“We’ve Made a Lot of Progress at Viacom” – CEO Bob Bakish Touts Achievements at MoffettNathanson

by Stuart Winchester, Viacom

Growing viewership, building new management teams, finding efficiencies, delivering content on next-generation platforms. Viacom President and CEO Bob Bakish sat down with Michael B. Nathanson at last week’s MoffettNathanson Media & Communications Summit in New York City, where they discussed these and other ways that Viacom is strategically positioning itself to thrive in a rapidly evolving media landscape.

“I fundamentally believe we’ve made a lot of progress at Viacom in the last year or so,” Bakish said. “That starts with having a plan and laying it out for our teams, our employees, and quite frankly, the rest of the industry and the financial community. … For the last couple of quarters, we’ve seen consistent share growth, including in the last quarter. And in fact, we’re seeing improvement relative to last quarter and the current quarter we’re in. So that’s clear progress.”

Additional highlights from the conversation are below. Listen to the full exchange here.

Next-generation platforms and solutions are driving a huge potential growth market for Viacom

Viacom Digital Studios, announced late last year and launched in earnest at the recent Newfronts in New York, is just getting going, but has already stoked strong digital consumption, with video views up 110 percent year-over-year last month. This is just one part of a broad suite of digital initiatives – from vMVPD (virtual multichannel video programming distributor) distribution over Sling and DIRECTV NOW to deals with Telfonica (across Latin America), Telkomsel (Indonesia) and other mobile providers – that is positioning Viacom to evolve with its increasingly digital-first fanbase.

“So when we talk about next generation, we’re talking about vMVPDs. We’re talking about OTT (over the top). We’re talking about sort of AVOD (audio/visual on demand), in front of the wall, social, et cetera. And we have initiatives going in all of those spaces. And the reason we’re in all of those spaces is we believe that’s a very powerful complement to what we’re doing in the traditional space and is critical to driving growth.”

New management is driving ratings growth across the core television business

MTV is riding an unscripted boom to 10 straight months of ratings growth under network President Chris McCarthy, while ratings are up at BET behind a scripted programming push and at Comedy Central as Trevor Noah solidifies himself as a major voice in late-night.

“So, I feel good about our trajectory there, and in fact, again, when you met with advertisers and we did dinners with each of the agency holding companies over the last three weeks or so … what we typically heard … was, ‘wow, you guys made a lot of sort of promises and commitments when we saw you last year … And we were somewhat skeptical but it’s really incredible how far you’ve come and seeing these brands and we’re very excited about your upcoming slates,’ as are we, by the way,” Bakish said.

Paramount Pictures’ new management team is turning the studio around…

Under Chairman and CEO Jim Gianopulos, the iconic movie studio has installed a new management team and reoriented its slate so that half of its films are co-branded with Viacom’s media networks. With A Quiet Place – the first film produced, marketed and distributed under the new team – rolling out to more than $300 million in worldwide box office receipts (so far), on a $20 million budget, the studio has plenty of momentum moving into the summer.

“And if you look at Paramount, we have a plan that management is totally bought into that is about, that addresses some of our historical problems and our historical problems were a slate construction that didn’t make sense, was not balanced, didn’t leverage the assets Viacom had and then frankly poor execution,” said Bakish “… look at the branded films, the first one in this kind of era is going to be a BET film shot by Tyler Perry [starring Tiffany Haddish] … That’s a film that we made at a very attractive price point, and it’s going to benefit from the BET brand, and that’s why Tyler came and left a perfectly good existence at Discovery and Lionsgate to unify his content output with Viacom … So we are going to rapidly take share, it’s going to be profitable share and we’re going to combine that with our television business and that’s going to take us back very quickly to a very nice business.”

…while the Paramount TV production studio evolves into a premium content force

With 19 network projects in the pipeline and hits such as Netflix’s 13 Reasons Why and TNT’s The Alienist stamping the studio’s premium content credentials, Paramount Television is expected to deliver $400 million in fiscal 2018 revenue.

“When suddenly Viacom split with CBS, the TV production went with CBS and therefore we had a kind of naked film-only studio, which is not a good place for a studio to be because very lumpy,” Bakish said. “Television tends to kind of flatten out the volatility year-to-year, as well as, of course add value. … Paramount is rapidly being appreciated as a place that makes hits in television too.”

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Paramount’s Gianopulos Moves Studio Forward Behind Movies, TV, and 106-Year-Old Library

by Stuart Winchester, Viacom

As a movie studio with a diversified upcoming slate and powerful television production arm, reinforced with an iconic century-old library, Paramount Pictures is well positioned to thrive far into the future, according to President and CEO Jim Gianopulos.

The studio head, who has built a new management team since taking the helm at Paramount last year, sat down with CNN Money’s Dylan Byers at the Milken Institute Global Conference earlier this month to discuss the resurgent business.

“We’re content creators,” Gianopulos said. “We’re storytellers. For us, our primary focus is theatrical distribution as a studio, and, in television, the creation of television programming.”

LAS VEGAS, NV – APRIL 25: Jim Gianopulos speaks onstage during the 2018 CinemaCon – Paramount Pictures special summer presentation held at The Colosseum at Caesars Palace on April 25, 2018 in Las Vegas, Nevada. (Photo by Michael Tran/FilmMagic)

Television Production Ramps Up As Diverse Theatrical Slate Debuts

Both sides of the business – television and theatrical – have powerful catalysts driving them. The Paramount Television production studio, which has grown rapidly behind a string of premium-content hits such as Netflix’s 13 Reasons Why, TNT’s The Alienist, and USA Network’s Shooter, is on track to reach $400 million in revenues this year.

The forthcoming theatrical slate, which has been rejiggered under the current management team, will include sequels, reboots, animated films, and tie-ins to other Viacom brands through its Paramount Players division. At last month’s CinemaCon, Gianopulos detailed this lineup, which stands out for its diverse offerings that will appeal to both mass and niche audiences.

“We have an old saying that’s always worked for us – make it for someone, or make it for everyone,” he said, citing the forthcoming Mission: Impossible – Fallout and recent smash hit A Quiet Place as projects with mass appeal.

Meanwhile, Book Club – set to drop in theaters this Friday with a headlining cast of Diane Keaton, Jane Fonda, Candice Bergen and Mary Steenburgen – has been tailor-made to appeal to an adult female demographic.

“For them, that is Star Wars,” he said. “That’s their movie. Something that people feel an identity to. They made this for me. This is something relevant and relatable to me. You can continue to make a broad variety of films, and in the process, be very successful.”

A Rich History That Continues to Build the Present

For all the buzz around the studio’s yet-to-be-released films, one of Paramount’s under-appreciated strengths is its deep content warehouse that stretches back to the dawn of the industry.

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Paramount’s Slate of Sequels, Animation, and Cross-Viacom Films Roars to Life at CinemaCon

by Stuart Winchester, Viacom

One of the most shocked-into-silence moments for the audience at Paramount Pictures’ CinemaCon presentation came when Tom Cruise, hero of five previously released Mission: Impossible films, recapped the intensity and challenge of conducting a freefall stunt for the franchise’s forthcoming sixth installment.

“Each take is like running an 800-meter sprint,” Cruise said. “We did 106 takes.”

This blunt understatement captures just one extraordinary moment in one forthcoming film from Paramount, the resurgent studio that over the course of that two-hour presentation unveiled or confirmed new installments to its cherished franchises, sequels to some of its most popular films from new and antique vintage, an aggressive Viacom co-branded slate through its Paramount Players division, a trio of animated adventures, and new films based upon a longstanding and expanded partnership with Hasbro.

“We’re laying the foundation…to deliver to you films for every possible audience for years to come,” Paramount Pictures Chairman and CEO Jim Gianopulos, who has spent the past year building a new management team for the studio, told the audience.

As we zoom (buckled up) toward the July 27 release of Mission: Impossible – Fallout, Paramount confirmed that many of its other most beloved franchises will soon get a new installment. Arnold Schwarzenegger and Linda Hamilton will return in a new Terminator movie next November. And Transformers, which has delivered five more or less contiguous sequels, will, as previously announced, dogleg off into Bumblebee, which hits theaters this Dec. 21.

Director Travis Knight showed off the first Bumblebee clip at the event, telling the audience, “I wanted to return to the essences of what made the Transformer franchise so impactful right from the beginning: character, emotion, spectacle and explosions, lots and lots of explosions.”

Many other films will get their first sequel, including the recently released hit A Quiet Place, 2013’s World War Z, 1988’s Coming to America (look for Coming 2 America), and, as previously confirmed, 1986’s Top Gun, which also stars original Maverick Cruise.

And before he drops a fourth Cloverfield movie on us at some as-yet-to-be-announced future point, J.J. Abrams’ Overlord will transport moviegoers into a bizarro version of behind-enemy-lines World War II on Oct. 26.

Beyond the realm of the sequel, the studio will drop fans into the labrynthian world of Dungeons and Dragons and the sci-fi realm of Micronauts, both through the studio’s partnership with Hasbro (the same partnership behind Paramount’s Transformers and G.I. Joe movies).

Other standalone projects will pit assassin Will Smith against a younger cloned version of himself in Gemini Man, and cast Mark Wahlberg and Rose Byrne as the overwhelmed adoptive parents of three in Instant Family.

Tapping Viacom’s deep content well to co-produce Paramount films has been a priority under CEO Bob Bakish, and the studio confirmed that one of Nickelodeon’s most resiliently popular characters, SpongeBob SquarePants, will return for his third big-screen adaptation, It’s A Wonderful Sponge, in 2020. The film will be one of three newly announced releases on the animation division’s slate, joining Luck – which exposes the millennia-old battle between organizations of good and bad luck – and Monster on the Hill, set in an alternative world of wrestling monsters. Additionally, the previously announced Wonder Park will debut next March.

Other top Viacom brands are joining Nickelodeon in collaborating with Paramount, through the Paramount Players division led by Brian Robbins and formed to further integrate the brands with the movie studio. In association with MTV, Eli, the story of a boy being treated for a rare disease in a clinic-cum-haunted-prison, will roll out in January 2019. BET will reconstitute the 2000 hit What Women Want with What Men Want, portraying a frustrated female sports agent who gains the power of mind-reading. Paramount Players is also working on Nickelodeon’s live-action Dora the Explorer and Are You Afraid of the Dark, both slated for 2019 release.

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Viacom’s Creative Renaissance Ignites With “Jersey Shore Family Vacation” and “A Quiet Place”

by Stuart Winchester, Viacom

In the last week, Paramount Pictures’ A Quiet Place won the domestic box office and MTV’s Jersey Shore Family Vacation rolled to the strongest unscripted cable debut in six years. The efforts provide commercial evidence of Viacom’s ongoing transformation – fueled by wide-ranging creative investments in talent, programming, and marketing.

The chart-topping numbers are especially encouraging in a media environment of ever-more-elusive audiences. The divergent paths to success of these two properties – A Quiet Place delivering something novel by elevating a horror story to a genre-busting blockbuster that appeals to all audiences, Jersey Shore Family Vacation building on MTV’s deep well of intellectual property to connect with its core demographic – underscore the way in which a creative renaissance is driving Viacom’s growth.

Marketing a near-silent film in an era of loud

Making a bet on the film’s potential playability, Paramount unveiled A Quiet Place at SXSW to great response. The highly original film immediately started compiling incredibly strong reviews. A clever marketing campaign then helped launch A Quiet Place to a $50.3 million opening weekend, good for the second-best domestic opening of 2018 (behind Black Panther). With a $17 million budget, the Platinum Dunes-produced and John Krasinski-directed film is a validation of Paramount’s reoriented slate and refreshed marketing approach under CEO Jim Gianopulos, who joined the studio last year.

“An innovative concept, with great talent both behind the camera and in front, and a savvy distribution and marketing plan led to Paramount’s biggest opening since 2016,” wrote Viacom CEO Bob Bakish in a staff memo about the film’s success.

Building strong relationships with talent has become a particular focus for Viacom under Bakish, and Krasinski, who will produce and star in the Paramount Television-produced Jack Ryan for Amazon and co-created Paramount Network’s hit show Lip Sync Battle, demonstrates the enormous cross-brand potential that forming such deep relationships can yield.  

A Quiet Place’s unique storyline – featuring a family tiptoeing through a post-apocalyptic world infested with insectoid monsters that will devour anyone who makes a sound – created an opportunity for Paramount to execute an equally original pre-release marketing plan. They delivered: moviegoers in nearly 100 theater chains caught the sonically attuned monsters devouring noisy spectators in pre-show spots, with the stern warning that “the movie theater should be A Quiet Place.” A pre-Super Bowl ad, a launch of the second trailer on Ellen, and a kick-off spot and accompanying stunts at the SXSW Film Festival primed diverse audiences for the film’s release.

“Paramount’s reconstituted management team is focused on allowing great filmmakers to make great movies, and then doing everything we can to support those movies,” said Paramount Pictures Chairman and CEO Jim Gianopulos. “In A Quiet Place, we did exactly that: We gave a talented young director license to put together something unlike anything else out there, and then threw our marketing and distribution expertise behind the project.”

Tapping an iconic property to connect with a core audience

Jersey Shore Family Vacation had less work to do in the name-recognition department, as its iconic predecessor, Jersey Shore, had long ago etched its cast into the cultural conversation. The unknown was whether this fist-pumping bunch, six years older and reunited in the beaches and bars of Miami, would still connect with audiences.

It did. The show’s nearly 10 million total viewers and 4.2 average rating in the core 18-34 demo on live-plus-three-days metrics made Jersey Shore Family Vacation the most-watched unscripted debut on U.S. cable since 2012. The original Jersey Shore had ignited a global franchise – with spin-offs in the UK, Spain, Poland and Mexico, plus the recently launched hit Floribama Shore in the U.S – and the cast’s return resonated globally, with the premiere airing in nearly 180 countries and territories.

The strong ratings complemented a seven-hour trending run on Twitter and acted as an emphatic endorsement of MTV’s revamped creative direction under President Chris McCarthy. Under his leadership, the network has grown ratings for three consecutive quarters for the first time in seven years behind a blend of revitalized franchises, returning classics and original programs.  

“MTV is about celebrating youth culture and music where talent and creativity unite to produce content that resonates across generations,” said McCarthy, who also oversees VH1 and Logo. “Jersey Shore Family Vacation and the new Floribama Shore demonstrate how MTV can harness our heritage to create programming that appeals to a mass audience while serving as a great launching pad for our new series.”

Paramount Honors Director and Mentor to Stars, Boom Mic Inventor Dorothy Arzner

by Stuart Winchester, Viacom

Following a long tradition of naming buildings after pioneering women in film, Paramount Pictures has renamed its Dressing Room building after prolific director Dorothy Arzner.

The only working female director in the country in the 1930s, Arzner helmed films starring the glitterati of her day, including Joan Crawford, Katharine Hepburn, Maureen O’Hara, and Lionel Atwell; mentored the now legendary Francis Ford Coppola in his UCLA film school days; changed production sets forever with her invention of the indispensable boom microphone; and became the first woman director admitted into the Directors Guild of America.

1927: American film director Dorothy Arzner (1897 – 1979) and Alfred Gilks, her cinematographer, survey a scene as they stand by a camera on the set of her film, ‘Get Your Man’. Arzner is leaning on the camera and holding a combination megaphone and viewfinder. She was Hollywood’s only female director of the Thirties. (Photo by Hulton Archive/Getty Images)

“We’re incredibly proud to honor Dorothy Arzner, who is one of the early pillars of Paramount’s success and an enormous part of its legacy,” said Paramount Chairman and CEO Jim Gianopulos. “As Paramount, and the industry as a whole, works to increase our efforts to build more diverse and inclusive workplaces, including our film sets, Dorothy serves as a beacon for that movement in filmmaking.”

Gianopulos joined Coppola at a naming ceremony for the Melrose Avenue building on Paramount’s Hollywood lot earlier this month, where the director remembered Arzner stuffing her hungry students with crackers and teaching them the nuances of getting the most out of actors on set.

Francis Ford Coppola and Jim Gianopulos attend the Building Dedication Ceremony in honor of Filmmaker Dorothy Arzner at Paramount Pictures Studios on March 1, 2018. (Photo: Alex J. Berliner/ABImages).

“You’ll make it, I know. I’ve been around’,” Arzner apparently told a forlorn and starving Coppola step-sitting on the UCLA campus.

She was right – Coppola went on to direct dozens of films, including the Oscar-winning The Godfather, one of the most iconic films in Paramount’s deep library.

Arzner’s own 19-picture filmography includes The Last of Mrs. Cheyney, The Bride Wore Red, and The Wild Party (on the set of which she cobbled together that first boom mic). She joins actresses Lucille Ball, Clara Bow, Marlene Dietrich, Edith Head, Mary Pickford, Gloria Swanson, Mae West; costume designer Carole Lombard; and former Paramount Pictures CEO Sherry Lansing as Hollywood legends whose names grace Paramount buildings.

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Viacom Announces First Quarter 2018 Results, Accelerates Transformation Efforts

by Stuart Winchester, Viacom

Viacom released its financial results for the first quarter of fiscal 2018 this morning, underscoring the significant progress being made to transform its business amid rapid industry change.

Aggressive moves to expand next-generation platforms and solutions, initiatives to grow beyond TV and film, the launch of a premium content network, strengthened relationships with distribution partners, and the demonstrable success of its Flagship Six strategy all position Viacom for potential growth in the second half of 2018.

“In the quarter, Viacom aggressively drove progress on our strategic plan, delivering improvements in our business and positioning the company for the future,” said Viacom President and CEO Bob Bakish. “Viacom’s most-watched portfolio of domestic cable brands grew viewership share in the quarter, led by our powerful flagship networks, which now includes Paramount Network – the biggest and most ambitious network rebrand in our history. Internationally, we continue to deliver double-digit top-line and bottom-line Media Networks gains while launching innovative new partnerships in growth territories around the world.

“Viacom has also made considerable progress in its push to accelerate consumption and monetization on next-generation platforms, achieving substantial growth in worldwide digital advertising revenues, expanding distribution on fast-growing virtual MVPD and mobile services, and ramping up resources and talent at Viacom Digital Studios. Additionally, since the end of the quarter, we continued to expand our digital capabilities with the acquisition of influence marketer WHOSAY and the world’s premier online video event, VidCon. In addition, our strategy to further diversify our core properties off-screen through live events, hospitality and consumer products continues to progress, with the much anticipated Broadway premiere of the SpongeBob SquarePants musical in the quarter, along with new initiatives across our portfolio.

“We remain deeply committed to maintaining strong financial discipline and delivering returns for our shareholders. In the quarter, Viacom continued to improve its leverage profile and we are on track to achieve $100 million in new cost savings in the current fiscal year, and hundreds of millions more in 2019.”

Here’s a closer look at what Viacom is doing to advance its strategic plan and transform the company in the year ahead:

Flagship Six networks anchor Viacom’s spot atop the basic cable universe

Led by its Flagship Six of MTVBETComedy CentralNickelodeonNick Jr. and Paramount Network (which launched after the quarter ended, replacing Spike in the U.S.), Viacom continued to stand at the top of the basic cable universe, holding the largest share of viewers in all key demos:

And the portfolio continued to grow: MTV primetime ratings (+14 percent) and share (+25 percent) both surged, BET recorded a second consecutive quarter of double-digit year-over-year ratings growth (+16 percent), Nick hit its 10th consecutive quarter as the top network among kids, and Comedy Central documented its third straight quarter of increased year-over-year audience share.

Viacom’s other core brands – VH1, TV Land and CMT – recorded year-over-year quarterly ratings and share growth. For VH1, this marked its 10th consecutive quarter of ratings growth, making it the only entertainment net across both cable and broadcast that can make this claim.

Complementing these growing ratings are strengthened affiliate relationships with Suddenlink and Charter, which should help further boost viewership and the advertising revenue that goes along with it.

Paramount Network launches Viacom Media Networks into the premium content space

Paramount Network rumbled to life last month, propelling Viacom Media Networks into the premium content realm and capitalizing on the deep storytelling tradition of Viacom’s iconic Paramount brand. Strong ratings immediately followed, first for Lip Sync Battle: Live Michael Jackson Celebration and then for the premiere of Waco starring Taylor Kitsch. Several more high-profile shows land over the coming months, including a Heathers reboot, American Woman with Alicia Silverstone, and Yellowstone starring Kevin Costner.

Viacom had already been invested in the creation of premium television content, however, under the umbrella of Paramount Television, a production studio seated under Paramount Pictures that tripled revenues in 2017. The studio’s robust content pipeline includes Hulu’s Catch-22, EPIX’s The Contender, TNT’s The Alienist (cable’s number one new drama series), Amazon’s Jack Ryan, and new seasons of USA Network’s Shooter, EPIX’s Berlin Station, and Netflix’s 13 Reasons Why.

The turnaround of Paramount Pictures continues

Paramount Pictures Chairman and CEO Jim Gianopulos has assembled a new leadership team dedicated to igniting growth. The July release of the next Mission: Impossible film will act as the springboard for a 2019 slate that will include eight films co-branded with Viacom’s media networks. Major production deals with Hasbro, Skydance, and The Fast and the Furious producer Neal Moritz should further bolster a lineup that already includes Bumblebee, Gemini Man, and sequels to Top Gun and World War Z.

Viacom’s push into next-generation platforms accelerates

Yesterday, Viacom announced the acquisition of VidCon, turbocharging a next-generation digital platform strategy that also includes Viacom Digital Studios and recently acquired influence marketer WHOSAY.

This digital pivot has already yielded results, with global video consumption on Viacom’s sites, mobile apps and connected devices surging 38 percent year-over-year during the quarter. As Viacom Digital Studios ramps up to scale and begins distributing unique content across the company’s massive social footprint, Viacom anticipates a doubling of video views and significantly increased watch time on YouTube and Facebook this year.

Viacom will continue to move toward the center of consumers’ digital lives, both internationally – where the company secured a major mobile distribution deal with Telefónica in Latin America– and domestically, where a significant direct-to-consumer experience could be announced later this year.

Viacom’s live events business is growing rapidly

VidCon, which draws more than 30,000 attendees to its flagship Anaheim event and is in the beginning stages of international expansion, adds a powerful arrow to Viacom’s live-events quiver. Every flagship brand will host at least one major live event in the U.S. this year, including Comedy Central’s ClusterFest, which drew 40,000 fans in its inaugural run last year; SpongeBob the Musical, which opened to soaring reviews on Broadway; and The BET Experience, which will continue to attract tens of thousands of fans around the BET Awards in June.

International ad, affiliate and general revenue surge

Viacom International Media Networks continues to crank out steady growth: a 13 percent overall revenue jump, a 17 surge in advertising revenue, and 13 percent growth in affiliate revenues.*

Strong growth in Europe and the integration of Argentinian broadcaster Telefe contributed to these impressive numbers. The launch of Paramount+ in the Nordics, the debut of a free-to-air Spike network in Italy, and a restructuring of our jointly owned Viacom18 property in India should all contribute to further gains.

*All international revenue numbers are adjusted for a five percent favorable impact from foreign exchange

To see what Viacom will debut in the months ahead, scroll through the timeline below, or click here to view the full-screen version.

Remembering Brad Grey

by Stuart Winchester, Viacom

Brad Grey, who led Viacom’s Paramount Pictures for a dozen years and left a rich legacy at the studio, passed away on Sunday evening following a battle with cancer. He was in his home in Holmby Hills, California with his family by his side. He was 59 years old.

“Brad Grey was an extraordinary talent with a passion and gift for storytelling that won’t be forgotten,” said Viacom President and CEO Bob Bakish. “He has left an incredible legacy at Paramount and across the entire entertainment industry, from the beloved hit franchises he developed for both film and television, to the countless individuals he mentored and supported throughout his career. All of us at Viacom and Paramount mourn his passing, and our thoughts are with his family at this difficult time.”

Grey’s commitment to delivering poignant, compelling stories to audiences around the world bolstered the 105-year-old studio’s deep library with films across many genres. Starting with the smash hit Transformers in 2007, Grey guided Paramount into the franchise era with the original Paranormal Activity and continuations of the classic Mission: Impossible and Star Trek series. The studio complemented these releases with a parade of must-see standalone films, including the cerebral Interstellar, the gripping World War Z, and the gonzo Wolf of Wall Street.

NEW YORK, NY - JULY 27: Alec Baldwin, Tom Cruise and Chairman and CEO of Paramount Pictures Brad Grey attend the New York premiere of "Mission Impossible: Rogue Nation" at Times Square on July 27, 2015 in New York City. (Photo by Kevin Mazur/WireImage)

NEW YORK, NY – JULY 27: Alec Baldwin, Tom Cruise and Chairman and CEO of Paramount Pictures Brad Grey attend the New York premiere of “Mission Impossible: Rogue Nation” at Times Square on July 27, 2015 in New York City. (Photo by Kevin Mazur/WireImage)

Aside from box office success – eight of Paramount’s 10 top-grossing films came over Grey’s tenure – this varied slate earned many accolades for the studio, including at least one Academy Awards Best Picture nominee in 11 of Grey’s 12 years. Most recently, Paramount earned a pair of Oscars in February: Viola Davis took Best Supporting Actress for her work in the widely hailed adaptation of August Wilson’s Fences, while the gorgeous Arrival earned the award for Sound Editing (both earned Best Picture nominations). At the 2008 Academy Awards, Paramount’s No Country for Old Men won four Oscars – Best Film, Best Director, Best Supporting Actor and Best Adapted Screenplay.

 

HOLLYWOOD, CA - FEBRUARY 22: Paramount Chairman and Chief Executive Officer Brad Grey (R) and Cassandra Grey attend the 87th Annual Academy Awards at Hollywood & Highland Center on February 22, 2015 in Hollywood, California. (Photo by George Pimentel/Getty Images)

HOLLYWOOD, CA – FEBRUARY 22: Paramount Chairman and Chief Executive Officer Brad Grey (R) and Cassandra Grey attend the 87th Annual Academy Awards at Hollywood & Highland Center on February 22, 2015 in Hollywood, California. (Photo by George Pimentel/Getty Images)

 

“All of us at Paramount are deeply saddened by the news of Brad Grey’s passing,” said current Paramount Chairman and CEO Jim Gianopulos. “He was at the helm of the studio for over a decade and was responsible for so many of the studio’s most beloved films. I was proud to call Brad a friend, and one I greatly admired. He will be missed by us all, and left his mark on our industry and in our hearts.”

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