and then a Q&A with analysts and investors, usually lasting around an hour.
Paramount, however — a company swirling with big behind-the-scenes moves at the moment — took a different approach during its Q1 earnings call today. Chris McCarthy, one of three newly-instated leaders at Paramount, reiterated the main points of the earnings already shared with investors, made some brief comments about their new leadership structure, and then swiftly ended the call after just about nine minutes.
The company did not take questions and, somewhat hilariously, instead loudly played the Mission: Impossible theme song on a loop. Well, that's one way to pivot.
The unconventional earnings call came on the same day that Paramount Global announced some big news. Just hours prior, the company confirmed that CEO Bob Bakish would be stepping down, replaced by a trio of executives in McCarthy, George Cheeks, and Brian Robbins, who will now collectively make up the "Office of the CEO." Bakish had been with Viacom since 1997, becoming CEO in 2016. When Viacom and CBS merged in 2019, Bakish became the CEO of the combined company, which was renamed Paramount Global.
Basically, the announcement was a big one, and Paramount's investors no doubt have questions. Media watchers on X/Twitter were quick to take notice of the avoidance of those questions.
so in summary: Paramount fired its CEO, then hosted an earnings call for only 9 minutes, refused to take any questions, and played the mission impossible song on a loop
— Anna Nicolaou (@annaknicolaou) April 29, 2024
We were on hold longer than the Paramount earnings call lasted -- 7 minutes of saying nothing beyond what was in release $PARA pic.twitter.com/czJf16KlXu
— Rich Greenfield, LightShed 🔦 (@RichLightShed) April 29, 2024
Paramount playing the Mission Impossible music at the end of its earnings call is a bit on the nose.
— Matthew Belloni (@MattBelloni) April 29, 2024
As for the actual earnings, Paramount did see a big boost from its broadcast of Super Bowl LVIII, adding 3.7 million subscribers to Paramount+ for a current total of 71 million subscribers. It managed to cut its streaming losses by 40% and, overall, earnings were up 6% from the same period last year.
Big Moves at Paramount
On the call, McCarthy did comment on the new structure, calling his dealings with Cheeks and Robbins "a true partnership." "We have a deep respect for one another and we’re going to lead and manage this company together," he added.
Bakish's exit comes as Paramount moves closer and closer to a merger with Skydance Media. According to reports, Bakish had privately dissented against the merger and had "lost the trust of Paramount Global controlling shareholder Shari Redstone," sources told CNBC. The same report over the weekend said Paramount Global's board was indeed planning on firing Bakish as early as Monday morning.
And while the Skydance negotiations continue, the New York Times reported earlier this month that Sony was in talks to join a joint bid with investment firm Apollo Global Management to acquire Paramount.
Basically, the trio of new CEOs have a lot on their plate - with that in mind, that Mission: Impossible theme seems like a fitting choice.
Alex Stedman is a Senior News Editor with IGN, overseeing entertainment reporting. When she's not writing or editing, you can find her reading fantasy novels or playing Dungeons & Dragons.
