The Uncertain Future of Paramount’s Cable Networks and Why They Need To Reevaluate Them

Sigh…

Y’know. When everyone thought once the Skydance merger would go through, everyone would give them their open minds and let them figure out the best pathway for New Paramount (still name pending).

But then, one report by Alex Weprin at The Hollywood Reporter has caused a split of confusion and outbursts from enthusiasts for simply evaluating what the new leadership are longing for.

The quote is as stated:

And at Paramount, Skydance is actively thinking about its plans for the company when its deal closes next year. The Paramount studios – especially its storied film studio – are safe. That is a given, but on the TV front, it is more complicated.

Incoming president Jeff Shell told reporters over the summer that he views CBS as a “crown jewel” asset, albeit one where they will “manage it a bit more aggressively for cash flow.” And they laid out a vision to make Paramount+ a dominant player in streaming, perhaps via a tie-up with another player.

But the legacy Viacom cable channels like MTV, Comedy Central, Nickelodeon and BET are simply not as high a priority. The company is likely to consolidate its TV networks after the deal is complete, and would consider spinning its cable channels off or selling them, with only CBS off the table completely.

Shell already confirmed a few things. Paramount Pictures and the studio is staying for good. Ellison wants to reaffirm Paramount’s status inside the industry so it’s a given. CBS is shown as a top priority for the company. So is Paramount+. Its sports catalog is a key considering it has the NFL rights until the next decade and much longer with their healthy relationship with the league. So everything all good, right?

But it’s the line with the status of the legacy networks that’s causing the spur for some. MTV, Comedy Central, Nickelodeon, BET, and such are not as high as a priority going forward. It shouldn’t be as a surprise considering the status of most of the networks. The cable networks are mostly reruns of shows and movies. The only “real” active channels in the lineup are BET, MTV, and Nickelodeon.

When Shari Redstone originally put the company on the block, she stated she wouldn’t allow a split of the studio and the networks again. This was also why her father, Sumner, didn’t let go of CBS completely when it originally split off from the Viacom networks and Paramount studio.

The reason Wall Street are advocating this is because of Comcast. Comcast announced a split of NBCUniversal and all of its networks, minus NBC and Bravo. A month later, Warner Bros. Discovery announced a restructuring of their company, with the cable networks on one side and HBO, Max and the studios on the other.

Once the Skydance merger go through, all of the cable networks will be overseen by George Cheeks of CBS. It will be up to him to evaluate what the company will do with the networks going forward.

This past week, Paramount+ removed dozens of titles off the platform, mostly being Nickelodeon content. This is what’s questioning the future of the channel and the rest of the Paramount cable networks.

In a previous piece, I stated that New Paramount should evaluate these networks and sell the non necessities. That being the BET Media Group, Smithsonian Channel, TV Land and CMT. I stated those networks could be sold to SpinCo, the spinoff of NBCUniversal. 

I highly doubt MTV, Comedy Central or Nickelodeon will be sold off. When the deal was officially announced, Skydance stated they would restructure the brands. Sure, the networks can be sold off but the assets are too valuable to give away. From SpongeBob to South Park to The Challenge, the cable brands made a huge impact from the beginning to the 2010s. Pushing Nickelodeon outside the cable bubble and having more presence on YouTube, Paramount+ and Netflix (if they want) and bringing back more live events to MTV and Comedy Central, like Unplugged and Comedy Central Presents, and streaming them on Paramount+ can help.

It is harder to compete in a space predominantly taken by Netflix and YouTube, especially in today’s world. But, this statement has been said many times for radio and print. The younger demo isn’t watching cable but there’s still an audience, albeit a small one.

Though, it’s best to stop the mongering of any ill fate for any of the networks. I did a thread on X during the first of the two Paramount+ removals and I want to reinstate those thoughts here.

David Ellison wants Paramount+ around in the near future. We know that for a fact. If he wants to increase its mass and popularity, he needs to add more buzz for their upcoming slate there and not just be a Taylor Sheridan/Star Trek/Showtime/(and soon) South Park content farm. If you really think those shows are gone from Paramount+ for good, they probably are but for the best and the time being. Licensing the removed content out can also help them but it’s unlikely for it to happen. Not impossible, however.

As for the future of the networks, I hope David Ellison, Jeff Shell, and George Cheeks really take the time to look for what's working on cable, reinvigorate the networks, and sell the ones really holding the company back like Smithsonian Channel. I do think they have a chance to keep those networks. Only time (and pending regulators’ decision) will tell of course. Happy New Year!