Paramount, the iconic film studio, is facing a critical moment as rumors of potential mergers and acquisition bids swirl around the company. Despite the uncertainty, Paramount put on a strong show at CinemaCon, announcing a series of exciting projects and bringing out big-name stars to generate buzz and excitement among theater owners.
The studio unveiled plans for a new film with “La La Land” director Damien Chazelle, a groundbreaking “G.I. Joe/Transformers” crossover, and a reboot of “Running Man” with screen star Glen Powell and cult director Edgar Wright.
CEO Brian Robbins also teased several other projects in development, including a Bee Gees film, a new comedy from the creators of “South Park,” and a gritty, R-rated “Teenage Mutant Ninja Turtles” movie.
However, the elephant in the room remained the reports of Paramount’s possible sale. Private-equity firm Apollo Global has reportedly offered $11 billion to acquire the studio, while rumors of a merger with Skydance, a key production partner, have also surfaced. Paramount’s leadership did not directly address these reports, instead focusing on the studio’s upcoming slate and the need to innovate in the face of a changing industry landscape.
While domestic box office numbers have improved since the pandemic, they still lag behind pre-pandemic levels by around $2 billion.
Aronson stressed that the industry is at a critical turning point, and that theaters must invest in capital improvements and other innovations to remain competitive. He acknowledged that while moviegoers still love the cinema experience, the industry as a whole must do better to meet their evolving needs and expectations.
“Our industry is at a turning point,” Aronson said. “It’s quite clear that moviegoers still love going to the movies, but we as an industry must do better.”
The Associated Press contributed to this article.