Paramount addresses rumors it is considering closing Channel 10
The end of channel 10? US media giant Paramount addresses rumors it is about to shut down embattled Aussie TV network
Channel 10’s parent company, US media giant Paramount Global, has denied rumors it is considering shutting down the network.
Paramount’s president and chief executive of international markets, Pam Kaufman, said The Sydney Morning Herald there are no plans to close Ten.
‘Of course not. Not only are we not closing, but we’re excited and we’re investing,” said Ms. Kaufman.
“This is a market where our strategy is strong, and it really works.”
Paramount Global, formerly known as ViacomCBS, paid $250 million for the Australian TV station just five years ago.
Channel 10’s parent company, US media giant Paramount Global, has denied rumors it is considering shutting down the network. (Pictured: The Bachelor host Osher Gunsberg)
The Australian was the first to report on the possibility of a sale, citing sources saying Paramount hopes to unload 10 over the next two years.
Channel 10 was bought by ViacomCBS in 2017.
The conglomerate, whose diverse interests include movies, book publishing and theme parks, was renamed Paramount Global in February last year.
Paramount’s president and chief executive of international markets, Pam Kaufman, told The Sydney Morning Herald there are no plans to close Ten. (Pictured: The old Channel 10 logo as seen above the headquarters in Pyrmont on June 13, 2017)
It comes after Paramount fired a number of local executives, including the head of its streaming division.
Vice President of Streaming Liz Baldwin, Vice President of Operations Frank Filosi, and at least seven other senior employees were fired.
The layoffs were part of a move toward a more global approach to broadcast content, the Australian Financial Review.
Ten’s chief content officer Beverley McGarvey will become head of Paramount+ in Australia, while commercial officer Jarrod Villani will become Australia’s regional leader.
The Australian was the first to report on the possibility of a sale, citing sources saying Paramount hopes to unload 10 over the next two years. (Pictured: The Project host Sarah Harris)