Paramount Global’s CEO, Bob Bakish, recently spoke about the ongoing Writers Guild of America (WGA) strike during a virtual shareholders meeting. He acknowledged the crucial role writers play in creating content for the company’s platforms and expressed hope for a swift resolution that benefits all parties involved.
Bakish reassured shareholders that Paramount has prepared for the strike and has several options to manage its impact, even if it lasts for an extended period. The company has a large amount of pre-produced content, as well as a diverse range of reality, unscripted, and sports programming that remains unaffected by the strike. Additionally, Paramount can rely on its vast library of films and television series to fill schedules if needed.
The WGA strike, which began last Tuesday in New York and Los Angeles, has disrupted productions and caused delays for several shows, including Apple’s Severance, the Disney Channel’s Bunk’d, Paramount+’s Evil, and Netflix’s Stranger Things. The strike is also affecting the upcoming annual network upfront presentations and could potentially hinder new or renewed scripted series from going into production for months if the standoff between the writers guild and the studios continues.
Despite the ongoing challenges, Paramount’s executive vice chair, Shari Redstone, expressed confidence in the company’s strategy and the team responsible for its execution. She believes that once the current economic environment improves, Paramount will be well-positioned to capitalize on its investments and deliver improved results for shareholders.