Word: paramount
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Dates: during 1990-1999
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...last week the opportunity to pair the largely fuddy-duddy CBS assets--broadcast television, radio and outdoor advertising--with Viacom's hipper, younger, cable and movie-studio properties--MTV, VH-1, Nickelodeon and Paramount Pictures--was a deal too good for Karmazin not to persuade Redstone to believe in. "Look, we didn't need a studio," Karmazin says, smiling. "But nobody in the world can tell me it's a bad idea to have...
Those assets include household names like CBS, Paramount, MTV, VH-1 and Nickelodeon in addition to properties such as UPN, TNN, Showtime, Simon & Schuster publishing and others, giving the company cradle-to-grave demographics. For example, CBS draws the 50-plus crowd, which will be more than offset by Nickelodeon's and MTV's decisively Gen Y and younger constituency. "My kids will respect me more because I'm involved with a channel [MTV] they actually watch," says CBS president Leslie Moonves...
...name content and distribution as possible so they will have product and expertise ready for the digital age. "In order for these big companies to stay competitive, they have to do that," says producer Jerry Bruckheimer. "Warner has had success with the WB, Fox has their network, and now Paramount has theirs...
...television viewers, the merger should result in an explosion of cross promotions. Don't be surprised to see plugs for NFL football on MTV or specials about upcoming Paramount pictures airing on CBS. Hollywood producers fret that corporate priorities could distort programming decisions. "This can stifle creativity," says Brad Grey, chairman of management firm Brillstein-Grey and producer of HBO's The Sopranos. "These large companies want to put their own shows on the air first and foremost...
...deal on the horizon that approaches the implications for future growth at Viacom [that the] CBS [deal does]. But, of course, nothing is certain." That's the same basic message that Redstone, Viacom's CEO and controlling shareholder, delivered in the wake of his $10 billion acquisition of Paramount Communications in 1994--a stunning deal in its day, one that kept Redstone busy for the next four years selling pieces of Martin Davis' empire to pay down a heaping pile of debt. Last year, when I spoke with Redstone for a book I was writing, he reiterated his view that...