Dani GassnerAs it looks to shed assets in order to achieve $500 million in cost savings, Paramount Global has sold two entertainment news websites in its portfolio to the digital media executive who once ran the sites.
ComicBook and PopCulture have been sold to Savage Ventures, a digital media operator run by Sam Savage. The two websites had been in the CBS Interactive portfolio since 2018, when they were acquired while Savage was listed as CEO at ComicBook and PopCulture.
No layoffs were made as part of the sale and employees were made comparable offers to join Savage Ventures, a source familiar with the process says. The deal has closed, although terms weren’t disclosed.
“Let me be clear: ComicBook and PopCulture aren’t going ANYWHERE. We are keeping the team intact and continuing the great work we have been doing for years,” assistant managing editor Joe Schmidt wrote on X on Thursday.
During an earnings call, Paramount co-CEO Chris McCarthy characterized the effort to divest some assets as a way to “reshape our portfolio to best compete in the future.” The exec added, “The assets under consideration are undeniably strong with exciting futures ahead.” At the same time, Paramount plans to reduce its U.S. workforce this year by 15 percent across multiple divisions.
