Paramount is getting back into the television business, with studio chief Brad Grey, a former TV producer, seeking a way to shield the studio from the lagging film business, reports TheWrap.com.
The story reports: "Grey has begun meeting with candidates who could run the new TV studio, individuals close to the CEO told TheWrap, reviving a business that Paramount successfully ran for decades until the end of 2005 when Viacom and CBS were split into two distinct companies. Viacom kept Paramount’s film business, and CBS inherited the TV production side."
The company, which was known for hits such as "Happy Days" and "Taxi," could take five years to build up a new TV studio, and would treat it as a start-up, the story says. The development comes as Paramount recently jumped into co-financing and co-producing a TV show based on its hit movie "Beverly Hills Cop," after Sony first developed it.
The piece adds: "As for who would run the division, Grey is looking for a creative executive rather than a seasoned administrator, according to individuals familiar with his thinking. That would likely rule out some of the highest-ranking people in the business who might not be up for the three- to five-year process of building a studio from scratch — including Warner Bros.’ studio chief Bruce Rosenblum, who was recently passed over for the role of chairman and whose future plans are still unclear."