Maria Kyriacou, President of Broadcast & Studios, International Markets at Paramount Global, is stepping down from her role after four years at the company. The move comes as Paramount is scaling down its international originals offerings to become “a leaner organization that spends less.”
Pam Kaufman, Chief Executive Officer and President International Markets, Global Consumer Products & Experiences at Paramount Global, and George Cheeks, CEO of CBS, emailed staff announcing the news, stressing that international content strategy is now “focusing more heavily on Hollywood franchises, films and series, which have mass global appeal.”
Therefore, Paramount will focus its resources on its “most powerful, resonant franchises, films and series,” and produce fewer local, international originals. This is part of the group's new “One Paramount” strategy, which was unveiled by CEO Bob Bakish during an earnings call. This plan has three strategic goals: maximizing content, driving streaming profitability, and “further unlocking the power of One Paramount.”
“As it has over the past few years, this does mean we will continue to reduce our workforce globally. These decisions are never easy, but are essential on our path to earnings growth," the memo read. The company did not disclose how many jobs it would cut.
Kyriacou will not be replaced externally and will continue working with Paramount until March. She joined from ITV Studios in 2020 to oversee the UK, Australia, Canada and Israel, and has most recently been leading Paramount Television International Studios along with Channel 5, Network 10, Chilevisión, and Telefe outside of the United States. The executive spent a decade at ITV Studios and was previously SVP at The Walt Disney Company for 15 years.
“Maria has demonstrated an unwavering commitment to driving our business forward, achieving commercial results, and mastering the art of delivering high-quality, authentic local stories to our platforms in markets around the world,” Kaufman and Cheeks said. “Her departure will mean redefining how we work together as ‘One Paramount’ across these lines of business,” they added.