Paramount World has inked a contract extension with its chief monetary officer, Naveen Chopra, which is able to hold the exec within the function for 3 extra years, the corporate disclosed Friday.
Chopra joined the Bob Bakish-led and Shari Redstone-controlled media conglomerate in August 2020 from Amazon, the place he was CFO of the ecommerce big’s Gadgets and Companies unit for a yr. The exec additionally beforehand served as CFO and interim CEO of the audio streaming service Pandora and earlier spent greater than a decade at DVR maker TiVo.
The Paramount CFO’s new contract runs via June 20, 2026, and he’ll obtain $1.4 million in base wage, a goal annual money bonus of $2.4 million and goal annual grants of fairness compensation of $4.15 million.
On the time Chopra joined Paramount, it was nonetheless named ViacomCBS and within the midst of pivoting to a streaming-first mentality. That strategy prioritized its video-based belongings like Paramount Photos and assortment of TV networks (CBS, Nickelodeon, Comedy Central, MTV) because it prepped what would turn into a relaunched streaming service in Paramount+, which now has 60 million subscribers globally.
As a part of a plan to slim down its asset portfolio to scale up its leisure ambitions, Paramount shed tech website CNET for $500 million in 2020, CBS’ New York BlackRock headquarters constructing for $760 million, and CBS’ Studio Metropolis lot for $1.85 billion in 2021. The corporate has put a “on the market” signal on Simon & Schuster, but hasn’t closed a deal after a U.S. choose blocked a $2.175 billion deal for Paramount to promote the writer to rival Penguin Random Home.
Throughout a Deutsche Financial institution investor convention in March, Chopra was requested concerning the progress of Paramount’s portfolio technique pivot to streaming. “We completed 2022 with a income run charge for our direct-to-consumer companies of $5.5 billion, versus the place we began a few years in the past was considerably decrease than that,” the CFO famous, including, “Our focus now’s going from that top-line development to beginning to ship on the trail to profitability for streaming.”
To that time, the conglomerate formally folded Showtime’s streaming presence into Paramount+, with the change going into impact June 27, bringing collectively titles like Yellowjackets, Dexter and Billions with Star Trek: Discovery, 1883 and The Good Struggle. “Doing issues like integrating Showtime and Paramount+,” Chopra added in March, “unlocks alternative, frankly, on each the highest finish and the underside line.” The transfer additionally accompanied layoffs in Paramount’s TV Networks division because it consolidated its Showtime and MTV Leisure Studios items and shut down MTV Information.
12 months to this point, Paramount World inventory is down almost 7 p.c, to $15.91 a share.