ViacomCBS chief Bob Bakish says that the COVID-19 pandemic has spurred cost efficient work that will inform its business even after the crisis abates as “we have shown we can do more with less”. As part of a quarterly earnings call, Bakish outlined more definitive plans for CBS All Access, gains for Pluto TV and overall numbers that beat Wall Street expectations.
He says stalled production needs to restart, albeit with modifications, by mid-summer in order for there not to be a major impact. They’re also sticking very much to the theatrical model: “we are going to open them when it makes sense… our film business will depend on theaters opening in major market.”
The test will be the new “SpongeBob” movie sequel which is set to be their first release on August. Bakish says if there is “sufficient critical mass at theaters to warrant” the release then they’ll do it. However he says it is “too early to call if it is definitely going to be released or it is definitely not going to be released.”
Then there was the success of “Sonic The Hedgehog” this year which took in more than $300 million at the box office and has apparently sold two million units through the electronic sell-through window. That means sequels are definitely on the way as “we have a new franchise to build on”.
He confirmed eight films had completed principal photography right before the crisis and are currently being worked on in post-production including “A Quiet Place Part II,” “Snake Eyes,” “Clifford the Big Red Dog,” “Coming to America 2,” “Top Gun: Maverick,” “Infinite,” “The Tomorrow War” and “Spell”.
He adds premium cabler Showtime is “currently set and solid” through until mid-Fall.
Source: Deadline
