Paramount Global’s Content Costs Overwhelm Q4 Streaming Gains

Tyler Perry is in talks to purchase a majority stake of BET Media Group amid reports that parent company Paramount Global is exploring a sale of the asset, Variety has confirmed. Perry currently owns a minority stake in the operation run by CEO Scott Mills, which includes cablers BET and VH1, and also produces a large portion of the programming available on BET and streamer BET+, which he helped launch in 2019. Also among BET’s divisions is production company BET Studios, which counts Kenya Barris, Rashida Jones and Aaron Rahsaan Thomas as minority stake holders. Perry and BET have a long history, as the network helped fund his first feature, 2005’s “Diary of a Mad Black Woman.” In 2017, Perry endeavored on a long-term film deal with Paramount, with a TV deal that began in May 2020. The partnership has been a lucrative and successful endeavor for Perry, Paramount Global president and CEO Bob Bakish and BET Networks president Scott Mills.

latest earnings call that Paramount+’s integration of Showtime will officially launch in the third quarter. As part of the move, the company is raising its prices for Paramount+ subscriptions. The top tier of Paramount+ will rise to $11.99 per month from $9.99 per month.

UPDATED with Tyler Perry interest: Paramount Global is talking with Tyler Perry about a deal for BET Media as the conglom explores a sale of a majority stake in the division.

Paramount Global is in early exploratory talks to sell a majority stake in BET Media.

Gene Maddaus Senior Media Writer Paramount Global disclosed on Friday that it will pay $122.5 million to settle lawsuits from Viacom shareholders arising from the company’s merger with CBS. In a securities filing, the company revealed that it has agreed to settle the class action litigation now pending in the Delaware Court of Chancery. The settlement still requires judicial approval. The plaintiffs had alleged that Paramount Global’s chairwoman, Shari Redstone, ousted board members in a “tyrannical” effort to merge the two companies. The suit alleged that CBS stock was overpriced in the merger, and that Viacom was undervalued, causing harm to Viacom shareholders.

Joe Otterson TV Reporter Demi Singleton is the latest addition to the cast of the “Bass Reeves” series at Paramount+, Variety has learned exclusively. Singleton will appear in the period drama as a series regular opposite series lead David Oyelowo, who will star as the titular legendary lawman. Additional cast members include Barry Pepper, Dennis Quaid, Forrest Goodluck, Lauren E. Banks, and Grantham Coleman. Per the official logline, the show “will bring the legendary lawman of the wild west to life. Reeves, known as the greatest frontier hero in American history, worked in the post-Reconstruction era as a federal peace officer in the Indian Territory, capturing over 3,000 of the most dangerous criminals without ever being wounded.”

EXCLUSIVE: Grantham Coleman (Rustin) is the newest addition to the Paramount+ limited series Bass Reeves, exec produced by and starring David Oyelowo.

“Screw you guys, we’re going to sue,” a Cartman paraphrasing Warner Bros Discovery essentially said to Paramount Global and the series creators today in a scathing lawsuit over South Park streaming rights.

,” HBO Max said in a statement to TheWrap.Warner Bros. Discovery claims that Paramount’s priorities “changed drastically” upon the launch of Paramount+ in 2021, resulting in a “multi-year scheme to unfairly take advantage” of the former conglomerate by breaching its agreement and “stealing its content.”Per the 2019 agreement, where Warner/HBO outbid others in a competitive situation to garner the exclusive rights to the series, the company acquired the series’ entire catalog (23 seasons at the time) in addition to three new installments, totaling more than 300 episodes.

Gene Maddaus Senior Media Writer HBO Max’s parent company has filed a lawsuit that accuses Paramount Global of reneging on parts of the $500 million licensing deal set in 2019 for the streaming rights to episodes of “South Park.” The suit, filed Friday in New York state Supreme Court, asserts that Paramount breached the contract by steering “South Park” specials and other content to its own Paramount+ platform. The suit alleges that Paramount “blatantly intended to prop up Paramount+ at the expense of Warner/HBO,” and that Paramount engaged in “multiple and flagrant duplicitous contortions of fact and breaches of contract.”

I now this doesn’t happen to people like Harry Styles very often, but Harry Styles has been presented with the International Federation Of The Phonographic Industry’s Global Single Award for 2022, because he had the most successful track across all the digital platforms worldwide last year with ‘As It Was’.And this really doesn’t happen to people like Harry Styles very often. By, which I mean people who are Harry Styles.

Angelique Jackson Rideback Rise, a non-profit accelerator focused on developing BIPOC-created film, TV, digital and audio content, launched by Dan Lin’s Rideback, has added to its leadership team, naming film producer Tracey Bing (“Nappily Ever After,” “Southside With You”) as head of content and veteran philanthropy advisor and former Charity: Water executive Sabrina Pourmand as founding executive director. Launched in July 2022, Rideback Rise is a 501c3 accelerator with a mission to “develop market-ready mainstream film, television, digital and audio entertainment aimed at advancing racial equity.” BIPOC-identifying creators may register to apply to the Rise Fellowship at www.ridebackrise.org beginning on March 15. The first cohort of Rise Fellows is expected to be announced this summer.

The nonprofit BIPOC accelerator Rideback Rise, launched last July by Dan Lin’s production company Rideback (The Lego Movie, It franchises) has today named film producer Tracey Bing as its Head of Content, appointing former charity: water exec Sabrina Pourmand as its Founding Executive Director, and adding Panda Express’ Chief Brand Officer, Andrea Cherng, to its Board of Directors.

The International Federation Of The Phonographic Industry has announced Taylor Swift as the recipient of its 2022 Global Recording Artist Of The Year Award – the third time she has been presented with the annual prize.“It is a great pleasure to award the IFPI Global Recording Artist Award to Taylor Swift for an unprecedented third time”, says IFPI chief exec Frances Moore. “Taylor is a truly magnificent international star, who continues to grow and evolve as an artist whilst maintaining an incredibly strong connection with her fans around the world”.The prize is handed to the artist who has the highest number of worldwide streams and sales of their music each year. As well as revealing Swift as the overall winner, the IFPI also revealed the top 20 most successful acts in 2022, which includes BTS, Bad Bunny, The Weeknd, Harry Styles, Ed Sheeran, Juice Wrld and young upstarts The Beatles.“It is exciting to see this year’s Global Recording Artist Chart reflect the increasingly diverse spectrum of music available to music fans today, with superstars from Latin America, Taiwan and South Korea as well as the US, UK and Canada represented”, says Moore.

Taylor Swift has been named IFPI's Global Recording Artist of the Year 2022, an annual honour celebrating the most popular recording act in the world based on streaming and sales; including vinyl, CDs and downloads.

EXCLUSIVE: Paramount Global is shuttering the UK unscripted division of its international production arm, which makes the likes of Catfish UK and True Life Crime.

Joe Otterson TV Reporter The David Oyelowo-led “Bass Reeves” series at Paramount+ from Taylor Sheridan has cast Barry Pepper in a series regular role, Variety has learned exclusively. Along with Oyelowo, Pepper joins a cast that also includes Dennis Quaid, Forrest Goodluck, and Lauren E. Banks. The series is based on the true story of the titular lawman. Per the official description, “Reeves, known as the greatest frontier hero in American history, worked in the post-Reconstruction era as a federal peace officer in the Indian Territory, capturing over 3,000 of the most dangerous criminals without ever being wounded.”

Joanna Gaines has built not only a long-lasting marriage with Chip Gaines, but together they have created a major home-renovation empire and network – like the couple, Magnolia also recently marked its 20th anniversary – over the past two decades.However, their marriage, and future business, almost wasn't so, the The Stories We Tell: Every Piece of Your Story Matters author recently revealed.Appearing on The Tonight Show with Jimmy Fallon for its Valentine's Day episode, she confessed that initially, it wasn't Chip who she was interested in, but rather his roommate!WATCH: Joanna Gaines reveals her unconventional Valentine's Day tradition with her husband ChipMORE: Carrie Underwood reveals jaw-dropping addition to her 400-acre family homeDuring the late-night appearance with her husband, Joanna recalled her now-husband's then roommate "Hot John," who she had been wanting to ask out before Chip swooped in.At the time, she was working at her dad's tire shop, and explained that though her co-workers always tried to set her up with customers, she would always shy away from it, until "Hot John" came in, that is.MORE: Kelly Ripa's proud mom moment as son Michael lands major roleShe recalled to Jimmy Fallon that it was him who finally prompted her to at least attempt to get out of her shell. She said: "I got the courage to get up out of my office.

Paramount is betting that new and existing subscribers to Paramount+ are big fans of Showtime. Executives touted thr integration of the streaming service and the cable television channel as a key justification for raising prices for the direct-to-consumer service’s premium tier Thursday as they discussed the media giant’s earnings.  Later this year, the top tier of Paramount+ will rise from $9.99 per month to $11.99 per month.

Brian Steinberg Senior TV Editor Shares of media giant Paramount Global tumbled in early trading Thursday after the company missed earnings targets and told investors profitability in its crucial streaming business would likely not take place until 2024. During a call with investors Thursday, executives from Paramount Global said they expected advertising, which has been crimped in recent months by recession fears and a roiled stock market, to improve in the second half of the year. They also suggested the merger of Showtime and Paramount+ would help cut expenses in content and on staffing. Class B shares of Paramount Global in recent trading were off 5.66%, or $1.39 a share, falling to $23.15 per share from Wednesday’s closing of $24.54.