June
3The Specialized Film Business is No Longer on the Studio "Hot List"
When Tom Freston brought in Brad Grey to run Paramount, he was clear in setting forth his objectives for his new recruit. High on his list was to establish a new unit to build Paramount’s presence in the world of specialty pictures. Specialty films, Freston felt, would be a high profit sector for the company.
Three years later, Freston is gone from Paramount and specialty films are no longer hot items in the marketplace. Indeed, Warner Bros. recently shut down its indie unit and other companies are trimming their output.
Now Paramount, too, is merging the marketing and distribution staffs of its Paramount Vantage specialty unit into those of the parent company, reducing its overall staff and cutting back production to a degree.
Paramount made it clear it has no intention of getting out of the specialty business. It’s just that Freston is gone and so is his mandate.
Three years later, Freston is gone from Paramount and specialty films are no longer hot items in the marketplace. Indeed, Warner Bros. recently shut down its indie unit and other companies are trimming their output.
Now Paramount, too, is merging the marketing and distribution staffs of its Paramount Vantage specialty unit into those of the parent company, reducing its overall staff and cutting back production to a degree.
Paramount made it clear it has no intention of getting out of the specialty business. It’s just that Freston is gone and so is his mandate.
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