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Paramount Drops 3 Major Producer Deals
EXCLUSIVE: I'm told that so far Double Feature Films, Scott Aversano and Kevin Misher won't have their production deals renewed at Paramount because of the draconian cost-cutting there. "The studio will no longer be providing overhead on a continuing basis on these," an insider tells me. Michael Shamberg and Stacey Sher started Double Feature when they left DeVito's Jersey Films at Universal. So these were the people that made Erin Brockovich, Pulp Fiction, Get Shorty. For Paramount, they did Freedom Writers and World Trade Center. ("They have amazing taste. They deserve protection," one of my sources noted.) Double Feature had been exploring equity financing for movies that the studios don't want to make or fund fully, yet Shamberg recently acknowledged that "a strong studio relationship just makes life easier for movies we like to do. [But] nobody can survive just using a studio deal these days."
Scott Aversano made an overall producing deal with Paramount after exiting as president of the Nickelodeon and MTV Films labels. (Where he decided not to purchase Twilight when no studio picked it up after Brad Weston put it in turnaround in January 2006. Aversano was Paramount's one last shot at it in mid-2007 when the rights were going to expire... But I think both guys weren't wrong: this was a 1 1/2 quadrant pic about a tired subject based on a popular book series that's still no guarantee of a hit movie. Whereas a start-up mini-major would roll the dice.) Aversano has had a long relationship with Paramount since before that he worked for Scott Rudin on the lot for seven years including as president of production at Scott Rudin Prods.
Kevin Misher made his 3-year, first-look producing deal in 2005 just four months after Brad Grey took over as Paramount's chairman so it was about to expire. "I am tremendously excited about working with Paramount's dynamic new management team during this important evolution in the studio's history," Misher said at the time.
True, it may only seem as if Paramount's production deals will soon consist of only Brad Pitt's Plan B and J.J. Abrams/Bryan Burk's Bad Robot. But still being carried, for now, are Blue Shirt (Karey Kirkpatrick), Di Bonaventura (Lorenzo di Bonaventura), Dickhouse (Spike Jonze, Johnny Knoxville, Jeff Tremaine), Evans (Robert Evans, only because he's a longtime pal of Sumner Redstone's), Gary Sanchez (Will Ferrell, Adam McKay), Important (Matt Stone, Trey Parker), Michaels/Goldwyn (Lorne Michaels, John Goldwyn), Christine Peters (a longtime galpal of Redstone's), Rat (Brett Ratner), Ripcord (Mike White), and Sikelia (Marty Scorsese).
Universal Won't Renew Kennedy/Marshall
This comes as something of a surprise since Kathleen Kennedy's and Frank Marshall's production company has been a fixture at Universal and they're marquee names. But that was before all the cost-cutting with studios under pressure to reshape their term deals. I'm hearing Kennedy/Marshall may land at DreamWorks 2.0 before too long. Makes sense because of their long relationship with Steven Spielberg. Universal also isn't renewing director Darren Aronfsky, even though The Wrestler is Oscar touted. Then again, he's not exactly a commercial helmer.
Marc Shmuger and David Linde Break Bad News To Universal: 70 Layoffs Worldwide
I understand that NBC Universal will be making about 500 staff reductions overall, and Universal Pictures' 3% reduction amounts to 70 layoffs worldwide (including Focus Features). Affected personnel will be notified over the next few days:
Brad Grey Breaks Bad News At Paramount
PREVIOUS: Philippe Dauman and Tom Dooley Announce 7% Reduction At Viacom
To: All Employees
Date: December 4, 2008
From: Brad GreyDear Colleagues:
By now, you all have seen the email from Philippe Dauman and Tom Dooley regarding Viacom's cost-saving initiatives, which are designed to better position the Company in this difficult economic climate. Like all other divisions of the Company, Paramount too is adapting to the changing conditions and, as a result, we will reduce our global workforce.
These reductions are across the studio: accounting, business/legal affairs, corporate and government affairs, home entertainment, human resources, information technology, production, studio lot operations and Vantage. The vast majority of affected employees will be notified today in the United States and in the coming days internationally. We wish them the best, and thank them for their many contributions to Paramount.
Without question, the changes we implement today required us to make difficult choices. We take these steps after a careful analysis of our overall business and as part of a broader strategy to overcome the challenges of this unusual time in the market and to chart a successful course for the future.
As we look ahead, we are encouraged by the strength of our slate, the quality of our creative partners, the innovation we see on the lot every day and the projects we have in development. These assets, coupled with your talent and hard work, I believe will enable us to remain strong over the long term.
Philippe Dauman and Tom Dooley Announce 7% Reduction At Viacom
UPDATE: Brad Grey Breaks Bad News At Paramount
Dear Colleagues:
With less than a month until the close of 2008, our entire organization continues to do everything possible to anticipate and adapt to the unprecedented changes affecting all our businesses. We know it hasn't been easy and we couldn't be more proud or more appreciative of how you have risen to the challenge.
Even in these tough economic times, Viacom has a strong hand to play. We have a broad stable of outstanding brands, diverse revenue streams and an impressive global footprint, backed up by exceptional financial strength. Added to that we have talented employees, extremely able leaders and a creative ingenuity that runs deep.
Unfortunately, our advantages and best efforts can't completely protect Viacom from the very serious and broad-based challenges of this economic recession. Viacom's long-term health will depend on our shared commitment to adapt, to innovate and to make difficult choices. To compete and thrive, we need to create an organization and a cost structure that are in step with the evolving economic environment.
Today, we are announcing a company-wide restructuring plan that includes staffing reductions in all divisions. This will result in a reduction of our worldwide workforce of approximately 7 percent, or about 850 positions. We are also suspending salary increases for the Company's senior level management in 2009. In addition, after a comprehensive review of our operations, we will write down certain programming and other assets. These three actions will bring us significant cost savings and other efficiencies.
Top managers at every part of the company worked thoughtfully, carefully and compassionately to create a leaner, more focused organization. It was not an easy task, but it was an essential step that will keep Viacom at the competitive forefront today and tomorrow. Department heads and supervisors will provide you with more information about the changes that will be taking place in your division.
Saying goodbye to friends and colleagues is always difficult, particularly when we have shared so much. Those of you who will be leaving should be proud of your contributions, which we will always respect and appreciate. We thank you and we wish you the best.
The true measure of an organization is how it deals with change and overcomes challenges. We know that you are up to the task and that together we will push through the difficulties ahead and go on to even greater achievements.
We truly appreciate your continued commitment and hard work and we thank you for everything you do each day.
NBC Universal Plans Hundreds Of Layoffs; Forcing Execs To Fly Coach To Super Bowl
UPDATE: I hear the layoff announcements could come as soon as Thursday...
Another hour, another source telling me about layoffs and cutbacks. I've already told you about Viacom's and CBS Inc's. And at Disney/ABC, don't dare include alcohol in your expense account meal. Now hundreds of layoffs are planned at NBC Universal. In the meantime, NBC has issued new draconian network and studio budget parameters, a second wave of cost-cutting following up on Jeff Zucker's promise a month ago to tighten belts across the board. Staff inside the company are outraged at these new measures, after already being told two weeks ago to cut their travel and entertainment spending as much as possible. "Staff under Zucker and Silverman feel like a hatchet was used when a scalpel was needed," one source tells me. As of today:
-- No staff is allowed to have personal printers. Printers in individual offices are being removed to save on toner and paper. All printing will be done from a central location for each department.
-- Each week Jeff Zucker in conjunction with Human Resources will be reviewing overtime charged by assistants, permanent and temporary.
-- Everyone including department and division heads must drop a class when traveling. No exceptions. For the Super Bowl in Tampa, all executives attending are to travel coach.
-- Six-month freeze on office supply spending.
-- Federal Express: No "priority" service or Saturday delivery permitted.
1. Layoffs, Layoffs & More Viacom Layoffs
2. ABC Joins NBC And CBS In Cutting Costs
3. NBC And CBS Cut Staffing & Spending; Murdoch Says News Corp Prepared Well
Layoffs, Layoffs & More Viacom Layoffs
They're just around the corner, with 100 personnel at Paramount and 300 staffers at MTV to be fired. (See my previous, MTV Networks Hiding News Of Layoffs)
That's just the December headlines.
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