By Dade Hayes
Business Editor
In the latest executive shuffle at Paramount Global, home entertainment chief Bob Buchi is exiting and will be replaced by Amazon MGM digital distribution exec Andres Alvarez.
Craig White, EVP, Worldwide Sales & Distribution for Home Entertainment, is also departing the company.
Chief Content Licensing Officer Dan Cohen relayed the leadership news to Paramount Pictures employees in a memo.
The changes come as Paramount is embarking on a strategy to streamline and reduce costs after controlling shareholder Shari Redstone pulled out of a planned merger with Skydance Media at the last moment. George Cheeks, Chris McCarthy and Brian Robbins, the executive members of the recently formed Office of the CEO, have set a preliminary target of $500 million a year in annual cost savings, with layoffs and other austerity moves in the offing. Earlier this week, General Counsel Christa D’Alimonte, the third-highest-paid exec at the company, announced she will exit at the end of June.
Buchi held the title of President, while Alvarez comes in as EVP, Head of Home Entertainment. In most cases, that difference in title is more advantageous for companies looking to rein in costs.
Alvarez was praised by Cohen as “a digital force and highly focused, forward-thinking executive with remarkable insight and a strategic mind that is respected throughout the industry.” Prior to Amazon, he was SVP Digital Distribution at MGM and also led domestic content licensing and account management for global digital platforms at 20th Century Fox, which is now 20th Century Studios.
Buchi’s 18-year run at Paramount was highlighted by Top Gun: Maverick, which became the most successful digital release of all time.
The home entertainment divisions of all studios have been transformed over the past decade-plus by the increasing dominance of streaming and the ongoing decline of physical media. Even so, the task of managing release windows and overall strategy has become even more crucial, with many media companies looking to balance transactional and licensing opportunities with subscription growth of in-house platforms.
Here is Cohen’s full memo:
All,
I want to share an important leadership update with you. Andres Alvarez will be joining the company to lead our Home Entertainment division in his new role as EVP, Head of Home Entertainment. Andres joins us from Amazon MGM Studios where he most recently served as Head of Digital Distribution, responsible for the global transactional business, as well as domestic AVOD/FAST distribution.
Andres is a digital force and highly focused, forward-thinking executive with remarkable insight and a strategic mind that is respected throughout the industry. I have personally known him for over ten years, we currently serve on the Digital Entertainment Group (DEG) Board of Directors together, and I have no doubt that with his experience across digital, distribution, and sales, he will bring incredible value to our organization.
Prior to Amazon, he was SVP of Digital Distribution at MGM. Before joining MGM, Andres led domestic content licensing and account management for the global digital platforms at 20th Century Fox (now 20th Century Studios.)
Previous to Fox, he managed the Americas content partnerships team for Google Play/YouTube Movies & TV. Andres also worked at Dolby Laboratories, Best Buy CinemaNow, and Napster in various content / business development roles. Before entering the digital media space, Andres practiced law at the firms of Latham & Watkins LLP in New York and Mitchell Silberberg & Knupp LLP in Los Angeles. He has nearly two decades of experience across home entertainment, content acquisition, digital media and business development.
With this news, Bob Buchi has decided to exit the company and his role as President of Worldwide Home Entertainment. In his 18 years with the organization, Bob’s vast contributions have included numerous innovative strategies that demonstrated his expertise at adapting to a constantly evolving landscape. That skill was on full display when he and his team propelled Top Gun: Maverick to become the most successful Digital release of all time. Throughout his tenure, Bob has fostered invaluable partnerships across the industry while building a best-in-class team and we are grateful for his many years of service and industry leadership.
I also want to take a moment to let you know that Craig White will also be departing the company in his role as EVP, Worldwide Sales & Distribution for Home Entertainment, and we thank him for his many contributions and wish him the best.
Andres will start in his new role on July 15th, with Bob staying on during this transition.
Please join me in welcoming Andres and thanking Bob and Craig for their many contributions.
— Dan
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