As a seasoned gamer with a keen eye for the ever-evolving landscape of digital media, I can’t help but feel a bit nostalgic about the sale of ComicBook and PopCulture to Savage Ventures. These sites have been part of my daily routine for years, providing me with the latest news, reviews, and discussions about comics, movies, TV shows, and more.
To generate a $500 million cost reduction goal, Paramount Global has offloaded two of its entertainment news properties from its collection to an executive with prior management experience on these very sites within the digital media sector.
ComicBook and PopCulture, which have been part of the CBS Interactive family since 2018, have recently been purchased by Savage Ventures, a digital media company led by Sam Savage. Previously, Savage was in charge at both ComicBook and PopCulture before they became part of CBS Interactive. These popular websites are now under new management.
During the sale, there were no job cuts, and employees were given similar opportunities to join Savage Ventures, according to someone knowledgeable about the situation. The transaction has been finalized, but the specific details of the agreement remain undisclosed.
“Joe Schmidt, the assistant managing editor, made it plain: ComicBook and PopCulture aren’t disappearing. In fact, our dedicated team remains unchanged, and we’re committed to carrying on with the exceptional work we’ve been delivering for years,” wrote Joe Schmidt on X on Thursday.
In a recent earnings call, I, as a devoted fan, heard Paramount’s co-CEO, Chris McCarthy, describe the company-wide cost-cutting measures as a strategic move to “remodel our collection to thrive in the future.” He further emphasized that the assets being reviewed are robust and promising, with bright prospects ahead. Simultaneously, it was disclosed that Paramount aims to trim its U.S. workforce by 15 percent this year, affecting various departments.
As a gamer, it’s no secret that I’ve got my eye on some exciting in-game acquisitions. One of those is Paramount’s BET Media Group, a powerhouse that includes the iconic BET channel, the streaming platform BET+, and the legendary VH1 and BET Studios. Rumors are swirling around this potential sale, so let’s see if we can grab it for our collection!
For quite some time now, Paramount has been disposing of numerous assets as part of an attempt to boost its involvement in the streaming industry, with the aim of enhancing its primary service, Paramount+. In its most recent quarter, Paramount+ reported a modest profit from streaming for the first time and currently boasts 68 million subscribers.
Last year, the company disposed of tech site CNET for a sum of $500 million, sold the CBS New York BlackRock headquarters building for $760 million, the Studio City lot in 2021 for a whopping $1.85 billion, and most recently, Simon & Schuster was sold for an impressive $1.62 billion.
The agreement for entertainment websites represents the most recent digital consolidation step taken by Savage Ventures. This Nashville-based firm finalized a joint partnership deal with Vice Media Group last May, about a year after the company filed for bankruptcy. This move was aimed at reviving the recently closed digital properties of Vice (Munchies, Motherboard, and Noisey) as part of their existing collection, which already incorporates Outdoors and American Songwriter.
TheWrap earlier reported the sale of ComicBook and PopCulture.
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2024-08-09 02:54