Naveen Chopra, who joined from Amazon in 2020, will stay at the Bob Bakish-led company through 2026.
At the time Chopra joined Paramount, it was still named ViacomCBS and in the midst of pivoting to a streaming-first mentality. That approach prioritized its video-based assets like Paramount Pictures and collection of TV networks as it prepped what would become a relaunched streaming service in Paramount+, which now has 60 million subscribers globally.
As part of a plan to slim down its asset portfolio to scale up its entertainment ambitions, Paramount shed tech site CNET for $500 million in 2020, CBS’ New York BlackRock headquarters building for $760 million and CBS’ Studio City lot for $1.85 billion in 2021. The company has put a “for sale” sign on Simon & Schuster yet hasn’t closed a deal after a U.S. judge blocked a $2.175 billion deal for Paramount to sell the publisher to rival Penguin Random House.
During a Deutsche Bank investor conference in March, Chopra was asked about the progress of Paramount’s portfolio strategy pivot to streaming. “We finished 2022 with a revenue run rate for our direct-to-consumer businesses of $5.5 billion versus where we started a couple of years ago was significantly lower than that,” the CFO noted, adding, “Our focus now is going from that top line growth to starting to deliver on the path to profitability for streaming.
To that point, the conglomerate officially folded Showtime’s streaming presence in to Paramount+ with the change going into effect on June 27, bringing together titles like
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