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ViacomCBS Gains on Report of Restructuring at Paramount

Published 09/13/2021, 07:19 AM
Updated 09/13/2021, 07:20 AM
© Reuters.

By Dhirendra Tripathi

Investing.com – ViacomCBS stock (NASDAQ:VIAC) traded 1.8% higher in Monday’s premarket on a report in The Wall Street Journal that the company is separating the movie and television businesses as part of a broader revamp at its Paramount Pictures unit.

Nickelodeon chief Brian Robbins will oversee films while ViacomCBS veteran David Nevins adds oversight of the Paramount TV unit to his existing responsibilities, according to WSJ. Both will report to ViacomCBS Chief Executive Robert Bakish, the report said.

Nevins oversees premium cable channel Showtime and original content for the Paramount+ streaming platform.

Paramount TV is expected to focus on making content for its sister cable and streaming networks, the WSJ said. Paramount TV currently makes shows for Apple's TV+ (NASDAQ:AAPL) and Netflix (NASDAQ:NFLX).

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