Paramount Global, the parent company of MTV and CMT, is reportedly recalibrating its live events strategy.
New reports from Deadline claim MTV is not bringing back its Movie & TV Awards for 2025 after cancelling the show in 2024 too.
Earlier this year, according to The Hollywood Reporter, several other key awards shows, including the MTV Europe Music Awards (EMAs), the CMT Music Awards, MTV Latin America’s MIAW Awards, and Nickelodeon’s Kids’ Choice Awards in Mexico, were placed on hiatus.
The publication reports that Paramount Global executive, Bruce Gillmer, addressed the changes in a staff memo, stating, “our world-class events remain a key component of Paramount’s music offering as we continue to raise the bar in delivering iconic, unforgettable performances and moments that drive pop culture. We have the best team in the business, and we are grateful for your hard work and dedication in bringing these events to life.”
He explained the decision as an opportunity to “reimagine and optimise our events slate going forward.”
Notably, the CMT Music Awards has been a staple since 1967, and the MTV EMAs celebrated its 30th anniversary last year with performances from Busta Rhymes, Raye, Shawn Mendes, and more. Despite the pauses, flagship events such as the MTV Video Music Awards and the US Nickelodeon Kids’ Choice Awards will go ahead as planned.
The decision to pause the CMT Music Awards, and the MTV EMAs, suggests a possible strategic reassessment amidst the impending merger.
Post Malone and Taylor Swift at VMAs in 2024.
Claims Paramount lowers Australian asset valuations amid merger
Concurrently, Paramount Global has adjusted the valuation of its Australian broadcast licenses, specifically Network 10. Last month, Capitol Brief, citing a filing with the US Securities and Exchange Commission (SEC), reported a US$8 million (A$12.7 million) reduction, bringing the estimated fair value to US$13 million (A$20.7 million).
The write-down coincides with Paramount’s US$8.4 billion (A$13.3 billion) merger with Skydance Media, which has already received regulatory approvals from the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB).
Merger implications and industry impact
The merger with Skydance Media, signifying the end of the Redstone family’s controlling stake, will integrate Paramount’s extensive portfolio, including CBS, 10, Paramount+, and Nickelodeon, with Skydance’s film production capabilities. This consolidation raises questions about the future strategic direction of Paramount’s assets, particularly Network 10, and its positioning within the competitive Australian media market.