CEO Bob Bakish is carving out a lucrative short-term niche 'renting' IP and inking massive deals with streaming platforms desperate for content
to Netflix rather than risk distributing the Eddie Murphy vehicle itself theatrically.
In the interim, Viacom is focused on making sure brands like Nickelodeon live beyond its linear network. Robbins notes that Netflix is "renting" Nick IP, meaning Viacom will eventually get it back. The streaming pact allows Nick to further monetize programming that doesn't fit on its linear network while leveraging the output of its animation studio.
While Sony, as well as fellow streamer-less studios like MGM, are profiting from the demand for content, Viacom's strategy is wide-ranging.
Bakish's statements represent a change of strategy, as he conceded Feb. 26 that Viacom "took it on the chin" in previous years, leaving money on the table by not licensing bundles of content to Netflix and other streamers. However, he added the previous approach left Viacom with a "warehouse" of rights that went to Pluto TV, the ad-supported service it bought in January for $340 million and now boasts 20 million users.
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