Paramount loses $123 m in Q1 09, looks to get back on track with success of Star Trek

Paramount is shifting it’s focus to franchise films & more control over it’s slate in hopes to generate profits. Investors were particularly pleased with the success of Star Trek although Paramount remains in the red with losses of $123 million in the first quarter of 2009 alone. “We weren’t in control of our release slate fully. We don’t want to be in a position where are our big motion pictures are offset by smaller less successful films”. Viacom CEO Philippe Duaman told Wall Streeters on Wednesday. Star Trek already has a sequel greenlit and other big upcoming releases were mentioned such as “Transformers: Revenge Of The Fallen”, “G.I. Joe: Rise Of The Cobra”, and mentioned a title from Dreamworks Animation which will start putting out 3 movies a year instead of 2 (Viacom distributes their animation films) It was also noted that costs have been cut by $50m a year. The company has had a strong showing in 2008 & 2009 and a distribution deal with Epix, a new channel created by Viacom is being sought after.